The Bitcoin.com mining pool will no longer support the controversial bitcoin cash development fund proposal without wider community agreement.
In a blog post published earlier on Tuesday, Bitcoin.com said it would no longer support the current plan for a dev fund unveiled last week by BTC.TOP mining pool CEO Jiang Zhuoer.
“Bitcoin.com will not risk a chain split or a shift to the underlying economics,” reads a Bitcoin.com blog post. “Any proposal will need to get as many people of economic pressure as possible, including businesses, exchanges, miners, and Bitcoin Cash operations.”
A motion last week, signed by Roger Ver, executive chairman of Bitcoin.com, as well as Jihan Wu of Antpool / BTC.com and Haipo Yang by ViaBTC, called for a 12.5 percent share of the block prize to be redirected. zcash development fund. At the time, the group said it could fund long-term development and give ecosystem members a role in deciding which projects are funded.
While the proposal received some support, critics noted that there were many understated aspects of the proposal – such as a “Hong Kong corporation” that would coordinate and pay for network development – as well as the “no debate” clause ”Which meant Any miners who did not support the soft fork risked being deprived of their blocks.
With withdrawal of support, Bitcoin.com said there would be a “great opportunity” for consumers to say what they need and for developers to draw up clear funding proposals.
“In business, you don’t start with a pot of money and then figure out something to do with it. You start with an idea of what needs to be done and then allocate funds to accomplish it. This makes all parties involved more accountable and efficient, ”according to the mine.
The news comes after an anonymous “opposition miners group,” which claims to control about a quarter of the network’s total mining hashrate, on Monday threatened to cash a hard bitcoin fork. Although “empathetic” to protocol developers, the group said it was “grossly unfair and unethical” that a small group of mining pits were trying to force the ecosystem to accept mandatory pay that they had not agreed to.
In response, the mining group said it would hand over hashrate from subscriber pools and “launch a competitive BCH pit to offer a voice to miners who disagree with the proposal.” The post added that if signatories continued with the proposal without amendment, they would “dig up to the hard fork, which will create our own chain after the fork” with more hashrate than “can the signatories assembled. ”
In an update on Tuesday, the anonymous mining group said it had “taken notice” of the Bitcoin.com post and would stand down and “not start our competitive pool.” “We trust that Bitcoin.com will be able to convince the remaining signatories to seriously reform the IFP [invitation for proposal], ”He adds.
Bitcoin.com will now work with the ecosystem to develop a new plan “that is profitable for all relevant parties and preserves the basic economics of Bitcoin Cash.”
“No proposal should put this goal at risk,” the post reads. While some form of financing plan is needed, “it cannot come at the expense of jeopardizing Bitcoin Cash’s underlying goals,” the fund said.
In an email to CoinDesk Monday, Ver said he was “mostly on the ride on this one.”
It is unclear whether the remaining three signatories will continue to support the current proposal.