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.
TIMELINE THUS FAR
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- 01242020 Jonald Fyookball’s position on the IFP
- 01252020 Justin Bons, Tobias Ruck suggest voting on IFP
- 01252020 Antony Zegers support of IFP
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- 01272020 Opposing Miners Group
- 01272020 BUIP143: Refuse the Coinbase Tax
- 01282020 Bitcoin Verde’s reaction to IFP
- 01282020 Bitcoin.com drops support for IFP
- 01282020 BCHD’s reaction to IFP
- 02012020 Jiang Zhuoer heavily amends IFP
- 02032020 Ethereum’s Vitalik Buterin, Zcash’s Zooko Wilcox-O’Hearn react to IFP
- 02072020 More Miners Voice Skepticism at Bitcoin Cash Infrastructure Fund Proposals
- 02102020 Giving Bitcoin Cash a Fighting Chance
- 02102020 imaginary_username Speaks: He’s Working to Build a Developer Funding Alternative
- 02122020 Lockdown: From Mainland China, Bitcoiner Talks Coronavirus and Fallout for Crypto
- 02152020 Flipstarter: BCH Voluntary Commons Funding
- 02152020 Bitcoin ABC Will Implement Bitcoin Cash Infrastructure Fund of 5% During May 15, 2020 Upgrade
- 02162020 Roger Ver on Bitcoin Cash Infrastructure Fund Update: Too Controversial, Not Worth it at This Point
- 02162020 Bitcoin Cash Infrastructure Funding Update: BTC.TOP Founder Proposes 2/3 Hash Voting Threshold
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