TL;DR: Author of the controversial Infrastructure Funding Plan for Bitcoin Cash (IFP), BTC.TOP mining pool founder Jiang Zhuoer, announced his intentions to vote against the proposal he first floated back in late January. The IFP galvanized the community, exposing lingering riffs, exacerbating personality conflicts, threatening to split the project once again.
Author of the Bitcoin Cash IFP Vows to Vote Against It
According to China-based journalist Cindy Wang, “Jiang Zhuoer said in an AMA held by btc123.com tonight that IFP will be not implemented as it’s confronted with great community opposition,” citing notable opposition from the likes of Bitcoin.com Executive Chairman Roger Ver. Zhuoer, Wang continued, “will use his personal hashrate to vote No in case somebody wants to activate IFP.”
At press time, Wang also posted her scoop to the popular subreddit, r/btc. Comments in response to Zhuoer’s change of heart seem to be of a grateful tone. Signs the IFP was doomed appeared almost immediately after its proposal and Zhuoer’s subsequent AMA. Reaction then revealed a community perplexed by the IFP’s coming seemingly out of nowhere (though sympathetic to its stated goal of supporting protocol developers), outrage at its 12.5% redirection of the BCH coinbase block rewards to an ill-defined Hong Kong corporation, and bewilderment at the then-thought complicity of Ver, Jihan Wu of Bitmain, and Haipo Yang of ViaBTC.
— Cindy Wang (@crypto_cindy) March 4, 2020
Zhuoer would later revise his IFP idea, casting the block reward redirection downward toward a more palpable 5%, noting community opposition and assuring dissenting voices would have their say before anything was formally decided. The lead reference Bitcoin Cash implementation client, Bitcoin ABC, further revised the IFP, coding it into the May 15, 2020 scheduled upgrade and including white-listed addresses to itself, BCHD, Electron Cash, and a General Fund. The first developer meeting post-IFP controversies found ABC lead developer Amaury Séchet defending the IFP and its inclusion in the nearing upgrade to be a mere option requested by the likes of Zhuoer.
The goings-on, back and forth machinations buoyed IFP opposition. Once tentative backers, such as Bitcoin.com, came out against it and well-respective developers also voiced their disapproval. The result so far has been two-fold: alternative ways of funding not hardcoded into the Bitcoin Cash protocol are being worked on, and a competing reference client, the Bitcoin Cash Node, is in quick development hoping to replace ABC altogether.
TIMELINE THUS FAR
- 01222020 Infrastructure Funding Proposal
- 01222020 BCH devs react
- 01232020 Jiang Zhuoer AMA
- 01232020 Amaury Séchet addendum to IFP
- 01242020 Bitcoin.com releases statement in support of IFP
- 01242020 Jonald Fyookball’s position on the IFP
- 01252020 Justin Bons, Tobias Ruck suggest voting on IFP
- 01252020 Antony Zegers support of IFP
- 01262020 Early market reaction to IFP
- 01262020 Anon dev imaginary_username’s reaction to IFP
- 01262020 Peter Rizun’s reaction to IFP
- 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
- 02172020 Bitcoin Cash IFP Author, Influential Mining CEO to Chinese Bitcoiners: Decentralization is Key
- 02192020 Two Notable Bitcoin Cash Developers Announce Opposition to the IFP
- 02202020 Bitcoin Cash Developers Fork ABC Reference Implementation Client, Create “BCH Node”
- 02212020 First Bitcoin Cash Developer Meeting After IFP Proposal
- 02272020 Bitcoin Cash Node v0.21.0 Formally Released
- 03012020 Wrapping Our Heads Around the Infrastructure Funding Plan for Bitcoin Cash
- 03032020 Bitcoin Cash Node Team Releases General Roadmap Through November
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DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.