The latest report on the Electric Coin Company (ECC), the company behind the Zcash project, has been published, showcasing how the funds were used in Q4 2019.
These reports are published every quarter to disclose all the data relevant to the management of the company, seeing that ECC had recently had some economic problems.
ECC received an average of $410,000 per month, but spent almost double that, about $710,000. In addition, employees received an incentive of $127,800 in total;
At the end of Q4, ECC holds about $7.2 million in USD and Zcash, and the goal is to reduce expenses, which were excessive during this Q4.
In detail, we know that the block reward of Zcash amounts to 6.25 ZEC and each block is mined every 1.25 minutes. Miners receive 5 ZEC plus transaction fees and the remaining 1.25 ZEC is put into the Founders Reward (FR).
It should be remembered that this fund will end when there will be the halving of the reward. However, a new fund has been developed that gives 80% to the miners and the remaining 20% to the Zcash development fund:
- 80% to the miners;
- 10.31% to the founders and employees;
- 2.20% to the Zcash Foundation;
- 5.75% to the Electric Coin Company;
- 1.74% to ECC employees as an incentive.
Following the previous outline we are able to see last year’s numbers, with a price of $33.50:
- $5862500 to the miners;
- $755530 to the founders and employees;
- $161219 to the Zcash Foundation;
- $421367 to the Electric Coin Company;
- $127803 to ECC employees as an incentive.
As for expenses, the total of $710 thousand was spent as follows:
- 58% salary for employees;
- 16% administrative area;
- 13% for growth;
- 8% security and auditing;
- 3% travel and refunds;
- 2% consultancy;
- 1% software.
The report goes further and lists in detail all the information about costs and who was hired by the team to develop and improve the blockchain.
Bear in mind that this protocol allows transactions to be made anonymous only if the user decides to do so, and from recent data, this option seems to have had a significant increase.