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Pass the proposal to tax Zcash mining

zcash - Pass the proposal to tax Zcash mining

If the proposal of tax the mining of Bitcoin Cash is raising considerable controversy among those who participate in the computation necessary to extract the blocks, instead it seems to go differently in the community grouped around Zcash. Just in these hours, in fact, theapproval of a fee for miners, aimed at promoting the development of the token.

The release from Electric Coin Company

The results of the vote were disclosed Electric Coin Company (ETC). Following what was decided by the community, therefore, from the reward due to the miners a percentage of 20% will be deducted with which a fund will be created. The fund, in turn, will be distributed as follows:
- 35% to ECC;
- 25% to Zcash Foundation;
- 40% to reward the support and efforts made by third parties.
It should also be noted that the tax in question will not be applied immediately, but only once thehalving, scheduled for next autumn. Each fund of the related division will also have a ceiling set at $ 700 a month, as mentioned in ZIP 1014.
With regard to the privacy, practically nothing will happen. In practice, the miners will not have to do anything on the user side, while the monetary emission curve will remain unchanged, as the premiums remain the same, with the 20% deduction in favor of the fund.

The sharing of the project is fundamental

The assent of the community grouped around Zcash shows that when the projects are shared, thus stimulating the participation of all, it is also possible to ask for economic sacrifices from the interested parties. A lesson that seems not to have been adopted by the development team of Bitcoin Cashwhere, on the other hand, there have been many rumors that are contrary to what is happening. A contrariety deriving precisely from the fact that in that case, the decision to tax the mining has been experienced as one real imposition dropped from above.

The discontent of Bitcoin Cash miners

In the case of BHC the proposal, which provides for the establishment of a 12,5% ​​tax, was in fact experienced as a real diktat by the most important actors. Who, for their part, have done practically nothing to extend a hand to those against, rather providing for the abandonment of the blocks of those who do not join it, excluding them in practice from blockchain.
It is a clumsy move, especially considering that such a modus operandi it basically goes to disavow the egalitarian inspiration on which cryptocurrencies have been based from the beginning. If the intent is to make the system more democratic, how do you explain the fact that such an important decision is practically dropped from the top on the weakest links in the chain?
A real conceptual error, which instead was avoided by the Zcash community. The choice of a model based on sharing seems to have actually made a breakthrough among the miners, avoiding any kind of controversy and in practice strengthening the spirit of community. A lesson to keep in mind for the future, given that other communities may decide to follow the path of a contribution from the miners in order to carry out the project development plans.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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