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Include requirements and non-requirements
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zip-XXXX.rst
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zip-XXXX.rst
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@ -18,7 +18,7 @@ My name is Matt Luongo. I'm an entrepreneur who's been full-time in the crypto
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space since 2014, co-founding Fold, a Bitcoin payments company, and more
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space since 2014, co-founding Fold, a Bitcoin payments company, and more
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recently Keep, a private computation startup built on Ethereum. At Keep, we've
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recently Keep, a private computation startup built on Ethereum. At Keep, we've
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done some `work around Zcash <https://github.com/ethereum/EIPs/pull/2129>`_,
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done some `work around Zcash <https://github.com/ethereum/EIPs/pull/2129>`_,
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and our parent company, `Thesis <https://thesis.co>`, is considering investing
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and our parent company, `Thesis <https://thesis.co>`_, is considering investing
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more heavily in Zcash development for our latest project.
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more heavily in Zcash development for our latest project.
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I'm deeply interested in privacy tech. For me, privacy is about consent --
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I'm deeply interested in privacy tech. For me, privacy is about consent --
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@ -51,7 +51,7 @@ I believe the Zcash community has an opportunity to deploy a new incentive
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structure that will attract companies like ours to build and improve Zcash,
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structure that will attract companies like ours to build and improve Zcash,
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leading to a more resilient network, stronger technology, and wider usage.
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leading to a more resilient network, stronger technology, and wider usage.
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The Zcash Narrative
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The Zcash narrative
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-------------------
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-------------------
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We're all here to build a robust, private, decentralized currency. But in the
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We're all here to build a robust, private, decentralized currency. But in the
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@ -76,13 +76,11 @@ research and engineering talent to take Zcash to the next level, and leveraging
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a Zcash dev fee as a differentiator to build the world's best private medium of
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a Zcash dev fee as a differentiator to build the world's best private medium of
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exchange.
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exchange.
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Evolving Zcash Governance
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=========================
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Principles of cryptocurrency governance
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Principles of cryptocurrency governance
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---------------------------------------
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Most proof-of-work chains today have three major governing roles:
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To understand Zcash governance, it's worth reviewing "default" cryptocurrency
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governance. Most proof-of-work chains today have three major governing roles:
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1. Miners validate and secure the chain. They do some work to earn a reward.
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1. Miners validate and secure the chain. They do some work to earn a reward.
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Miners are the first owners of newly minted coins, and are an integral part
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Miners are the first owners of newly minted coins, and are an integral part
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@ -175,8 +173,46 @@ Zcash.
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Sustainably attracting talent to Zcash is critical to maintain innovation and
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Sustainably attracting talent to Zcash is critical to maintain innovation and
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build resilience.
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build resilience.
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Moving Forward
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Requirements
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==============
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============
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The first requirement is a balanced governance structure. Developers should be
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rewarded, without rewarding governance capture. What's best for the chain and
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ZEC holders should always come before commercial interests.
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The second, and secondary, requirement is funding Zcash development. While the
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chain shouldn't be run by a commercial entity, it will need to be supported by
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them.
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The third requirement is the support of a more resilient ecosystem by:
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1. Ending the "crowding out" problem by paying development teams to work on and
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for Zcash.
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2. Building a dev fee management structure that's resilient to the loss,
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capture, or compromise of the Zcash Foundation.
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3. Ensuring the ecosystem can survive the loss, capture, or compromise of the
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ECC by encouraging developer diversity and strategic input.
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Finally, avoid introducing unnecessary additional entities into the governance
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process.
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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. On-chain
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governance is an exciting idea -- what if we had an impartial arbiter funding
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development? My experience with on-chain governance to date, however, leads me
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to believe it's still a risky direction. Zcash should focus on what it's good at
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-- privacy -- and leave proving on-chain governance models to other projects.
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While this proposal attempts to outline a long-term structure for Zcash funding
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and governance, specifying the structure beyond the next 4 years is out of
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scope. Much will have changed in 4 years. Perhaps this structure will be
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sufficient; perhaps we'll be battling the Third Crypto War, and need to go back
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to the drawing table.
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Specification
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=============
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The below proposal is an effort to cleanly resolve the problems with Zcash's
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The below proposal is an effort to cleanly resolve the problems with Zcash's
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current governance, while
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current governance, while
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