Zcash Founder’s Plan: Lock Grant Money, Give $62M to Miners

On Oct. 30, Sean Bowe of Tachyon Group and Shielded Labs’ Zooko Wilcox and Jason McGee put forward a draft proposal to redirect the 8% of every Zcash block subsidy now received by Zcash Community Grants into a new Future Dev and Legal Defense Fund Lockbox. The draft, unimplemented as of Oct. 31, would also contribute 50,000 ZEC, about $62 million, toward future network rewards through the Network Sustainability Mechanism. The lockbox has no custodian, spending key or withdrawal process and would require a separate Zcash Improvement Proposal before any funds could be spent. Zcash Community Grants, whose five-seat committee approves grants and whose payouts are made by the Financial Privacy Foundation, would keep its existing treasury minus that contribution.