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Zooko Wilcox Wants To Create A New Fund To Support Zcash Development

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Zooko Wilcox, the CEO of the Electric Coin Company (ECC), is pushing for a new developer fund to support the operations of the Zcash (ZEC) cryptocurrency. Wilcox is also the head of the Zcash digital asset that became one of the most popular in the market. He said that in an open letter shared on Medium on July 31st. 

New Fund To Support Zcash Development

Zooko Wilcox wants to create a new fun to back the development of the Zcash cryptocurrency. This comes after the debate related to the founders’ reward that took place at Zcon1 and that the community has been discussing for a long time. 

According to the letter he wrote, he expects the community to renew the “Dev Fund” structure by allocating coins from future block rewards to support the development of the whole network. Some of the goals include supporting new functions, business development and have a better approach with regulations. 

In this letter, he commented:

“I hope that the community will decide to renew the “Dev Fund” structure, allocating coins from future block rewards for core support functions such as software development, user support, business development, regulatory and government outreach, security auditing and monitoring, educational and marketing initiatives, new protocol development, and so forth.”

The founders of the cryptocurrency were expected to receive 10 percent of the 21 million token supply of Zcash. The Dev Fund started growing with Wilcox and Nathan Wilcox that decided to use the founders’ rewards for funding operations. 

Now, the Zcash community will have to decide what to do next and whether they want to fund the development fund or not. The question that he asked is whether the community should continue using tens of millions of dollars that they are currently spending every month or fund core support functions such as protocol development, software or security. 

At the same time, Wilcox requested the community to start discussing these issues and go on public forums or writing to the Zcash Foundation about the current The ECC is expected to be publishing a blog post explaining how they will assess proposals in the next days. 

At the time of writing this article, Zcash is the 25th largest digital currency with a market capitalization of $475 million and a price per coin of $67m according to data provided by CoinMarketCap. 

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