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It was founded by the community and some other investors but community transparency reports showed the ECC spending more than it took in, as well as adjustments to the previous Founder’s Reward meant to increase revenue. A poor fiscal track record isn’t the best look for a firm looking to raise community-derived funds, one source who spoke on the condition of anonymity told CoinDesk and thats why it had to be replaced.
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The newly approved Zcash Improvement Proposal (ZIP) 1014 will now split block mining rewards 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers.
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It was composed of members of the Zcash Community Forum along with a community advisory panel, for a total number of 112 voters. However, miners were not counted in the vote due to lack of participation.
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Finally, the initial ZIP passed in the first voting round was effectively vetoed by the ECC. The ZIP placed an upper-bound dollar limit on funding the ECC through the new block reward distribution. For a firm on the bleeding edge of privacy advancements, the company said any cap would hamstring the organization’s ability to attract talent. As such, the ECC said [it would not accept]
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The original funding model granted 20% of miners reward to a developers fund. The fund would receive in total 2.1 million, or 10%, of the total of 21 million ZEC after 4 years. Thereafter, miners would receive 100% of miners reward. This scheme needed ot be modified because the ECC and Zcash Foundation were in need of funds to continue development of Zcash.
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The new model now has a community fund that is funded by 20% of every mining reward. It allocates 35% of the community fund to the ECC, 25% to the Zcash Fundation and, in order to support the principle of decentralization., the remaining 40% goes to third-party developers.
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Votes were cast by members of the Zcash Community Forum, along with a 72-member advisory panel. There was no miner input in the vote.
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According to the ECC, such a cap would “hamstring the organization’s ability to attract talent”
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What was Zcash’s original funding model, and why did it need to be replaced?
The original funding model is the Founder’s Reward, 20 percent of block rewards were taken from miners and diverted towards zcash’s founders and investors along with some assistance for continued development.
Because original funding model will expire. it is launched in 2016, zcash’s developer fund was on a four-year leash set to expire in November 20the 20. -
Under the new funding model, how is the general community fund allocated?
The new funding model will now split block mining rewards 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers. -
Who was included in the final vote and why?
Votes were cast by members of the Zcash Community Forum along with a 72-person community advisory panel. Of the 112 eligible voters, 88 members cast ballots with the overwhelming majority calling for continued funding. -
What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
the company said any cap would hamstring the organization’s ability to attract talent. As such, the ECC said it would not accept any proposal with similar constraints.
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What was Zcash’s original funding model, and why did it need to be replaced?
The original funding model granted 20% of miners reward to a developers fund. The fund would receive in total 2.1 million, or 10%, of the total of 21 million ZEC after 4 years. Thereafter, miners would receive 100% of miners reward. This scheme needed ot be modified because the ECC and Zcash Foundation were in need of funds to continue development of Zcash. -
Under the new funding model, how is the general community fund allocated?
The newly approved Zcash Improvement Proposal (ZIP) 1014 will now split block mining rewards 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers. -
Who was included in the final vote and why?
Third party developers, to boost decentralization -
What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
To prevent hamstringing the organization’s ability to attract talent
1 - What was Zcash’s original funding model, and why did it need to be replaced?
The original Founder’s were to be alotted 2.1 million ZEC, which is 10 percent of the total ZEC supply.
2 - Under the new funding model, how is the general community fund allocated?
The newly approved Zcash Improvement Proposal (ZIP) 1014 will now split block mining rewards 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers.
3 - Who was included in the final vote and why?
Votes were cast by members of the Zcash Community Forum along with a 72-person community advisory panel. Of the 112 eligible voters, 88 members cast ballots with the overwhelming majority calling for continued funding.
The final vote went without miner input – since no miners participated in the first round. The foundation opted not to count miners in the second round, according to an email from Cincinnati, because of the lack of participation.
4 - What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
The initial ZIP passed in the first voting round was effectively vetoed by the ECC. The ZIP placed an upper-bound dollar limit on funding the ECC through the new block reward distribution. For a firm on the bleeding edge of privacy advancements, the company said any cap would hamstring the organization’s ability to attract talent. As such, the ECC said it would not accept any proposal with similar constraints.
#1 - What was Zcash’s original funding model, and why did it need to be replaced?
ZCash was community funded, unfortunately the ECC was spending more than the community could grant
#2 - Under the new funding model, how is the general community fund allocated?
Through a miner tax
#3 - Who was included in the final vote and why?
#4 - What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
That any would hamstring the organization’s ability to attract talent
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Zcash’s original funding model was the Founders Reward taking 20% of the miners rewards.
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The general community fund is allocated 35% for the ECC, 25% for the Zcash Foundation and 40% for Third Party developers making it more decentralized.
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The Zcash Communtiy Forum and a 72 person community advisory panel were included in the final vote.Miner where not included as they did not participate in the initial round off voting.
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The ECC rejected an upper-bound dollar limit as it felt this would make it harder for the foundation to attract new talent.
- 20% of miners reward, after 4 years miners would get 100%.
- " The newly approved Zcash Improvement Proposal will now split block mining rewards 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers."
- Third party developers, to boost decentralization
- “The company said any cap would hamstring the organization’s ability to attract talent”
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Zcash was funded through a developer fund (from investors) which expire in November 2020. In addition, 20 percent of the block rewards were taken from the miners and spread around the founders of Zcash and its investors. With the massive drop in value and the occurring halving in November 2020 the funding rate per month is to small to continue the development of Zcash.
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The 20 percent of the block rewards will now split into three groups: 35 percents belongs to the ECC, 25 percent to the Zcash Foundation and 40 percent to third-party developers.
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The final vote included no miners because of the lack of participation in the previous rounds. The Zcash Community Forum along with a 72 person community advisory panel could vote. In summary there were 112 eligible voters
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There should be no cap in order to attract new talents because when dealing with cutting edge technology talents are rare and expensive.
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What was Zcash’s original funding model, and why did it need to be replaced?
Founded by community ans some other investors. It need to replaced because they spended to much -
Under the new funding model, how is the general community fund allocated?
The 20% of the block rewards are split: 35% for the ECC, 25% for the ZCash Foundation and 40% for third-party developers. -
Who was included in the final vote and why?
Zcash Community Forum members, along with a 72 person community advisory panel. -
What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
A hard cap would hamstring the organization’s ability to attract talent
• It was taken from the miners as a cut of 20% but I guess mostly was taken by the founder and investors. The ECC was spending more than it had, there was not enough to keep going towards good development for the coin itself.
• The new model is 20% as well, but it would split as follows; 35% ECC, 25% Zcash Foundation and 40% 3rd party developers.
• Member of the Zcash community forum along with 72-person community advisory panel.
• Because the restrictions that this would represent when searching for talented people and the development of the coin itself.
- What was Zcash’s original funding model, and why did it need to be replaced?
20% of block rewards were taken from miners and diverted towards Zcash´s founders and investors.
- Under the new funding model, how is the general community fund allocated?
Block mining rewards are split 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers.
- Who was included in the final vote and why?
By members of the Zcash Community Forum along with a 72-person community advisory panel. Of the 112 eligible voters, 88 members cast ballots with the overwhelming majority calling for continued funding.
- What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
ECC reason was “any cap would hamstring the organization’s ability to attract talent”
- 20 percent of block rewards were taken from miners and diverted towards zcash’s founders and investors. It was replaced because it cost too much and prevented the growth of the project.
- The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers.
- Votes were cast by members of the Zcash Community Forum along with a 72-person community advisory panel. Of the 112 eligible voters, 88 members cast ballots with the overwhelming majority calling for continued funding.
- Any cap would hamstring the organization’s ability to attract talent.
Admittedly I phoned this one in, copied answers from previous posts. Whenever there’s a meeting of more than 5 people I tune out. Ironically the more people involved the more centralized and disenfranchising it feels. The idea that this happened erodes my trust in ZCoin.
“Democracy…because the minority is always wrong”.
What do you think of Ethereum in that respect?
Ethereum is not ideal either, or development would have stopped. I find the Ethereum Foundation’s presale, one-and-done, less offensive than ZCash’s eternal 20% mining tax. That ZCash founders went broke tells me that the market agrees.
Better answer: Satoshi never spent his premine, never paid a dev. Yet BitCoin, BitCoin Core, etc. If it’s truly awesome devs will happen. Then again Satoshi’s humanity has not been proven.
I think ZCash’s dev population is limited to the population that understands zk-SNARKs. Complexity exceeded maintainability.
1. What was Zcash’s original funding model, and why did it need to be replaced?
10% of block rewards were taken from miners and diverted to the founders and investors, but the ECC was spending too much which made this model not commercially sustainable
2. Under the new funding model, how is the general community fund allocated?
80/20 between miners and a general community fund for coin development. The 20%pool will be further split into 3 groups: 35% ECC, 25% Zcash Foundation, 40% 3rd party devs
3. Who was included in the final vote and why?
Zcash Community Forum members & 72-person community advisory panel
4. What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
Their ability to attract talent would be limited
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Zcash’s original funding model was via a “founders reward” system (whereby, for the first four years, 10% of the supply of Zcash would go to the founders and the remainder to the miners). This needed to be replaced because they ran out of funds and felt that if the Zcash community were to grow then that community would need greater transparency and to collectively be able to decide what to do next.
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Under the new funding model the general community fund (which itself is 20% of the block mining rewards) is allocated as follows; 35% to Electric Coin Company, 25% to Zcash Foundation and 40% to third party developers.
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Those included in the final vote were members of the Zcash community forum and a 72 person community advisory panel. They were included to help decentralisation.
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The reason the ECC rejected the “upper-bound dollar limit” on their block reward funding was that they did not want to impair the organisation’s ability to attract talent.
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Zcash’s original funding model was on a four-year leash set to expire in November 2020. Known as the Founder’s Reward, 20 percent of block rewards were taken from miners and diverted towards Zcash’s founders and investors along with some assistance for continued development. It was replaced because it cost too much and prevented the growth of the project.
-
Under the new funding model the general community fund is allocated by now splitting block mining rewards 80/20 between miners and a general community fund for coin development in a similar manner to the initial Founder’s Reward. The 20 percent pool will be further split into three groups: 35 percent for the ECC, 25 percent for the Zcash Foundation and 40 percent for third-party developers.
-
Votes were cast by members of the Zcash Community Forum along with a 72-person community advisory panel. Of the 112 eligible voters, 88 members cast ballots with the overwhelming majority calling for continued funding.
-
For a firm on the bleeding edge of privacy advancements, the company said any cap would hamstring the organization’s ability to attract talent. As such, the ECC said it would not accept any proposal with similar constraints.
- What was Zcash’s original funding model, and why did it need to be replaced?
It was funded by investors and the community. This wasn’t sustainable. - Under the new funding model, how is the general community fund allocated?
20 % of the mining revenues go to the general community fund where it is then further broken up. 40 % to external talent 35% to the ECC and 25% to the Zcash foundation. - Who was included in the final vote and why?
There were 112 votes altogether. A 72 person community advisory panel and forum members. - What was ECC’s reason for rejecting an ‘upper-bound dollar limit’ on their block reward funding?
The ECC said that an upper limit on their reward funding would stop them from being able to attract top talent to continue the cutting edge developent.