Zcash Foundation Explains New ‘Compromise’ Path To Funding

The Zcash Foundation explains a new “compromise” path that it took to funding recently and is now in the Zcash latest news and ZEC latest news today. The investors, community members and its flagship firms including the Electric Coin Company (ECC) and the Zcash Foundation undertook an arduous governance refresh in 2019.

This process, which the ECC CEO and Zcash co-founder Zooko Wilcox described as “emotionally painful” at times, culminated in an approved funding structure starting in October 2020.

The Executive Director of the Zcash foundation explains all of this. Named Josh Cincinnati, the director spoke to the media about the sustainable ways to fund the development of Zcash, a privacy preserving cryptocurrency which some see as public good.

“The thing that really matters most when you are talking about funding public goods … is to establish legitimacy in the process. Everyone in the community, the people who use your protocol, are bought into the process that decides these things,” Cincinnati said in the ZEC latest news.

Right now, Zcash is expensive to develop mainly because of its high relianceon bleeding-edge technology. This is why the ECC (which conducts the majority of its protocol updates) issued a nice privacy breakthrough with its “Halo” technology in 2019 despite its books being in the red.

The Zcash founder’s reward was set to end four years after the launch of the coin in 2016. However, the Zcash Foundation explains different things – Wilcox said in a Medium article in August that he planned to raise the issue again once the reward was retired.

The ETHDenver conference from earlier this month also had Wilcox and Cincinnati pledging mutual support of Zcash Improvement Proposal (ZIP) 1014 which we talked about before, as the new improvement that will go into effect around October 2020. Under this new fund, both firms will receive a portion of 20% of the network’s mining rewards set aside for funding the cryptocurrency’s development.

“It seems like a very good compromise that still enables the ECC to continue receive funding and the Zcash Foundation to receive funding,” Cincinnati said, “but it requires both organizations to adhere to pretty strict accountability requirements.”

The current price of Zcash (ZEC) on the market is $50.78 with 1.23% gains on the day.