Can the Bitcoin Cash Foundation solve BCH's funding and decision-making problems?

Since the upgrade of Bitcoin Cash on May 15, 2020, the controversial Bitcoin Cash Infrastructure Finance Plan (IFP) has not been activated and the IFP plan has failed, but the development funds and decision-making issues of BCH still exist. In the livestream AMA live broadcast hosted by Bitcoin ABC recently, ABC developer and ViaBTC founder Yang Haipo discussed the idea of ​​establishing the BCH foundation, including a voting committee to resolve BCH disputes.

BCH Foundation

Bitcoin Cash should establish a perfect platform for decision-making and funding. This is the view of ViaBTC founder Yang Haipo. On May 14, 2020, he and BTC.TOP founder Jiang Zhuoer participated in the livestream AMA live for 3 and a half hours . Jiang Zhuoer participated in the meeting for a relatively short time, but he also expressed support for the sustainable funding mechanism for the future development of BCH. Jiang Zhuoer also discussed a funding scheme similar to the Nobel Prize, but did not reveal more details. Jiang Zhuo'er's speech attracted much attention because IFP was originally proposed by Jiang Zhuo'er.

IFP ’s solution was initially praised by community users. Bitcoin.com ’s Roger Ver, Bitmain ’s Wu Jihan, Yang Haipo, and Jiang Zhuoer signed a joint support for the IFP program. These are BCH community opinion leaders. However, after the release of the whitelisted IFP version of BitcoinABC, IFP began to be opposed by more and more people. Jiang Zhuoer publicly opposed IFP. Roger Ver also said that he never supported it in any formal way.

Decentralization is a means, not a result

In the 1 hour and 29 minutes of this meeting, Yang Haipo said that he has been considering decentralization issues related to the full node or protocol layer in the past few years. He believes that for the development of the Bitcoin Cash network, decentralization is not necessary, Bitcoin ABC should continue to be responsible for Bitcoin Cash, and the community's concerns are too scattered.

He believes that the BCH Foundation (or a certain governance mechanism) should have been established as early as the birth of BCH in 2017. If so, the goal of promoting Bitcoin Cash to the world may have been completed. Yang Haipo said that users outside the circle may think that the BCH community is very chaotic. Too many voices completely affect development, which completely prevents users from investing or adopting BCH.

At 1 hour and 42 minutes, Jiang Zhuoer also participated in Yang's discussion on the topic of decentralization. Jiang Zhuoer emphasized: "I think decentralization is a means, not a result. The goal we want to achieve is survival. The most important meaning of decentralization is to fight against government censorship." He pointed out that the number of full nodes It is essential to prevent the government from destroying blockchain projects. But for development, decentralization is not the goal, and the goal of development is to deliver an excellent product to the end user.

Foundation member

Regarding the structure of the foundation, Yang Haipo worries that the foundation may be affected due to lack of funds. Many people are willing to donate. The question is whether they can participate in decision-making after they donate. If someone donates a lot of money, he wants to know something, and he wants to participate in it, what should he do?

Establishing a foundation means that members can make decisions through voting, and decide the priority of BCH development or certain projects, as well as the delivery schedule. Yang emphasized that the communication and debate on the Telegram Group were useless, and called for simplified methods by voting by Foundation members.

Yang Haipo has even begun to consider the choice of foundation members. He suggested that he, Amaury Sechet and Jiang Zhuoer (who had left the discussion at this time) become the initial members of the foundation. If someone wants to join the foundation, they need to pay a certain amount of fees, and then the existing members of the foundation vote on the new members to decide whether the new members can join the foundation. Yang said that if someone wants his voice to be heard, he should pay the price and participate. Finally, Yang Haipo emphasized again that the decision-making ability of BCH must be strengthened to improve the image of Bitcoin Cash in the world.

Sum up

Yang Haipo's point of view is the program that has received the most attention after IFP and may constitute an important ecology for BCH in the future. But at present, the plan is still in the discussion stage, and more detailed details have not been discussed. Yang Haipo said that the Bitcoin Cash Foundation should have the "hacker spirit" of "open source" and "change the world", and it does not necessarily have to be so profit-driven. At the end of the live broadcast, Yang Haipo stated that if the BCH Foundation develops smoothly, he is willing to donate to the Foundation.