114 lines
4.0 KiB
ReStructuredText
114 lines
4.0 KiB
ReStructuredText
::
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ZIP: 1001
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Title: Keep the Block Distribution as Initially Defined — 90% to Miners
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Owner: mistfpga (zcash forums) <steve@mistfpga.net>
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Status: Obsolete
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Category: Consensus Process
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Created: 2019-08-01
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License: CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0/>
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Discussions-To: <https://forum.zcashcommunity.com/t/zip-proposal-keep-the-block-distribution-as-initaly-defined-90-to-miners/33843>
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Terminology
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===========
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.. role:: editor-note
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The key words "MUST", "MUST NOT", "SHOULD", and "SHOULD NOT" in this document
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are to be interpreted as described in RFC 2119. [#RFC2119]_
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For clarity this ZIP defines these terms:
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* Mining software in the context of this ZIP refers to pool software, local
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mining software, or staking software.
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* Mining is defined as the action of processing transactions, so this would
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include proof of stake, if Zcash would switch to that.
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* Mining coins transferred via fees are considered rewards (infinite), coins
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generated via block generation are considered distribution (finite).
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* Block distribution is defined as the block reward minus transaction fees.
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:editor-note:`the protocol specification uses "block subsidy".`
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* Spirit is defined as what is the intended outcome of the ZIP. [#spirit]_
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* Initial promise is non-neutral language referencing the block distribution
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rules as initially set out. [#funding]_
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.. [#spirit] If there is contradiction between Spirit and any other part of
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the proposal that needs to be addressed, in the event it is not addressed
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Spirit is assumed to overrule all.
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Abstract
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========
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The spirit of this ZIP is to is to ensure that the Founders’ Reward ends.
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It is not the intention of this ZIP to stop protocol-based donations.
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It is a simple short ZIP.
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Hopefully it will be compatible with a number of other ZIPs and can be
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worked into them.
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Out of Scope for this Proposal
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==============================
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* Governance on how decisions are made; this ZIP is not meant to be used as
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a form of governance.
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* Future funding.
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* It does not cover other donations or revenue streams.
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Motivation
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==========
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* The Founders’ Reward is set to expire in 2020.
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* To honour the initial promise of giving 90% of total block distribution to
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miners. Therefore the protocol will give them 100% of the block distribution
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after the first halving.
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Requirements
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============
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* The Founders’ Reward MUST end at the first halving in October 2020.
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* This ZIP does not preclude the Electric Coin Company from sourcing funding
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elsewhere, or from donations.
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Specification
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=============
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* The existing Founders’ Reward consensus rules [#spec-subsidies]_
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[#spec-foundersreward]_ MUST be preserved.
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* Specifically, ``FoundersReward(height)`` MUST equal ``0`` if
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``Halving(height) >= 1``. (For clarity once the halving happens the
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Founders’ Reward stops, as per the rules outlined in [#spec-subsidies]_
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and [#spec-foundersreward]_.)
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* This specification is only meant to stop the Founders’ Reward, not
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protocol-based donations.
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* Enforcing some kind of mandatory donation via whatever mechanism would
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be seen as continuation of the Founders’ Reward.
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Implications to other users
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===========================
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* Block distribution payouts to Founders’ Reward addresses will cease at
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the first halving.
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* Pools and other software need to take this into account.
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Technical implementation
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========================
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This ZIP requires no changes to current consensus implementations.
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References
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==========
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.. [#RFC2119] `RFC 2119: Key words for use in RFCs to Indicate Requirement Levels <https://www.rfc-editor.org/rfc/rfc2119.html>`_
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.. [#funding] `Zcash blog: Funding, Incentives, and Governance. February 1, 2016 <https://electriccoin.co/blog/funding/>`_
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.. [#spec-subsidies] `Zcash Protocol Specification, Version 2019.0.8 exactly. Section 7.7: Calculation of Block Subsidy and Founders Reward <protocol/protocol.pdf#subsidies>`_
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.. [#spec-foundersreward] `Zcash Protocol Specification, Version 2019.0.8 exactly. Section 7.8: Payment of Founders’ Reward <protocol/protocol.pdf#foundersreward>`_
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