mirror of https://github.com/zcash/zips.git
Initial draft ZIP for ZF's Dev Fund v2 proposal
This is a draft ZIP describing a proposal for a new Dev Fund, based on the current Dev Fund (as defined in ZIP 1014), with changes based on community input.
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ZIP: XXXX
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Title: Dev Fund for ECC, ZF and Zcash Community Grants
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Owners: Jack Gavigan <jack@zfnd.org>
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Credits: Eran Tromer
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Andrew Miller
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Zooko Wilcox
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Matt Luongo
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@aristarchus
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@dontbeevil
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Daira Emma Hopwood
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George Tankersley
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Josh Cincinnati
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Status: Draft
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Category: Consensus Process
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Created: 2024-07-01
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License: MIT
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Discussions-To:
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Pull-Request:
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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 BCP 14 [#BCP14]_ when,
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and only when, they appear in all capitals.
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The term "network upgrade" in this document is to be interpreted as described
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in ZIP 200 [#zip-0200]_ and the Zcash Trademark Donation and License Agreement
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([#trademark]_ or successor agreement).
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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 3.10 and 7.8 of the Zcash Protocol Specification.
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[#protocol]_
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"Electric Coin Company", also called "ECC", refers to the US-incorporated
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Zerocoin Electric Coin Company, LLC.
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"Bootstrap Project", also called "BP", refers to the US-incorporated 501(c)(3)
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nonprofit corporation of that name.
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"Zcash Foundation", also called "ZF", refers to the US-incorporated 501(c)(3)
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nonprofit corporation of that name.
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"Financial Privacy Foundation", also called "FPF", refers to the Cayman
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Islands-incorporated foundation company limited by guarantee of that name.
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"Section 501(c)(3)" refers to that section of the U.S. Internal Revenue Code
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(Title 26 of the U.S. Code). [#section501c3]_
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"Zcash Community Advisory Panel" refers to the panel of community members
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assembled by the Zcash Foundation and described at [#zcap]_.
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The terms "Testnet" and "Mainnet" are to be interpreted as described in
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section 3.12 of the Zcash Protocol Specification [#protocol-networks]_.
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Abstract
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========
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This proposal describes a structure for a new Zcash Development Fund (“Dev
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Fund 2.0”), to be enacted in Network Upgrade 6 and last for 2 years. This
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Dev Fund would consist of 20% of the block subsidies.
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During the first year, the Dev Fund will be split into 3 slices:
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* 28% for the Bootstrap Project (the parent of the Electric Coin Company);
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* 32% for Zcash Foundation;
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* 40% for "Zcash Community Grants", intended to fund large-scale long-term
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Projects (administered by the Financial Privacy Foundation, with extra
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community input and scrutiny).
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During the second year, the Dev Fund will be split into 2 slices:
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* 32% for Zcash Foundation;
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* 68% for "Zcash Community Grants" intended to fund large-scale long-term
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projects (administered by the Financial Privacy Foundation, with extra
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community input and scrutiny).
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Governance and accountability are based on existing entities and legal
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mechanisms, and increasingly decentralized governance is encouraged.
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Motivation
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==========
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Starting at Zcash's second halving in November 2024, the first Dev Fund will
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expire, meaning that by default 100% of the block subsidies will be allocated
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to miners, and no further funds will be automatically allocated to any other
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entities. Consequently, no substantial new funding may be available to
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existing teams dedicated to furthering charitable, educational, or scientific
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purposes, such as research, development, and outreach: the Electric Coin
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Company (ECC), the Zcash Foundation (ZF), and the many entities funded by the
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ZF grants and Zcash Community Grants programs.
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There is a need to continue to strike a balance between incentivizing the
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security of the consensus protocol (i.e., mining) versus crucial charitable,
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educational, and/or scientific aspects, such as research, development and
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outreach.
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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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For these reasons, the Zcash Community desires to allocate and contribute a
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slice of the block subsidies otherwise allocated to miners as a donation to
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support charitable, educational, and scientific activities within the meaning
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of Section 501(c)(3) of Title 26 of the United States Code, and the Cayman
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Islands’ Foundation Companies Law, 2017.
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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
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greater value for the Zcash ecosystem.
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There should not be any single entity which is a single point of failure,
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i.e., whose capture or failure will effectively prevent effective use of the
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funds.
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Major funding decisions should be based, to the extent feasible, on inputs
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from domain experts and pertinent stakeholders.
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The Dev Fund mechanism itself should not modify the monetary emission curve
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(and in particular, should not irrevocably burn coins).
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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
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eventual 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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The Dev Fund should comply with legal, regulatory, and taxation constraints in
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pertinent 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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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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Consensus changes implied by this specification are applicable to the Zcash
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Mainnet. Similar (but not necessarily identical) consensus changes SHOULD be
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applied to the Zcash Testnet for testing purposes.
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Dev Fund allocation
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-------------------
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Starting at the second Zcash halving in 2024, until block height 3146400
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(which is expected to occur approximately one year after the second Zcash
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halving), 20% of the block subsidy of each block SHALL be allocated to a "Dev
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Fund" that consists of the following three slices:
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* 28% for the Bootstrap Project (denoted **BP slice**);
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* 32% for the Zcash Foundation (denoted **ZF slice**);
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* 40% for the Financial Privacy Foundation, for "Zcash Community Grants" for
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large-scale long-term projects (denoted **ZCG slice**).
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Subsequently, starting at block height 3146400, 20% of the block subsidy of
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each block SHALL be allocated to a "Dev Fund" that consists of the following
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two slices:
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* 32% for the Zcash Foundation (denoted **ZF slice**);
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* 68% for the Financial Privacy Foundation, for "Zcash Community Grants" for
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large-scale long-term projects (denoted **ZCG slice**).
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The slices are described in more detail below. The fund flow will be
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implemented at the consensus-rule layer, by sending the corresponding ZEC to
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the designated address(es) for each block. This Dev Fund will end at block
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height 3566400 (unless extended/modified by a future ZIP).
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BP slice (Bootstrap Project)
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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This slice of the Dev Fund will flow as charitable contributions from the
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Zcash Community to the Bootstrap Project, the newly formed parent organization
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to the Electric Coin Company. The Bootstrap Project is organized for exempt
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educational, charitable, and scientific purposes in compliance with Section
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501(c)(3), including but not limited to furthering education, information,
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resources, advocacy, support, community, and research relating to
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cryptocurrency and privacy, including Zcash. This slice will be used at the
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discretion of the Bootstrap Project for any purpose within its mandate to
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support financial privacy and the Zcash platform as permitted under Section
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501(c)(3). The BP slice will be treated as a charitable contribution from the
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Community to support these educational, charitable, and scientific purposes.
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ZF slice (Zcash Foundation)
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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This slice of the Dev Fund will flow as charitable contributions from the
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Zcash Community to ZF, to be used at its discretion for any purpose within its
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mandate to support financial privacy and the Zcash platform, including:
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development, education, supporting community communication online and via
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events, gathering community sentiment, and awarding external grants for all of
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the above, subject to the requirements of Section 501(c)(3). The ZF slice will
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be treated as a charitable contribution from the Community to support these
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educational, charitable, and scientific purposes.
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ZCG slice (Zcash Community 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
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Available and effective.
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The funds SHALL be received and administered by FPF. FPF MUST disburse them
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for "Zcash Community Grants" and expenses reasonably related to the
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administration of Zcash Community Grants, but subject to the following
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additional constraints:
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1. These funds MUST only be used to issue Zcash Community Grants to external
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parties that are independent of FPF or to Autonomous Entities that operate
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under the FPF umbrella, and to pay for expenses reasonably related to
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the administration of Zcash Community Grants. They MUST NOT be used by FPF
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for its internal operations and direct expenses not related to
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administration of Zcash Community Grants. Additionally, BP, ECC, and ZF are
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ineligible to receive Major Grants.
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2. Zcash Community Grants SHOULD support well-specified work proposed by the
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grantee, at reasonable market-rate costs. They can be of any duration or
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ongoing without a duration limit. Grants of indefinite duration SHOULD be
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reviewed periodically (on a schedule appropriate for the value and
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complexity of the grant) for continuation of funding.
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3. Priority SHOULD be given to Zcash Community 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
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Be given to 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. Zcash Community Grants SHOULD be restricted to furthering the Zcash
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cryptocurrency and its ecosystem (which is more specific than furthering
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financial privacy in general).
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5. Zcash Community Grants awards are subject to approval by a five-seat Zcash
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Community Grants Committee. The Zcash Community Grants Committee SHALL be
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selected by the ZF's Zcash Community Advisory Panel (ZCAP) or successor
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process.
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6. The Zcash Community Grants Committee's funding decisions will be final,
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requiring no approval from the FPF Board, but are subject to veto if FPF
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judges them to violate Cayman law or the FPF's reporting requirements and
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other (current or future) obligations under the Cayman Islands’ Companies
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Act (2023 Revision) and Foundation Companies Law, 2017.
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7. Zcash Community Grants Committee members SHALL have a one-year term and MAY
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sit for reelection. The Zcash Community Grants Committee is subject to the
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same conflict of interest policy that governs the FPF Board of Directors
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(i.e. they MUST recuse themselves when voting on proposals where they have
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a financial interest). At most one person with association with the BP/ECC,
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at most one person with association with the ZF and at most one person with
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association with the FPF, are allowed to sit on the Zcash Community Grants
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Committee. "Association" here means: having a financial interest,
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full-time employment, being an officer, being a director, or having an
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immediate family relationship with any of the above.
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8. A portion of the ZCG Slice shall be allocated to a Discretionary Budget,
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which may be disbursed for expenses reasonably related to the
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administration of Zcash Community Grants. The amount of funds allocated to
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the Discretionary Budget SHALL be decided by the ZF's Zcash Community
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Advisory Panel or successor process. Any disbursement of funds from the
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Discretionary Budget MUST be approved by the Zcash Community Grants
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Committee. Expenses related to the administration of Zcash Community Grants
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include, without limitation the following:
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* Paying for operational management and administration services that
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support the purpose of the Zcash Community Grants program.
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* Paying third party vendors for services related to domain name
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registration, or the design, website hosting and administration of
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websites for the Zcash Community Grants Committee.
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* Paying independent consultants to develop requests for proposals that
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align with the Zcash Community Grants program.
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* Paying independent consultants for expert review of grant applications.
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* Paying for sales and marketing services to promote the Zcash Community
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Grants program.
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* Paying third party consultants to undertake activities that support the
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purpose of the Zcash Community Grants program.
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* Reimbursement to members of the Zcash Community Grants Committee for
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reasonable travel expenses, including transportation, hotel and meals
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allowance.
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The Zcash Community Grants Committee's decisions relating to the allocation
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and disbursement of funds from the Discretionary Budget will be final,
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requiring no approval from the FPF Board, but are subject to veto if FPF
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judges them to violate Cayman law or the FPF's reporting requirements and
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other (current or future) obligations under Cayman law.
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9. A portion of the Discretionary Budget MAY be allocated to provide
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reasonable compensation to members of the Zcash Community Grants Committee.
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The time for which each Committee member is compensated SHALL be limited to
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the hours needed to successfully perform their positions, up to a maximum
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of 15 hours in each month, and MUST align with the scope and
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responsibilities of that member's role. The compensation rate for each
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Committee member SHALL be $115 per hour (and therefore the maximum
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compensation for a Committee member is $1725 per month). The allocation and
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distribution of compensation to committee members SHALL be administered by
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FPF. Changes to the hours or rate SHALL be determined by the ZF’s Zcash
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Community Advisory Panel or successor process.
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As part of the contractual commitment specified under the `Enforcement`_ section
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below, FPF SHALL be contractually required to recognize the ZCG slice of the Dev
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Fund as a Restricted Fund donation under the above constraints (suitably
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formalized), and keep separate accounting of its balance and usage under its
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`Transparency and Accountability`_ obligations defined below.
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Transparency and Accountability
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-------------------------------
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Obligations
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~~~~~~~~~~~
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BP, ECC, ZF, FPF and Zcash Community Grant recipients (during and leading to
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their award period) SHALL all accept the obligations in this section.
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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.
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* Annual financial report (IRS Form 990, or substantially similar
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information).
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These reports may be either organization-wide, or restricted to the income,
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expenses, and work associated with the receipt of Dev Fund. As BP is the
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parent organization of ECC it is expected they may publish joint reports.
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It is expected that ECC, ZF, FPF and Zcash Community Grant recipients will be
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focused primarily (in their attention and resources) on Zcash. Thus, they MUST
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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
|
||||||
|
is not in the interest of the general Zcash ecosystem.
|
||||||
|
* Any conflict of interest with the general success of the Zcash ecosystem.
|
||||||
|
|
||||||
|
BP, ECC, ZF, FPF and grant recipients MUST promptly disclose any security or
|
||||||
|
privacy risks that may affect users of Zcash (by responsible disclosure under
|
||||||
|
confidence to the pertinent developers, where applicable).
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
All substantial software whose development was funded by the Dev Fund SHOULD
|
||||||
|
be released under an Open Source license (as defined by the Open Source
|
||||||
|
Initiative [#osd]_), preferably the MIT license.
|
||||||
|
|
||||||
|
The ZF SHALL continue to operate the Zcash Community Advisory Panel and SHOULD
|
||||||
|
work toward making it more representative and independent (more on that below).
|
||||||
|
|
||||||
|
Enforcement
|
||||||
|
~~~~~~~~~~~
|
||||||
|
|
||||||
|
For grant recipients, these conditions SHOULD be included in their contract
|
||||||
|
with FPF, such that substantial violation, not promptly remedied, will cause
|
||||||
|
forfeiture of their grant funds and their return to FPF.
|
||||||
|
|
||||||
|
BP, ECC, ZF and FPF MUST contractually commit to each other to fulfill these
|
||||||
|
conditions, and the prescribed use of funds, such that substantial violation,
|
||||||
|
not promptly remedied, will permit the other parties 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 reassigned to ZCG (whose integrity is legally protected by the
|
||||||
|
Restricted Fund treatment).
|
||||||
|
|
||||||
|
|
||||||
|
Amendments and Replacement of the Dev Fund
|
||||||
|
------------------------------------------
|
||||||
|
|
||||||
|
Nothing in this ZIP is intended to preclude any amendments to the Dev Fund
|
||||||
|
(including but not limited to, changes to the Dev Fund allocation and/or the
|
||||||
|
addition of new Dev Fund recipients), if such amendments enjoy the consensus
|
||||||
|
support of the Zcash community.
|
||||||
|
|
||||||
|
Nothing in this ZIP is intended to preclude replacement of the Dev Fund with a
|
||||||
|
different mechanism for ecosystem development funding.
|
||||||
|
|
||||||
|
BP, ECC, ZF and FPF SHOULD facilitate the amendment or replacement of the Dev
|
||||||
|
Fund if there is sufficient community support for doing so.
|
||||||
|
|
||||||
|
|
||||||
|
Future Community Governance
|
||||||
|
---------------------------
|
||||||
|
|
||||||
|
Decentralized community governance is used in this proposal via the Zcash
|
||||||
|
Community Advisory Panel as input into the Zcash Community Grants Committee
|
||||||
|
which governs the `ZCG slice (Zcash Community Grants)`_.
|
||||||
|
|
||||||
|
It is highly desirable to develop robust means of decentralized community
|
||||||
|
voting and governance, either by expanding the Zcash Community Advisory Panel
|
||||||
|
or a successor mechanism. BP, ECC, FPF and ZCG SHOULD place high priority on
|
||||||
|
such development and its deployment, in their activities and grant selection.
|
||||||
|
|
||||||
|
|
||||||
|
ZF Board Composition
|
||||||
|
--------------------
|
||||||
|
|
||||||
|
Members of ZF's Board of Directors MUST NOT hold equity in ECC or have current
|
||||||
|
business or employment relationships with ECC.
|
||||||
|
|
||||||
|
The Zcash Foundation SHOULD endeavor to use the Zcash Community Advisory Panel
|
||||||
|
(or successor mechanism) as advisory input for future board elections.
|
||||||
|
|
||||||
|
|
||||||
|
FPF Board Composition
|
||||||
|
--------------------
|
||||||
|
|
||||||
|
Members of FPF's Board of Directors MUST NOT hold equity in ECC or have current
|
||||||
|
business or employment relationships with ECC.
|
||||||
|
|
||||||
|
|
||||||
|
Acknowledgements
|
||||||
|
================
|
||||||
|
|
||||||
|
This proposal is a modification of ZIP 1014 [#zip-1014]_ by the Zcash Foundation based on
|
||||||
|
feedback and suggestions from the community.
|
||||||
|
|
||||||
|
ZIP 1014 is a limited modification of Eran Tromer's ZIP 1012 [#zip-1012]_
|
||||||
|
by the Zcash
|
||||||
|
Foundation and ECC, further modified by feedback from the community.
|
||||||
|
|
||||||
|
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`_, including valuable comments
|
||||||
|
from forum users *@aristarchus* and *@dontbeevil*.
|
||||||
|
|
||||||
|
.. _Zcash Community Forum: https://forum.zcashcommunity.com/
|
||||||
|
|
||||||
|
|
||||||
|
References
|
||||||
|
==========
|
||||||
|
|
||||||
|
.. [#BCP14] `Information on BCP 14 — "RFC 2119: Key words for use in RFCs to Indicate Requirement Levels" and "RFC 8174: Ambiguity of Uppercase vs Lowercase in RFC 2119 Key Words" <https://www.rfc-editor.org/info/bcp14>`_
|
||||||
|
.. [#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>`_
|
||||||
|
.. [#trademark] `Zcash Trademark Donation and License Agreement <https://electriccoin.co/wp-content/uploads/2019/11/Final-Consolidated-Version-ECC-Zcash-Trademark-Transfer-Documents-1.pdf>`_
|
||||||
|
.. [#osd] `The Open Source Definition <https://opensource.org/osd>`_
|
||||||
|
.. [#zip-0200] `ZIP 200: Network Upgrade Mechanism <zip-0200.rst>`_
|
||||||
|
.. [#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>`_
|
||||||
|
.. [#zip-1014] `ZIP 1014: Establishing a Dev Fund for ECC, ZF, and Major Grants <zip-1014.rst>`_
|
||||||
|
.. [#zcap] `Zcash Community Advisory Panel <https://zfnd.org/zcap/>`_
|
||||||
|
.. [#section501c3] `U.S. Code, Title 26, Section 501(c)(3) <https://www.law.cornell.edu/uscode/text/26/501>`_
|
||||||
|
|
Loading…
Reference in New Issue