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Clean up the narrative language
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zip-XXXX.rst
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zip-XXXX.rst
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@ -16,18 +16,20 @@ Who am I?
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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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recently Keep, a private computation startup built on Ethereum. I've built some
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`around Zcash <https://github.com/ethereum/EIPs/pull/2129>`_, and we've
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considered investing more heavily in Zcash development on our latest project.
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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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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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I'm deeply interested in privacy tech. For me, privacy is about consent --
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consent to know my habits, beliefs, and preferences -- and I see privacy as
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the next frontier in our pursuit of an economy that respects individual choice.
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consent to share my habits, beliefs, and preferences -- and I see privacy as
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the inevitable next frontier in our pursuit of an economy that respects
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individual choice.
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My perspective is as the founder of a for-profit company focused on building
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self-sovereign technologyi who would like to develop on Zcash. We work in this
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space ideologically, but our work isn't free; attracting and growing talent
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requires funding.
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self-sovereign technology who wants to develop on Zcash. We work in this space
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ideologically, but our work isn't free; attracting and growing talent requires
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funding.
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If you're interested in more on my background, I've introduced myself more
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`properly on the forum
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@ -56,19 +58,22 @@ We're all here to build a robust, private, decentralized currency. But in the
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dev fee proposals I've seen so far, the idea of a Zcash narrative that
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distinguishes it from the competition is absent.
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One direction proposed in ZIP XYZ claims that Zcash is a hedge against Bitcoin's
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Of the slew of ZIPs addressing Zcash's future, there's only been one strong
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narrative case -- the idea that Zcash exists purely as a hedge against Bitcoin's
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long-term privacy failure. Put simply, Zcash is "Bitcoin, but private".
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I believe that Zcash should aim higher. Only one coin has successfully made a
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Zcash should aim higher. Bitcoin is the only coin that has successfully made a
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store of value argument, which I like to call "worse is better". Don't upgrade
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the network -- stability is more important than solving today's problems.
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Bitcoin is chasing the Lindy effect, where worse is better, and that's great for
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Bitcoin. For the rest of us, though, better is better. Zcash *should be better*.
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the network -- the argument goes -- stability is more important than solving
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today's problems. Bitcoin is chasing the `Lindy
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effect<https://en.wikipedia.org/wiki/Lindy_effect>`, where worse is better, and
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the network becomes stronger every day it survives. That's great for Bitcoin.
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For the rest of us, though, better is better. Zcash *should be better*.
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Zcash is known for having the best tech in the space, built by one of the best
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team's in the space. We should lean in to that reputation, nurturing the best
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research and engineering talent to take Zcash to the next level, leveraging a
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Zcash dev fee as a differentiator to build the world's best private medium of
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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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exchange.
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Evolving Zcash Governance
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@ -77,7 +82,7 @@ Evolving Zcash 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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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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Miners are the first owners of newly minted coins, and are an integral part
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@ -109,7 +114,7 @@ the chain.
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The state of play
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-----------------
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In Zcash, the addition of the Electic Coin Company (ECC) and the Zcash
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In Zcash, the addition of the Electric Coin Company (ECC) and the Zcash
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Foundation skew this balance.
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Both organizations are comprised of Zcash founders, developers, researchers, and
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@ -147,10 +152,7 @@ well as both entities.
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The "crowding out" problem
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--------------------------
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The last issue arising from this scheme is the one I'm most incentivized to
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address.
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The Zcash ecosystem, as it exists today, has little incentive for outside
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The Zcash ecosystem, as it exists today, leaves little incentive for outside
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developers to participate.
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Zcash development has a high learning curve.
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@ -170,8 +172,8 @@ frustrated by the lack of longer-term funding. For evidence, look at Parity's
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exit from Zcash after `zebrad` development, or Summa's struggles to work on
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Zcash.
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Sustainably attracting talent to Zcash can increase innovation *and* ecosystem
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resilience.
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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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Moving Forward
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==============
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@ -191,7 +193,7 @@ A few proposals have suggested the introduction of a mysterious "third entity"
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to resolve disagreements between the Foundation and the ECC.
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I prefer a different approach, refocusing the role of the Foundation and making
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room for the ECC to innovate alongside outside developers.
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room for the ECC to work with a robust developer ecosystem.
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In this proposal, the Foundation shall support community development through
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running the forum and events, gathering community sentiment, managing short-term
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@ -213,7 +215,7 @@ working to maintain clients.
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governance. The principal developer allocation shall be capped similarly to
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the Foundation's at $500k per month based on a volume-weighted average price.
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* The remaining two thirds of the fee (50% of the total), called the "outside
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development fee", shall be distributed between at least two developers,
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development fee", shall be distributed between at least two development teams,
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chosen semi-annually by the Foundation. Unlike those of the Foundation and
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principal developer, these allocations aren't limited by market conditions,
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and don't carry a burn requirement.
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