Bitcoin Cash IFP Author, Influential Mining CEO to Chinese Bitcoiners: Decentralization is Key

TL;DR: Influential mining pool BTC.TOP CEO Jiang Zhuoer recently participated in an Ask Me Anything (AMA) format with the Chinese Bitcoin community. Zhuoer is author of the Infrastructure Funding Plan for Bitcoin Cash (IFP), which has caused much-heated debate and discussion among enthusiasts. 

Bitcoin Cash IFP Author, Influential Mining CEO’s AMA to Chinese Bitcoiners

Cryptocurrency journalist Cindy Wang is based in mainland China. She was recently recruited to help host and translate an AMA between Jiang Zhuoer of BTC.TOP and the Chinese Bitcoin community on its Reddit-like platform, Bihu.com. During the near 13 minute recap and translation, Wang brought forward Zhuoer’s thoughts on Jihan Wu of Bitmain, the differences between Bitcoin forks and their advantages, and Zhuoer’s advocacy for the IFP.

According to Wang, the purpose of the IFP, Zhuoer answered, is to ‘make Bitcoin Cash more decentralized. Because miners are profit motivated, they come and go; they’re never the same bunch of people. So it is way better for miners to fund developers than to fund developers through a single company.’

At the 05:30 mark, Wang read Question 3 of the AMA, asking why Bitcoin Cash needs the IFP. According to Wang, the purpose of the IFP, Zhuoer answered, is to “make Bitcoin Cash more decentralized. Because miners are profit motivated, they come and go; they’re never the same bunch of people. So it is way better for miners to fund developers than to fund developers through a single company.”

Zhuoer’s answer will for sure set off still more debate within the peer-to-peer electronic cash ecosystem, but it does give a key insight into his thinking on the subject. He appears to believe the transitory nature of mining and its cold profit calculus will restrain protocol development by virtue of rewarding work that yields returns on investment (ROI). The IFP’s advantage for Zhuoer is avoiding a single point of failure, a corruptable Foundation or business arrangement unaligned with proper incentives.

It’s actually the IFP author’s second AMA. The first he gave mere hours after announcing the original iteration of the IFP back in late January. During that raw, initial AMA Zhuoer made similar points. “Company donation fund neither fair nor decentralized. Companies that donate money may interfere with dev in the long-term (eg: Blockstream & Core). It’s the best way for dev to get donations from coins. Yes it’s actually from coin, not from miner. We need all miner to donate fairly,” he insisted then. Zhuoer also recently updated his IFP in response to Bitcoin Cash reference implementation, Bitcoin ABC, and its announcement of coding the IFP into the scheduled, May 15, 2020 upgrade.

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