Zcash grants group scraps plan to move 98,000 ZEC to miners

Zcash Community Grants (ZCG) has withdrawn its proposal to redirect approximately 98,000 ZEC toward future mining rewards following criticism from the cryptocurrency’s community. Summary Zcash Community Grants (ZCG) has withdrawn its proposal to redirect approximately 98,000 ZEC toward future mining rewards following community feedback. The abandoned plan included transferring 36,200 ZEC from its existing treasury and reducing its future funding allocation. Zcash co-founders Sean Bowe and Zooko Wilcox support a competing plan involving a 50,000 ZEC treasury contribution and a new development fund. ZCG continues receiving 8% of newly issued ZEC, equivalent to approximately 144 ZEC daily, until governance changes are approved and implemented. ZEC traded near $1,310, up more than 12% over 24 hours. In a November 3 forum statement, the committee confirmed it would no longer pursue the funding changes introduced on October 29. The decision leaves several competing proposals under discussion, including plans to end ZCG’s automatic funding. “We’ve decided not to take this proposal forward,” the committee said after reviewing feedback from community members. Meanwhile, the withdrawal comes...