Bitcoin Cash Infrastructure Funding Update: BTC.TOP Founder Proposes 2/3 Hash Voting Threshold

TL;DR: Influential mining pool BTC.TOP founder Jiang Zhuoer once again updated his Infrastructure Funding Plan for Bitcoin Cash (IFP). It comes after Bitcoin Cash reference implementation, Bitcoin ABC, released its own version, and after Bitcoin.com Executive Chair Roger Ver openly declined to support either.  

Bitcoin Cash IFP Update: 2/3 Hash Voting Threshold

Acknowledging “numerous objections now,” Zhuoer concluded, “I am inclined to start the donation plan [after the] the community reaches a basic agreement,” leaving open the idea of an undefined foundation arrangement if the IFP fails in either being adopted or in its goals.

‘The donation plan will last for 6 months (as one version is valid for a maximum period of 6 months),’ he clarified, suggesting ‘we stop the [fundraising] after 6 months, and we may restart it eventually to prevent it becoming a permanent rule.’

Influential mining pool BTC.TOP CEO and founder Jiang Zhuoer amended his IFP for a second time since its release late last month. After fierce Bitcoin Cash community debate, denunciations, and alternative proposals, Zhuoer offered a stripped-down version on February 1st, 2020. Far from settling matters, peer-to-peer electronic cash advocates were sent into further discussions and more debate about the nature of funding protocol development.

On February 16, 2020 Zhuoer brought out four key updates to the IFP. The first involves a kind of voting for miners, as in “if 2/3 of network hash agrees, the donation plan will be put into effect. (I believe the miners have [the] right to vote on how to spend their output),” Zhuoer explained. The IFP in its current form, before the Zhuoer update on the 16th, comes by way of reference implementation Bitcoin ABC (ABC). Just a day prior, ABC announced it would code a 5% block reward redirection to whitelisted addresses ahead of the scheduled Bitcoin Cash network upgrade for May 15, 2020.

Sole Discretion

“For the 5% of the coinbase donated by miners,” Zhuoer continued in his latest IFP update, “the miners shall have the option, at their sole discretion, to select a number of donation objects, such as: General Foundation, ABC, BCHD, [Electron] Cash,” the only four explicitly mentioned whitelisted addresses in the ABC announcement.

TIMELINE THUS FAR

Critically missing from the ABC IFP a day before was any mention of a sunset clause, something Zhuoer has seemingly insisted upon in each IFP iteration thus far. “The donation plan will last for 6 months (as one version is valid for a maximum period of 6 months),” Zhuoer clarified, suggesting “we stop the [fundraising] after 6 months, and we may restart it eventually to prevent it becoming a permanent rule.”

On the same day, just hours earlier, Bitcoin.com Executive Chairman Roger Ver took to his company’s YouTube channel to oppose the IFP as relayed by Bitcoin ABC, and stressed neither he nor his company had signed onto Zhuoer’s proposal when it was first published. Ver’s objections in that video implied his opposition to the IFP went way beyond a miners’ hash voting threshold, however.

Bitcoin Cash

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