The Bitcoin fork network, Zcash, underwent its first halving and hard fork.
The privacy-oriented network has reduced the reward for miners from 6.25 ZEC to 3.125 ZEC on block 1,046,400. In parallel, Zcash carried out a fifth update, the main task of which is to eliminate the reward for the founders of the project
The community has been preparing for this hard fork since January last year, when a governance model was adopted that includes automatic funding for developers.
Previously Zcash Founders Reward meant that miners typically received 80% of the reward for mining blocks. The remaining 20% was distributed among various parties, including 9.85% to the founders of ECC, 2.2% to the Zcash Foundation, 5.75% to ECC itself, and 2.2% to ECC employee compensation. This ended with the release of the Canopy update.
After the update, miners will continue to receive 80% of block rewards, but the remaining 20% will be divided between the new Major Grant Fund (8%), ECC (7%) and Zcash Foundation (5%).
Zcash stands outfrom the general mass of altcoins in that its blockchain operates on the principle of zero-knowledge proof. After the transaction, Zcash encrypts information about the wallets of the recipient and the sender, as well as the transaction amount, completely hiding the data from third parties.
Recall that hard fork also recently took place on the Bitcoin Cash blockchain the developers wanted to implement a rule similar to the “founders reward” of Zcash.
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