2020-01-07 03:04:07 -08:00
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::
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2020-01-07 03:26:28 -08:00
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ZIP: 1014
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2020-02-19 16:40:42 -08:00
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Title: Establishing a Dev Fund for ECC, ZF, and Major Grants
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2020-10-14 21:12:54 -07:00
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Owners: Andrew Miller <socrates1024@gmail.com>
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2020-02-14 15:21:13 -08:00
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Zooko Wilcox <zooko@electriccoin.co>
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2020-10-19 06:07:11 -07:00
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Original-Authors: Eran Tromer
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2020-01-07 03:26:28 -08:00
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Credits: Matt Luongo
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@aristarchus
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@dontbeevil
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2020-01-07 08:03:56 -08:00
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Daira Hopwood
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2020-01-07 10:29:42 -08:00
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George Tankersley
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2020-10-14 21:12:54 -07:00
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Josh Cincinnati
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Andrew Miller
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2020-09-05 05:11:28 -07:00
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Status: Active
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2020-11-14 14:06:46 -08:00
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Category: Consensus Process
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2020-01-07 03:04:07 -08:00
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Created: 2019-11-10
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License: MIT
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2020-01-07 10:29:42 -08:00
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Discussions-To: <https://forum.zcashcommunity.com/t/community-sentiment-polling-results-nu4-and-draft-zip-1014/35560>
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2020-09-14 06:16:43 -07:00
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Pull-Request: <https://github.com/zcash/zips/pull/308>
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2020-01-07 03:04:07 -08:00
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2020-01-07 08:03:56 -08:00
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Terminology
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===========
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The key words "MUST", "MUST NOT", "SHALL", "SHALL NOT", "SHOULD", and "MAY"
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in this document are to be interpreted as described in RFC 2119. [#RFC2119]_
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2020-02-19 16:36:42 -08:00
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The term "network upgrade" in this document is to be interpreted as
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2020-02-26 11:49:02 -08:00
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described in ZIP 200 [#zip-0200]_ and the Zcash Trademark Donation and License
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Agreement ([#trademark]_ or successor agreement).
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2020-02-19 16:36:42 -08:00
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The terms "block subsidy" and "halving" in this document are to be interpreted
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2021-10-01 16:44:09 -07:00
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as described in sections 3.10 and 7.8 of the Zcash Protocol Specification.
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2020-02-19 16:36:42 -08:00
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[#protocol]_
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"Electric Coin Company", also called "ECC", refers to the Zerocoin Electric
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Coin Company, LLC.
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2020-10-14 21:12:54 -07:00
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"Bootstrap Project", also called "BP", refers to the 501(c)(3) nonprofit
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corporation of that name.
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2020-02-19 16:36:42 -08:00
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"Zcash Foundation", also called "ZF", refers to the 501(c)(3) nonprofit
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corporation of that name.
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2020-10-14 21:12:54 -07:00
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"Section 501(c)(3)" refers to that section of the U.S. Internal Revenue
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Code (Title 26 of the U.S. Code). [#section501c3]_
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2020-01-07 08:03:56 -08:00
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2020-11-10 07:20:19 -08:00
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"Community Advisory Panel" refers to the panel of community members assembled
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by the Zcash Foundation and described at [#zf-community]_.
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2020-11-14 14:30:23 -08:00
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The terms "Testnet" and "Mainnet" are to be interpreted as described in
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2021-10-01 16:44:09 -07:00
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section 3.12 of the Zcash Protocol Specification [#protocol-networks]_.
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2020-11-14 14:30:23 -08:00
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2020-01-07 08:03:56 -08:00
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2020-01-07 03:04:07 -08:00
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Abstract
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========
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2020-01-07 03:26:28 -08:00
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This proposal describes a structure for the Zcash Development Fund, to be
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2020-01-07 03:04:07 -08:00
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enacted in Network Upgrade 4 and last for 4 years. This Dev Fund would consist
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of 20% of the block subsidies, split into 3 slices:
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2020-01-07 03:04:07 -08:00
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* 35% for the Bootstrap Project (the parent of the Electric Coin Company);
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* 25% for Zcash Foundation (for internal work and grants);
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* 40% for additional "Major Grants" for large-scale long-term projects
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(administered by the Zcash Foundation, with extra community input and
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scrutiny).
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2020-01-07 03:04:07 -08:00
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2020-02-14 15:21:13 -08:00
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Governance and accountability are based on existing entities and legal mechanisms,
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and increasingly decentralized governance is encouraged.
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2020-01-07 03:04:07 -08:00
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Motivation
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==========
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Starting at Zcash's first halving in October 2020, by default 100% of the block
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subsidies will be allocated to miners, and no further funds will be automatically
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2020-11-03 10:25:10 -08:00
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allocated to any other entities. Consequently, no substantial new funding
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may be available to existing teams dedicated to furthering charitable,
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educational, or scientific purposes, such as research, development, and outreach:
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the Electric Coin Company (ECC), the Zcash Foundation (ZF), and the many
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entities funded by the ZF grant program.
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2020-01-07 03:04:07 -08:00
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There is a need to strike a balance between incentivizing the security of the
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consensus protocol (i.e., mining) versus crucial charitable, educational, and/or
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scientific aspects, such as research, development and outreach.
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2020-01-07 03:04:07 -08:00
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Furthermore, there is a need to balance the sustenance of ongoing work by the
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current teams dedicated to Zcash, with encouraging decentralization and growth
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of independent development teams.
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2020-10-14 21:12:54 -07:00
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For these reasons, the Zcash Community desires to allocate and
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contribute a slice of the block subsidies otherwise allocated to
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miners as a donation to support charitable, educational, and
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2020-11-03 07:33:41 -08:00
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scientific activities within the meaning of Section 501(c)(3).
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2020-01-07 03:04:07 -08:00
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2021-10-01 16:44:09 -07:00
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2020-01-07 03:04:07 -08:00
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Requirements
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============
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The Dev Fund should encourage decentralization of the work and funding, by
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supporting new teams dedicated to Zcash.
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The Dev Fund should maintain the existing teams and capabilities in the Zcash
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ecosystem, unless and until concrete opportunities arise to create even greater
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value for the Zcash ecosystem.
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There should not be any single entity which is a single point of failure, i.e.,
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whose capture or failure will effectively prevent effective use of the funds.
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Major funding decisions should be based, to the extent feasible, on inputs from
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domain experts and pertinent stakeholders.
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The Dev Fund mechanism should not modify the monetary emission curve (and in
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particular, should not irrevocably burn coins).
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2020-02-14 15:21:13 -08:00
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In case the value of ZEC jumps, the Dev Fund recipients should not wastefully
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use excessive amounts of funds. Conversely, given market volatility and eventual
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halvings, it is desirable to create rainy-day reserves.
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The Dev Fund mechanism should not reduce users' financial privacy or security.
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In particular, it should not cause them to expose their coin holdings, nor
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cause them to maintain access to secret keys for much longer than they would
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otherwise. (This rules out some forms of voting, and of disbursing coins to
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past/future miners.)
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The new Dev Fund system should be simple to understand and realistic to
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implement. In particular, it should not assume the creation of new mechanisms
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(e.g., election systems) or entities (for governance or development) for its
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execution; but it should strive to support and use these once they are built.
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Comply with legal, regulatory, and taxation constraints in pertinent
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jurisdictions.
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Non-requirements
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================
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General on-chain governance is outside the scope of this proposal.
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2020-01-07 10:29:42 -08:00
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Rigorous voting mechanisms (whether coin-weighted, holding-time-weighted or
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one-person-one-vote) are outside the scope of this proposal, though there is
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prescribed room for integrating them once available.
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Specification
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=============
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2020-11-14 14:30:23 -08:00
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Consensus changes implied by this specification are applicable to the
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Zcash Mainnet. Similar (but not necessarily identical) consensus changes
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SHOULD be applied to the Zcash Testnet for testing purposes.
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2020-01-07 03:04:07 -08:00
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Dev Fund allocation
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-------------------
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Starting at the first Zcash halving in 2020, until the second halving in 2024,
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20% of the block subsidy of each block SHALL be allocated to a "Dev Fund" that
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consists of the following three slices:
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* 35% for the Bootstrap Project (denoted **BP slice**);
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* 25% for the Zcash Foundation, for general use (denoted **ZF slice**);
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* 40% for additional "Major Grants" for large-scale long-term projects
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(denoted **MG slice**).
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2020-01-07 10:29:42 -08:00
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The slices are described in more detail below. The fund flow will be implemented
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at the consensus-rule layer, by sending the corresponding ZEC to the designated
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address(es) for each block. This Dev Fund will end at the second halving (unless
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extended/modified by a future ZIP).
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BP slice (Bootstrap Project)
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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2020-10-14 21:12:54 -07:00
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This slice of the Dev Fund will flow as charitable contributions from
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the Zcash Community to the Bootstrap Project, the newly formed parent
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organization to the Electric Coin Company. The Bootstrap Project is organized
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for exempt educational, charitable, and scientific purposes in
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compliance with Section 501(c)(3), including but not
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limited to furthering education, information, resources, advocacy,
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support, community, and research relating to cryptocurrency and
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privacy, including Zcash. This slice will be used at the discretion of
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the Bootstrap Project for any purpose within its mandate to support financial
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privacy and the Zcash platform as permitted under Section 501(c)(3). The
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BP slice will be treated as a charitable contribution from the
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Community to support these educational, charitable, and scientific
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purposes.
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ZF slice (Zcash Foundation's general use)
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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2020-10-14 21:12:54 -07:00
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This slice of the Dev Fund will flow as charitable contributions from
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the Zcash Community to ZF, to be used at its discretion for any
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purpose within its mandate to support financial privacy and the Zcash
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platform, including: development, education, supporting community
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communication online and via events, gathering community sentiment,
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and awarding external grants for all of the above, subject to the
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requirements of Section 501(c)(3). The ZF slice will be
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treated as a charitable contribution from the Community to support
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these educational, charitable, and scientific purposes.
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MG slice (Major Grants)
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~~~~~~~~~~~~~~~~~~~~~~~
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This slice of the Dev Fund is intended to fund independent teams entering the
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Zcash ecosystem, to perform major ongoing development (or other work) for the
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public good of the Zcash ecosystem, to the extent that such teams are available
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and effective.
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The funds SHALL be received and administered by ZF. ZF MUST disburse them as
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"Major Grants", but subject to the following additional constraints:
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1. These funds MUST only be used to issue Major Grants to external parties
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that are independent of ZF. They MUST NOT be used by ZF for its internal
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operations and direct expenses. Additionally, BP, ECC, and ZF are ineligible
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to receive Major Grants.
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2. Major Grants SHOULD support well-specified work proposed by the grantee,
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at reasonable market-rate costs. They can be of any duration or ongoing
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without a duration limit. Grants of indefinite duration SHOULD have
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semiannual review points for continuation of funding.
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3. Priority SHOULD be given to Major Grants that bolster teams with
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substantial (current or prospective) continual existence, and set them up
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for long-term success, subject to the usual grant award considerations
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(impact, ability, risks, team, cost-effectiveness, etc.). Priority SHOULD be
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given to Major Grants that support ecosystem growth, for example through
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mentorship, coaching, technical resources, creating entrepreneurial
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opportunities, etc. If one proposal substantially duplicates another's
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plans, priority SHOULD be given to the originator of the plans.
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4. Major Grants SHOULD be restricted to furthering the Zcash cryptocurrency and
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its ecosystem (which is more specific than furthering financial privacy in
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general) as permitted under Section 501(c)(3).
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5. Major Grants awards are subject to approval by a five-seat Major Grant
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Review Committee. The Major Grant Review Committee SHALL be selected by the
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ZF's Community Advisory Panel or successor process.
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6. The Major Grant Review Committee's funding decisions will be final, requiring
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no approval from the ZF Board, but are subject to veto if the Foundation
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judges them to violate U.S. law or the ZF's reporting requirements and other
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(current or future) obligations under U.S. IRS 501(c)(3).
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7. Major Grant Review Committee members SHALL have a one-year term and MAY sit
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for reelection. The Major Grant Review Committee is subject to the same
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conflict of interest policy that governs the ZF Board of Directors (i.e. they
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MUST recuse themselves when voting on proposals where they have a financial
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2020-10-14 21:12:54 -07:00
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interest). At most one person with association with the BP/ECC, and at most
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one person with association with the ZF, are allowed to sit on the Major
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Grant Review Committee. "Association" here means: having a financial
|
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interest, full-time employment, being an officer, being a director, or having
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an immediate family relationship with any of the above. The ZF SHALL continue
|
2020-11-10 07:20:19 -08:00
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to operate the Community Advisory Panel and SHOULD work toward making it more
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2020-02-14 15:21:13 -08:00
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representative and independent (more on that below).
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2020-01-07 03:04:07 -08:00
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2020-02-14 19:28:45 -08:00
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ZF SHALL recognize the MG slice of the Dev Fund as a Restricted Fund
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2020-01-07 03:04:07 -08:00
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donation under the above constraints (suitably formalized), and keep separate
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2020-01-07 10:29:42 -08:00
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accounting of its balance and usage under its `Transparency and Accountability`_
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2020-01-07 03:04:07 -08:00
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obligations defined below.
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2020-01-07 10:29:42 -08:00
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ZF SHALL strive to define target metrics and key performance indicators,
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and the Major Grant Review Committee SHOULD utilize these in its funding
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2020-01-07 03:26:28 -08:00
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decisions.
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2020-01-07 03:04:07 -08:00
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Direct-grant option
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'''''''''''''''''''
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It may be deemed better, operationally or legally, if the Major Grant funds
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are not accepted and disbursed by ZF, but rather directly assigned to the
|
2020-01-07 10:29:42 -08:00
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grantees. Thus, the following mechanism MAY be used in perpetuity for some
|
2020-05-26 15:05:21 -07:00
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or all grantees, if agreed upon by both ECC and ZF before Network Upgrade 4
|
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(Canopy) activation:
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2020-01-07 03:04:07 -08:00
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|
2020-02-19 16:36:42 -08:00
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Prior to each network upgrade, the Foundation SHALL publish a list of
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2020-01-07 03:04:07 -08:00
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|
grantees' addresses and the total number of Dev Fund ZEC per block they
|
2020-01-07 08:03:56 -08:00
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|
should receive. ECC and ZF SHALL implement this list in any implementations
|
2020-01-07 03:04:07 -08:00
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of the Zcash consensus rules they maintain. This decision will then be,
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effectively, ratified by the miners as the network upgrade activates.
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Transparency and Accountability
|
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|
-------------------------------
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Obligations
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~~~~~~~~~~~
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|
2020-10-14 21:12:54 -07:00
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BP, ECC, ZF, and Major Grant recipients (during and leading to their award
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|
period) SHALL all accept the obligations in this section.
|
2020-01-07 03:04:07 -08:00
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Ongoing public reporting requirements:
|
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|
* Quarterly reports, detailing future plans, execution on previous plans, and
|
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|
finances (balances, and spending broken down by major categories).
|
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|
* Monthly developer calls, or a brief report, on recent and forthcoming tasks.
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(Developer calls may be shared.)
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|
* Annual detailed review of the organization performance and future plans.
|
2020-01-11 16:42:59 -08:00
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|
* Annual financial report (IRS Form 990, or substantially similar information).
|
2020-01-07 03:04:07 -08:00
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These reports may be either organization-wide, or restricted to the income,
|
2020-01-07 03:26:28 -08:00
|
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|
expenses, and work associated with the receipt of Dev Fund.
|
2020-10-14 21:12:54 -07:00
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|
As BP is the parent organization of ECC it is expected they may publish
|
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|
joint reports.
|
2020-01-07 03:04:07 -08:00
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|
2020-01-07 03:26:28 -08:00
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|
It is expected that ECC, ZF, and Major Grant recipients will be focused
|
2020-01-07 08:03:56 -08:00
|
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|
primarily (in their attention and resources) on Zcash. Thus, they MUST
|
2020-01-07 03:04:07 -08:00
|
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|
promptly disclose:
|
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|
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|
* Any major activity they perform (even if not supported by the Dev Fund) that
|
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|
|
is not in the interest of the general Zcash ecosystem.
|
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|
* Any conflict of interest with the general success of the Zcash ecosystem.
|
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|
|
2020-10-14 21:12:54 -07:00
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|
|
BP, ECC, ZF, and grant recipients MUST promptly disclose any security or privacy
|
2020-01-07 03:04:07 -08:00
|
|
|
|
risks that may affect users of Zcash (by responsible disclosure under
|
|
|
|
|
confidence to the pertinent developers, where applicable).
|
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|
|
|
|
2020-10-14 21:12:54 -07:00
|
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|
BP's reports, ECC's reports, and ZF's annual report on its non-grant operations,
|
|
|
|
|
SHOULD be at least as detailed as grant proposals/reports submitted by other
|
|
|
|
|
funded parties, and satisfy similar levels of public scrutiny.
|
2020-01-07 03:04:07 -08:00
|
|
|
|
|
2020-01-07 08:03:56 -08:00
|
|
|
|
All substantial software whose development was funded by the Dev Fund SHOULD
|
2020-01-07 03:04:07 -08:00
|
|
|
|
be released under an Open Source license (as defined by the Open Source
|
2020-01-07 08:05:19 -08:00
|
|
|
|
Initiative [#osd]_), preferably the MIT license.
|
2020-01-07 03:04:07 -08:00
|
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|
|
Enforcement
|
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|
|
|
~~~~~~~~~~~
|
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|
|
|
|
2020-01-07 08:03:56 -08:00
|
|
|
|
For grant recipients, these conditions SHOULD be included in their contract
|
2020-01-07 03:04:07 -08:00
|
|
|
|
with ZF, such that substantial violation, not promptly remedied, will cause
|
|
|
|
|
forfeiture of their grant funds and their return to ZF.
|
|
|
|
|
|
2020-10-14 21:12:54 -07:00
|
|
|
|
BP, ECC, and ZF MUST contractually commit to each other to fulfill these
|
2020-01-07 03:04:07 -08:00
|
|
|
|
conditions, and the prescribed use of funds, such that substantial violation,
|
|
|
|
|
not promptly remedied, will permit the other party to issue a modified version
|
|
|
|
|
of Zcash node software that removes the violating party's Dev Fund slice, and
|
|
|
|
|
use the Zcash trademark for this modified version. The slice's funds will be
|
2020-02-14 19:28:45 -08:00
|
|
|
|
reassigned to MG (whose integrity is legally protected by the Restricted
|
2020-01-07 03:04:07 -08:00
|
|
|
|
Fund treatment).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Community Governance
|
|
|
|
|
---------------------------
|
|
|
|
|
|
2020-01-07 03:26:28 -08:00
|
|
|
|
Decentralized community governance is used in this proposal via the Community
|
2020-02-14 19:28:45 -08:00
|
|
|
|
Panel as input into the Major Grant Review Committee which governs the
|
|
|
|
|
`MG slice (Major Grants)`_.
|
2020-01-07 03:04:07 -08:00
|
|
|
|
|
|
|
|
|
It is highly desirable to develop robust means of decentralized community
|
2020-11-10 07:20:19 -08:00
|
|
|
|
voting and governance –either by expanding the Community Advisory Panel or a
|
2020-02-26 11:52:18 -08:00
|
|
|
|
successor mechanism– and to integrate them into this process by the end of
|
2020-10-14 21:12:54 -07:00
|
|
|
|
2021. BP, ECC, and ZF SHOULD place high priority on such development and its
|
2020-02-26 11:52:18 -08:00
|
|
|
|
deployment, in their activities and grant selection.
|
2020-01-07 03:04:07 -08:00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZF Board Composition
|
|
|
|
|
--------------------
|
|
|
|
|
|
2020-01-07 08:03:56 -08:00
|
|
|
|
Members of ZF's Board of Directors MUST NOT hold equity in ECC or have current
|
|
|
|
|
business or employment relationships with ECC, except as provided for by the
|
|
|
|
|
grace period described below.
|
2020-01-07 03:04:07 -08:00
|
|
|
|
|
2020-10-14 21:12:54 -07:00
|
|
|
|
Grace period: members of the ZF board who hold ECC equity (but do not have other
|
2020-01-07 03:04:07 -08:00
|
|
|
|
current relationships to ECC) may dispose of their equity, or quit the Board,
|
2020-01-07 03:26:28 -08:00
|
|
|
|
by 1 November 2021. (The grace period is to allow for orderly replacement, and
|
2020-01-07 03:04:07 -08:00
|
|
|
|
also to allow time for ECC corporate reorganization related to Dev Fund
|
|
|
|
|
receipt, which may affect how disposition of equity would be executed.)
|
|
|
|
|
|
2020-11-10 07:20:19 -08:00
|
|
|
|
The Zcash Foundation SHOULD endeavor to use the Community Advisory Panel (or
|
|
|
|
|
successor mechanism) as advisory input for future board elections.
|
2020-01-07 03:26:28 -08:00
|
|
|
|
|
2020-01-07 03:04:07 -08:00
|
|
|
|
|
|
|
|
|
Acknowledgements
|
|
|
|
|
================
|
|
|
|
|
|
2020-01-07 10:13:03 -08:00
|
|
|
|
This proposal is a limited modification of Eran Tromer's ZIP 1012 [#zip-1012]_
|
2020-02-14 15:21:13 -08:00
|
|
|
|
by the Zcash Foundation, the ECC, further modified by feedback from the
|
|
|
|
|
community and the results of the `latest Helios poll`_.
|
2020-01-07 10:13:03 -08:00
|
|
|
|
|
|
|
|
|
Eran's proposal is most closely based on the Matt Luongo 'Decentralize the
|
|
|
|
|
Dev Fee' proposal (ZIP 1011) [#zip-1011]_. Relative to ZIP 1011 there are
|
|
|
|
|
substantial changes and mixing in of elements from *@aristarchus*'s
|
|
|
|
|
'20% Split Evenly Between the ECC and the Zcash Foundation' (ZIP 1003)
|
|
|
|
|
[#zip-1003]_, Josh Cincinnati's 'Compromise Dev Fund Proposal With Diverse
|
|
|
|
|
Funding Streams' (ZIP 1010) [#zip-1010]_, and extensive discussions in the
|
|
|
|
|
`Zcash Community Forum`_.
|
|
|
|
|
|
|
|
|
|
The authors are grateful to all of the above for their excellent ideas and
|
2020-07-15 09:26:24 -07:00
|
|
|
|
any insightful discussions, and to forum users *@aristarchus*
|
2020-01-07 10:13:03 -08:00
|
|
|
|
and *@dontbeevil* for valuable initial comments on ZIP 1012.
|
|
|
|
|
|
2020-01-07 03:04:07 -08:00
|
|
|
|
.. _Zcash Community Forum: https://forum.zcashcommunity.com/
|
2020-02-14 15:21:13 -08:00
|
|
|
|
.. _latest Helios poll: https://vote.heliosvoting.org/helios/elections/43b9bec8-39a1-11ea-914c-b6e34ffa859a/view
|
2020-01-07 08:03:56 -08:00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
References
|
|
|
|
|
==========
|
|
|
|
|
|
2020-11-09 07:59:51 -08:00
|
|
|
|
.. [#RFC2119] `RFC 2119: Key words for use in RFCs to Indicate Requirement Levels <https://www.rfc-editor.org/rfc/rfc2119.html>`_
|
2021-10-01 16:44:09 -07:00
|
|
|
|
.. [#protocol] `Zcash Protocol Specification, Version 2021.2.16 or later <protocol/protocol.pdf>`_
|
|
|
|
|
.. [#protocol-networks] `Zcash Protocol Specification, Version 2021.2.16. Section 3.12: Mainnet and Testnet <protocol/protocol.pdf#networks>`_
|
2020-02-26 11:49:02 -08:00
|
|
|
|
.. [#trademark] `Zcash Trademark Donation and License Agreement <https://www.zfnd.org/about/contracts/2019_ECC_ZFND_TM_agreement.pdf>`_
|
2020-01-07 08:05:19 -08:00
|
|
|
|
.. [#osd] `The Open Source Definition <https://opensource.org/osd>`_
|
2020-02-19 16:36:42 -08:00
|
|
|
|
.. [#zip-0200] `ZIP 200: Network Upgrade Mechanism <zip-0200.rst>`_
|
2020-02-19 16:37:08 -08:00
|
|
|
|
.. [#zip-1003] `ZIP 1003: 20% Split Evenly Between the ECC and the Zcash Foundation, and a Voting System Mandate <zip-1003.rst>`_
|
|
|
|
|
.. [#zip-1010] `ZIP 1010: Compromise Dev Fund Proposal With Diverse Funding Streams <zip-1010.rst>`_
|
|
|
|
|
.. [#zip-1011] `ZIP 1011: Decentralize the Dev Fee <zip-1011.rst>`_
|
|
|
|
|
.. [#zip-1012] `ZIP 1012: Dev Fund to ECC + ZF + Major Grants <zip-1012.rst>`_
|
2020-11-10 07:20:19 -08:00
|
|
|
|
.. [#zf-community] `ZF Community Advisory Panel <https://www.zfnd.org/governance/community-advisory-panel/>`_
|
2021-09-09 07:02:46 -07:00
|
|
|
|
.. [#section501c3] `U.S. Code, Title 26, Section 501(c)(3) <https://www.law.cornell.edu/uscode/text/26/501>`_
|