Zcash grants committee drops plan to redirect 98,000 ZEC to future mining rewards

From the source

The committee withdrew its proposal after community backlash, leaving competing plans to cut off its funding or preserve the existing grants system. The committee that hands out grants on privacy network Zcash has dropped a plan to redirect about 98,000 ZEC toward future mining rewards, less than a week after proposing it. Zcash Community Grants, or ZCG, said Tuesday it would no longer pursue the proposal it floated on Oct. 29 in response to criticism over how much money flows into the program. “We’ve decided not to take this proposal forward,” the committee wrote, adding that future funding should be decided through Zcash’s usual governance process. ZCG’s five-member committee approves grants for developers and community projects without a coinholder vote on each award. It gets 8% of all newly created ZEC, about 144 coins a day, and its treasury has grown large enough to fund years of work. That has led developers and ZEC holders to ask why the money keeps coming in. The debate…

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