The survey focused on the future of Zcash development funding, i.e. whether it should continue to be funded with a portion of the block rewards. Each participant was presented with 13 proposals on which they could express their opinion.
Most of these were rejected, both by members of the Community Advisory Panel and by users of the Zcash Community Forum, so the results revealed a rather clear position: the Zcash community is in favour of continuing to fund the development of Zcash.
In addition, the proposals that received the most support are those that require a development fund equal to 20% of the issuance. However, there are some differences between these proposals as to how this 20% should be allocated.
In fact, the two most successful proposals were the last two, the 12th and 13th, dedicated precisely to the way in which rewards are collected and distributed.
The number 13 (ZIP 2013) is the one that proposes, after the first halving of Zcash, to continue to direct 20% of new ZEC emissions towards activities related to the development, innovation and maintenance of Zcash.
Number 12 (ZIP 2012) instead proposes a development fund for Zcash that will divide this 20% of the rewards into 3 parts: 35% for the Electric Coin Company, 25% for the Zcash Foundation, and the remaining 40% for further “Major Grants” and for long-term projects on a large scale.
In fact, proposal 10 has also received good support, particularly from members of the Community Advisory Panel, and proposes to bring together the best parts of the various proposals: 20% of the rewards would be paid to a trust controlled by the Electric Coin Company (ECC) and Zcash Foundation (ZF).
The Zcash Foundation has promised to make its position known soon. After that, a meeting will take place between the foundation itself and the Electric Coin Company to discuss which proposals can be awarded with the Zcash brand.
The final ratification phase will take place in October 2020, shortly before halving.
Why the Zcash Community Pooling
The issue about the financing’s confirmation for the development of Zcash was raised as early as August by the CEO of Electric Coin Company, Zooko Wilcox, with an open letter in which he said he hoped that the community would decide to renew the structure of the Dev Fund.
Even before that, in June, Wilcox stated that it was necessary for these funds to continue at least until June 2020. In fact, as it was later discovered, the company was loss-making, since in the first quarter of 2019 alone the company recorded a monthly deficit of 30%.
The company collected more or less $330,000 a month from premiums, while expenses were over $500,000.
Although the results of the survey have no short-term implications, they may give the company good reason to hope for the long term.