Zcash Community Grants Withdraws Plan to Redirect About 98,000 ZEC to Mining Rewards
Summary
- Zcash Community Grants, or ZCG, said it has withdrawn a plan to redirect about 98,000 Zcash (ZEC) to fund mining rewards.
- The withdrawn proposal would have transferred 36,200 out of 91,500 ZEC in ZCG holdings to the Network Sustainability Mechanism (NSM).
- ZCG receives about 144 ZEC a day, or 8% of newly issued Zcash, and its five committee members decide on grant allocations.
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Zcash Community Grants, or ZCG, the body that allocates Zcash subsidies, has withdrawn a plan to redirect about 98,000 ZEC to fund mining rewards.
CoinDesk reported on November 4 that ZCG told the Zcash community forum on November 3 it would no longer pursue a grant-reduction proposal it had presented on October 29. The group said the community should decide how to handle the development fund and remaining treasury through Zcash’s existing governance process.
The withdrawn proposal called for transferring 36,200 ZEC from ZCG’s 91,500-ZEC treasury to the Network Sustainability Mechanism, or NSM, a reserve intended to supplement future mining rewards. Together with a plan to cut ZCG’s projected income through the 2028 halving to 47,000 ZEC from 109,000 ZEC, the total amount slated for redirection came to about 98,000 ZEC.
ZCG receives about 144 ZEC a day, or 8% of newly issued Zcash. Its five committee members decide on individual grants for developers or projects without a token-holder vote on each award.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul