Zcash (ZEC), a data protection oriented cryptocurrency, celebrated his first halving event on November 18th.
The reason was the implementation of the Canopy update, with which a development fund for the platform is set up and the controversial “start-up bonus” is eliminated.
The halving and upgrading took place on Block 1,046,400, just over four years after Zcash was first dismantled in late October 2016.
Canopy is Zcash’s fifth major update, which mainly consists of the move to distributing mining rewards. Before the, Funding for platform development should potentially expire at the time of the first halving. The technical updates were relatively minor, with three suggestions for improvement that changed some security and performance parameters.
The changes proposed and ratified by the Zcash community Establish a continuous development fund for the next four years.
While 80% of the mining rewards continue to go to miners, 8% is now reserved for the Major Grants Fund. This is reserved exclusively for independent third-party developers.
The remaining 12% will be split between the Electric Coin Company, which receives 7%, and the Zcash Foundation, which collects the remaining 5%.
The change mainly affects the founders and employees of ECC, while the percentage reserved for the company itself has increased slightly. Furthermore, The community felt that involving external teams in the Zcash development environment was essential to ensure the integrity and growth of the protocol in a decentralized manner.
Previously, 20% of the network’s non-miners rewards were split between the ECC, the Zcash Foundation, and the founders and investors who helped create Zcash. The community’s biggest point of contention was the latter part, as the first founders received most of the 14.2% of the total mining premium.
As reported by Cointelegraph, the ECC recently made its updated and more efficient “Halo 2” source code publicly available.