Bitcoin ABC Publishes an Update of the Miner IFP to Reduce Developer Tax to 5%

Amaury Sechet, the developer of Bitcoin ABC, has recently published an upgraded version of the miner Infrastructure Funding Plan (IFP). This plan was first introduced by Jiang Zhuoer, the founder of BTC.TOP. 

The upgrade will be implemented in the upcoming 0.21.0 release of the Bitcoin ABC software, slated for May 15. Miners would have to activate the protocol change via BIP9.

The notable difference in the upgrade is the reduction of the developer tax to 5%, which was originally 12.5%. The firm claims the reason behind taking a sizeable amount of miner rewards is the necessity to develop the software infrastructure of Bitcoin Cash. Those funds that would be accrued from the tax will go into an opaque list of whitelisted projects. 

According to Peter R. Rizun of Bitcoin Unlimited, Sechet’s plan is literally to modify the BCH protocol to mint coins for himself and his friends. He described Sechet’s proposal as a “poison pill”. He added that, if miners and exchanges go ahead with the upgrade, Sechet’s plans will succeed by default.

1/2 Amaury Sechet is literally modifying the BCH protocol to issue coins to him and his friends. Due to the poison pill, miners and exchanges must upgrade before May 15. If they do as usual and download the new version of ABC, his plan succeeds by defaulthttps://t.co/w5eOR0mV1y

— Peter R. Rizun (@PeterRizun) February 15, 2020

Most reddit community members are not cool with Sechet’s proposal and are urging exchanges and miners not to support it.  

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