Zcash Community Grants Committee Withdraws Proposal to Transfer Approximately 98,000 ZEC into Miner Rewards

November 4: The Zcash Community Grants (ZCG) committee of the privacy-focused blockchain Zcash (ZEC) has announced that it will not proceed with its proposal from October 29, which planned to convert approximately 98,000 ZEC into future mining rewards. The committee stated that subsequent funding arrangements should be determined through Zcash's existing governance processes. ZCG currently automatically receives 8% of newly issued ZEC, amounting to about 144 coins per day, and the treasury is sufficient to support expenditures for multiple years; its funding model and accountability have recently sparked community controversy.

Under the original proposal, the committee planned to allocate 36,200 ZEC from its treasury of approximately 91,500 ZEC into a network sustainability mechanism to supplement miner block rewards and correspondingly reduce expected revenue until the halving in 2028. Co-founder Sean Bowe, founder Zooko Wilcox, and developer Daira-Emma Hopwood have all proposed different options such as terminating automatic funding, restructuring the use of funds, or focusing on promoting ZEC usage, but none have been approved. Until a network upgrade changes the rules, ZCG will continue to receive approximately 144 ZEC per day.