Electric Coin Company the company that issued the ZCash currency

Zooko Wilcox, CEO of Electric Coin Company (ECC) – the company that issued zcash – called for the creation of a new “development fund” to support the development of future operations of private cryptocurrency.

This move comes after the debate on the continuation of the controversial “founders’ reward” project.

In an open letter released Wednesday, Zooko Wilcox said:

“I hope the community will decide to renew the” Dev Fund “by awarding coins from future block rewards for basic support functions. These include software development, user support, business development, regulatory and governance actions. Audit and monitoring of security, education and marketing initiatives, development of new protocols and so on. “

He expressed the hope that zcash users will “hire” the Electric Coin Company to fulfill these tasks.

The reward of the founders expires

The cryptocurrency zcash was not launched on the basis of an ICO, but was originally funded by a group of investors with approximately $ 3 million.

The project provided that, in the first four years, 10% of the total 21 million zcash cryptocurrencies will be allocated to the founders, in the so-called founders’ reward. This provision expires in October 2020, which means that a new financing method must be identified.

Allocating a portion of the block rewards for development

Zooko proposed that, in the future, a percentage of the block rewards be allocated to the so-called development fund. He stressed that the decision has nothing to do with ECC, but with the future of cryptocurrency.

Community members must communicate their choice, either on public forums or via email.

The Zcash Foundation will publish “a procedure” for a community decision soon. Electric Coin Company will publish a blog post setting out how it will evaluate proposals in the coming days.

Cryptocurrency ZCash is trading around $ 68 with a market cap of $ 480 million.