Zcash Community Approves New Mining Reward Distribution Scheme

"Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts. Stipulations were also introduced for formal accountability and reporting requirements of each participant."

Zcash abandons old formatBorn in 2016, Zcash began with a Founder's reward, built to last until 2020.As per its original reward structure, Zcash currently pays out 80% of its mining rewards to miners and 15% to founders, investors and other types, with the remaining 5% going to the Electric Coin Company.

The post noted pending agreement from the Zcash Foundation on the new changes.

"The Zcash trademark is stewarded by the Zcash Foundation and ECC," the blog reads.

"The agreement stipulates that neither party has independent authority to declare that a specific chain of Zcash can actually be called Zcash."

Moving forward, the Electric Coin Company and the Zcash Foundation must collaboratively finalize the community-approved proposal, code the changes into the network for a November start date, and wait for the community to join the new upgrade near the end of 2020.Cointelegraph reached out to ECC CEO Zooko Wilcox-O'Hearn for comment, but received no response as of press time.

This article will be updated accordingly upon receipt of a response.

Cointelegraph also recently covered Roger Ver's suggested 12.5% Bitcoin Cash mining tax, although the community reportedly shot down the proposal.