The first fork of the Zcash cryptocurrency mining reward…details here
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Answer The first fork of the Zcash cryptocurrency mining reward…details here
Zcash, the privacy coin, has undergone the first fork of the reward coin mining.
The reward for Zcash miners was split in half.
Miners prior to November 17, 2020, were getting 6.25 ZEC (an estimated $390) as a reward for mining each new block in the Zcash blockchain.
Zcash got exactly what happened with Bitcoin last May, as its mining reward was also split in half.
The Zcash mining reward split carries the same purpose as Bitcoin, which aims to reduce inflation resulting from the extraction of new currencies and thus maintain supply and demand, with the possibility of a price increase due to the reduced supply resulting from mining operations.
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The Zcash development team published a network upgrade and update to coincide with the launch of the first split.
The upgrade has been dubbed “Canopy” and is meant to address major changes, resulting from some community concerns about how rewards are distributed.
Among what was carried out by the “Canopy” upgrade was the removal of the so-called “founders’ bonus”.
Prior to the Canopy upgrade, 20% of all mining rewards were split between Electric Coin, the Zcash Foundation, and the Zcash early founders.
Zcash founders were receiving more than 14% of all mining rewards, much to the chagrin of the community.
announced The company “Electric Coin” on Twitter yesterday what says:
Canopy’s update establishes a new development fund that will be largely dedicated to new participants to improve, build on, expand, and support Zcash, and the time for rewarding the early founders of Zcash is over.
After the upgrade, the funds will be distributed differently.
While Zcash miners will still receive only 80% of the block rewards, 8% of the remaining 20% will go to the Mega Grant Fund that aims to support third-party developers for the Zcash Network.
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The community also voted to extend the development fund for the next four years, as this fund was likely to expire after the split.
“Electric Coin” and the Zcash Foundation will receive 7% and 5% respectively of the mining rewards.
Zcash mining rewards are expected to split sometime in 2024.
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