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Zooko and Sean Bowe Back Plan to Pull 50,000 ZEC From Zcash’s Grants Treasury
The joint proposal would end Zcash Community Grants' 8% cut of block rewards and send about $61 million of its ZEC to a reserve for future miner payouts, a day after the grants committee floated a gradual taper.
Dextape brief
Zcash founder Zooko Wilcox and cryptographer Sean Bowe backed a joint draft that would end the Zcash Community Grants program's block reward share and move a large part of its holdings. Bowe's group and Shielded Labs wrote the draft, which would redirect the 8% slice after NU7 into a frozen fund for development and legal defense. The committee would also have 30 days after acceptance to send 50,000 ZEC to the Network Sustainability Mechanism reserve, roughly $61 million at about $1,224 per ZEC on CoinGecko, by Unchained's math. A separate committee plan would taper funding about 3% a month and send 36,200 ZEC to the same reserve. Some forum users pressed for speed, while others asked for three months of discussion.
Why it matters: It would alter how Zcash funds grants and reserves, a governance choice that determines how a large treasury is spent and who receives ZEC over time.
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Terms in this story
- Block
- A batch of transactions added to a blockchain together.