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ZIP 1014: terminology.
Signed-off-by: Daira Hopwood <daira@jacaranda.org>
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zip-1014.rst
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zip-1014.rst
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@ -24,13 +24,26 @@ Terminology
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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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The term "network upgrade" in this document is to be interpreted as
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described in ZIP 200. [#zip-0200]_
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The terms "block subsidy" and "halving" in this document are to be interpreted
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as described in sections 3.9 and 7.7 of the Zcash Protocol Specification.
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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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"Zcash Foundation", also called "ZF", refers to the 501(c)(3) nonprofit
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corporation of that name.
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Abstract
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========
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This proposal describes a structure for the Zcash Development Fund, to be
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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 rewards, split into 3 slices:
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of 20% of the block subsidies, split into 3 slices:
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* 35% for the Electric Coin Company;
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* 25% for Zcash Foundation (for internal work and grants);
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@ -46,7 +59,7 @@ 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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rewards will be allocated to miners, and no further funds will be automatically
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subsidies will be allocated to miners, and no further funds will be automatically
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allocated to research, development, and outreach. Consequently, no substantial
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new funding may be available to existing teams dedicated to Zcash: the Electric
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Coin Company (ECC), the Zcash Foundation (ZF), and the many entities funded by
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@ -116,7 +129,7 @@ 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 rewards SHALL be allocated to a "Dev Fund" that consists of
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20% of the block subsidies SHALL be allocated to a "Dev Fund" that consists of
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the following three slices:
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* 35% for the Electric Coin Company (denoted **ECC slice**);
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@ -236,7 +249,7 @@ are not accepted and disbursed by ZF, but rather directly assigned to the
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grantees. Thus, the following mechanism MAY be used in perpetuity for some
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or all grantees, if agreed upon by both ECC and ZF before NU4 activation:
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Prior to each Network Upgrade, the Foundation SHALL publish a list of
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Prior to each network upgrade, the Foundation SHALL publish a list of
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grantees' addresses and the total number of Dev Fund ZEC per block they
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should receive. ECC and ZF SHALL implement this list in any implementations
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of the Zcash consensus rules they maintain. This decision will then be,
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@ -360,7 +373,9 @@ References
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==========
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.. [#RFC2119] `Key words for use in RFCs to Indicate Requirement Levels <https://tools.ietf.org/html/rfc2119>`_
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.. [#protocol] `Zcash Protocol Specification [Overwinter+Sapling+Blossom] <protocol/protocol.pdf>`_
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.. [#osd] `The Open Source Definition <https://opensource.org/osd>`_
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.. [#zip-0200] `ZIP 200: Network Upgrade Mechanism <zip-0200.rst>`_
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.. [#zip-1003] `20% Split Evenly Between the ECC and the Zcash Foundation, and a Voting System Mandate <zip-1003.rst>`_
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.. [#zip-1010] `Compromise Dev Fund Proposal With Diverse Funding Streams <zip-1010.rst>`_
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.. [#zip-1011] `Decentralize the Dev Fee <zip-1011.rst>`_
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