Zcash proposal redirects funding and removes 50,000 ZEC
By Jon CuthbertKey points
- A Zcash proposal would redirect an 8% block subsidy allocation into a new development and legal defence fund.
- The proposal also requires the Zcash Community Grants Committee to remove 50,000 ZEC from circulation.
- The changes would redirect future development funding while crediting removed coins to Zcash’s Network Sustainability Mechanism.
Zcash (ZEC) developers have merged a proposal outlining a new development fund and the removal of 50,000 ZEC from circulation.
The draft would end Zcash Community Grants’ 8% funding stream and redirect the same allocation into a separate lockbox.
The proposal was authored by Sean Bowe, Zooko Wilcox and Jason McGee, representing Tachyon Group and Shielded Labs.
The Zcash Community Grants Committee would have to remove 50,000 ZEC, crediting the coins to the Network Sustainability Mechanism.
The committee would complete the removal within 30 days after the relevant network upgrade reaches its activation height.
The new Future Dev and Legal Defense Fund Lockbox would hold funds for future development and legal defence.
The proposal leaves withdrawals undecided, requiring a future Zcash Improvement Proposal to establish a decentralised release mechanism.
Following the update, ZEC was trading down 1.9% at $984.97.
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