BCH Miners Propose New Funding

BCH miners propose new funding after Calvin Ayre’s Coingeek conference in Hong Kong. Members of Bitcoin Cash industry, including high profile executives and lead developers met to discuss a new proposal. Those who attended were executives from BTC.top, Coingeek, Viabtc, Jihan Wu and Jiazhi Jiang from Bitmain’s Antpool, Roger Ver, Bitcoin ABC’s Amaury Séchet and Electron Cash founder Jonald Fyookball  and Jerry Chan from SBI bits.

Attendees discussed their visions of where they would want to see BCH develop in the future and how to fund those projects. There was discussion about other blockchain  projects that fund development through mining rewards were also discussed between attendees at the meeting. Aspects such as funds distribution and BCH miners using their signatures to vote on projects was all discussed too. 

Attendees spoke of various concepts such as the OP Code ‘Timelock’ method. The OP_Code is a smart contract technique that only allows coins to be used at a certain block height or time.

Basically all the mining pool representatives agreed to support the proposal that allows BCH miners to vote to fund projects and developments – votes work the same as vote signaling, according to Bitcoin.com representative at the meeting. 

“If proposal crossed a 75 percent threshold, it would pass – And would be funded with some predetermined amount from every block found”

This would mean that a percentage of 1 to 5 percent of the block reward was considered, buy for now, there have been no agreed terms set at the meeting. An example of how much funding a small percentage of the block rewards would be, shows about 1 percent of one months block rewards is around $650,000 if Bitcoin prices are above $1,200 each.

According to NewsBTC – the BCH price has returned to the bearish territory below $1,220. The BCH/USD pair are losing ground and will likely continue dropping towards $1,150 mark.

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