HomeBlockchainZcash: Electric Coin Company is at a loss

Zcash: Electric Coin Company is at a loss

Electric Coin Company, the company behind Zcash’s development, recently published a report on its financial performance.

The report shows that in the first quarter of 2019 the company recorded a monthly deficit of 30%, where the $449,000 in revenue did not cover the monthly expenses which amounted to $635,000.

Analysing in detail the structure of the company it can be noticed that 80% of the block rewards go to the miners and the rest to the founders and, considering that the crypto fluctuates around a price of 55 dollars, it is possible to calculate that on a monthly basis, ECC has recovered almost $337,000, while the company expenses amount to $525,000 plus $110,000 per month for the employees, which is known that in total they are 19.

One solution that has been adopted to reduce the company’s costs has been to cut some non-essential areas of the company such as PR, brand protection and engineering.

The CEO and founder of Electric Coin Company, Zooko Wilcox, had already recently published an open letter to the community of Zcash in order to create a new fund for the development of the company since, unless this happens, in October of next year the funds will be exhausted, leading to the potential assessment of changing or even abandoning the project.

Alfredo de Candia
Alfredo de Candia
Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.