Jiang Zhuoer, founder of mining pool BTC.TOP proposes miners voting, setting up an ETH Foundation like foundation, and 2-3% of miners’ donation ratio.
In the second round of the Bitcoin Cash development fund, mining pool BTC.TOP founder Jiang Zhuoer said he is open to debate on this and “if the test turns out positive, we continue, otherwise we stop.”
The plan for the development fund received much flak from the Crypto Twitter. But Zhuoer said he is open to discussion and to make a decision, he proposes hash rate voting because miners have the right to vote on how to spend their coinbase production.
For this, Zhuoer proposes 3-month miners vote to be conducted and if two-thirds of the hash power votes are in favor — only those votes will be truly value that have cost — then the donation plan can be included as part of the protocol upgrade in May 2020 or for the next one in November 2020. The funding will last for six months until the next upgrade.
A Foundation Like ETH Foundation
Though many facets of the donation plan still need to be fixed, Zhuoer says miners will donate directly to the development projects they want to donate to. This he said would see the removal of the companies as otherwise, donation recipients may lead to the centralization.
He further recommends setting up one or various foundation and may refer to ETH Foundation for the same which he believes is “working well.” And if a miner doesn’t want to donate to a project, they can donate to the foundation.
Or another option is to send the coinbase rewards to “BCH Black Hole address to destroy these coins — this is in fact a donation to all BCH holders.”
But before this plan is officially kicked off, the BCH Miner Fund will be established to accept donations from miners and other individuals and corporations. This Foundation will run for a pilot period to show its effect to the community.
What’s to come?
Zhuoer believes a decentralized community shouldn’t rely on centralized companies’ donations for a long time and hence the development fund. As for the miners’ donation ratio, while 12.5% is other mining pools’ opinion, he believes 2-3% is sufficient for now which could even be as little as 1% in 2021 because of the “incoming bull market in 2020-2021/22” which he said will see BCH price rise sharply.
He holds 3500 P hash power and can influence almost 10,000 hash powers. Because his total hash power amount will be “sufficient” for this plan, Zhuoer said he will allocate his personal hash power to a new mining pool as being one of the shareholders of the BTC.TOP mining pool, he “can not ask the company to lose money as I wish.”
Also, he will vote against the donation to ensure the donation stops after the 6 months as “further development will be decided by the community.”
Zhuoer wants everyone to share their comments and opinions on this plan and if the final result is negative, he said he would be “happy to accept” that as well.