Zcash community to vote Nov. 16-30 on proposal to burn 50,000 ZEC

The Zcash community is pursuing a plan to burn 50,000 ZEC held in its grants fund, equal to about 55% of the fund’s 91,453 ZEC balance as of October, CoinDesk reported. Voting on the proposal will run from Nov. 16 to 30. If adopted and incorporated into a network upgrade, the tokens would be burned within 30 days, while the value of the burned amount would be gradually reissued through future mining rewards. The proposal also includes ending the current structure that allocates 8% of newly issued ZEC to ZCG, the community grants operating organization, and redirecting that share to a new development and legal defense fund.