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ZIP-####-KISZ.rst "Keep It Simple, Zcashers (KISZ): 10% to ECC, 10% to ZFnd"
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ZIP: Unassigned
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Title: Keep It Simple, Zcashers (KISZ): 10% to ECC, 10% to ZFnd
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Owners: Gordon Mohr (@gojomo on relevant forums)
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Status: Draft
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Category: Process
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Created: 2019-11-14
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License: Public Domain
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Terminology
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===========
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The terms below are to be interpreted as follows:
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ECC
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Electric Coin Company, a US-based limited-liability corporation
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ZFnd
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Zcash Foundation, a US-based non-profit corporation
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Halvening
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a regularly-scheduled discontinuity where the rate of ZEC issuance halves,
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expected first in roughyl October 2020 then next in roughly October 2024
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Abstract
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========
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This ZIP proposes:
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After the 1st Zcash Halvening, when the "Founder's Reward" system-bootstrapping
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protocol-based development funding expires, continue to direct 20% of new
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ZEC issuance to development-related activities for ongoing research, development,
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innovation, and maintenance of Zcash.
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Assign half of such funds to the ECC, and half to the ZFnd. Continue this
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allocation until the 2nd Halvening.
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Motivation
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==========
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There have been many proposals for potential allocations of Zcash block
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rewards (ZEC inflation) after the 1st Halvening. Many cluster around similar
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broad parameters:
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* 20% of block rewards for continuing development efforts;
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* provided to some combination of the Electric Coin Company (ECC),
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Zcash Foundation (ZFnd), and other named or to-be-determined entities;
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* conditioned on certain new allocation formulas or management practices,
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often involving novel entities, personnel, and feedback/deliberation
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processes
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However, no existing ZIPs explicitly propose the most simple variation
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on this theme - one that maintains maximal continuity with prior practice.
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This 'KISZ' ZIP aims to fill that gap.
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Requirements
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============
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This proposal intends to be easy to describe, understand, and implement.
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Non-requirements
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================
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This proposal does not seek to propose any particular course of action
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past the 2nd Halvening.
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Specification
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=============
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To implement this ZIP, the Zcash protocol and compatible software should:
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* maintain a 20% allotment of new ZEC issuance to development activities
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through to the 2nd Halvening event (expected around October 2024)
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* formalize a 50-50 relative allocation between the ECC and ZFnd
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* deliver these ZEC to addresses provided by the recipients, in a manner
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analogous to the original "Founder's Reward" consensus-encoded block
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rewards, or any other technically- and/or legally- preferred method
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agreed-to by the ECC & ZFnd
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This proposal specifically refrains from adding any new conditions or
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procedural formalities, technical or legal, on the delivery of development
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funds.
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There is only the expectation that these recipients should continue the
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stated missions, practices of transparency, and responsiveness to community
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input that they have demonstrated thus far.
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Discussion
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==========
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This proposal primarily differs from similar proposals in two ways: (1) it places
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no new comditions/processes on the disbursement of ZEC development funds; (2) it
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specifies a fixed, 50-50 division-of-funds between the ECC and ZFnd.
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These differences are motivated by a desire for simplicity and continuity. This
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allocation can be implemented technically without novel institutions, processes,
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or legal agreements.
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Rather than relying on lists-of-conditions with underspecified enforcement or
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dispute-resolution mechanisms, the adequate performance of fund recipients is
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expected due to:
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* aligned incentives, especially the fact that the value of all funds received
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over 4 years depends completely on the continued health & growth of the Zcash
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ecosystem
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* proven records of dedication to the Zcash project, and effective efforts on
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related projects, by receipient entities & personnel – even in the absence
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of formalized funding conditions
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From original "Founder's Reward"-era development-funds, roughly 15% has been directed
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to the ZFnd. (Or, about 3 points of the full 20 points of bootstrap-funds.) However,
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from its later start, the ZFnd has recently grown its technical, grantmaking, and
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organizational capabilities, and wide sentiment in the Zcash community, ECC, and ZFnd
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desires the ZFnd grow to a role of equivalent or greater importance as the ECC for
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long-term Zcash evolution. Thus this proposal specifies a 50:50 split of future
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development funds, rather than continuing any prior proportions.
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