On 19th May, day after the ‘Coingeek Conference’ in Hong Kong, Bitcoin Cash [BCH] miners along with several other BCH supporters met to discuss the fundamentals of funding for the development of BCH using block rewards.
The discussion involved high profile executives and lead developers like Jihan Wu, the co-founder of Bitmain, Amaury Sechet of Bitcoin ABC, Jerry Chan from of SBI Bits, Roger Ver, the world’s first investor in Bitcoin start-ups including BitPay and Zcash. They are planning to hire programmers who will be working on the settlement of the blockchain project and focused on explaining why BCH is valuable for e-commerce.
About 1-5% of each block reward is being considered, however, the committee has not come up with any agreed numbers. 1% of the block reward roughly connects to about $650,000 only if the Bitcoin cash [BCH] prices are above $1,200 per coin, so the funding would take place accordingly.
Bitcoin Cash is now applicable to buy products on Amazon, making it one of the leading cryptocurrency in retail and e-commerce spaces. In December, last year, the company started paying its employees with Bitcoin Cash.
Jihan Wu, the Co-founder of BITMAIN tweeted last year saying:
“BCH community needs to learn a hard lesson. Befriend with other competing coins, learn from them, and make BCH better. Don’t play hatred, don’t wish competing coins ill. Just wish to try making BCH better.”
This year, the recent upgrade also features several operation codes that now allow higher transaction output. At the conference, it was discussed that funds will be collected through miners’ rewards as a new proposal where the miners agree on voting for it.
Calvin Ayre, the Founder and Chairman of Ayre Group who hosted the Coingeek Conference tweeted:
“Now that smart contracts exist on BCH there is no need to go anywhere else for application development.”
Mining pool representatives from Bitcoin.com and other projects agreed to support the proposal for miners to vote for raising funds on community initiatives. It is important for the votes to cross a 75% threshold with amounts received from each block that’s found. The members also discussed concepts like ‘Timelock’ which does not allow you spend your coins unless a certain block limit are reached.
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