mirror of https://github.com/zcash/zips.git
Replace the burn mechanism with grant funding
Thanks @tromer for the extended discussion on today's Foundation grant system! More details on some issues with burn were discussed on the forum https://forum.zcashcommunity.com/t/protect-the-integrity-of-the-monetary-base-supply-schedule/35283/11
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zip-XXXX.rst
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@ -16,10 +16,9 @@ managing new Zcash development, decentralizing those development efforts, and
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resolving governance hangups between the Zcash Foundation and the Electric Coin
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resolving governance hangups between the Zcash Foundation and the Electric Coin
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Company.
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Company.
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These goals are accomplished via a 20% dev fee, enacted in NU4, as much as half
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These goals are accomplished via a 20% dev fee, enacted in NU4, This fee will
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of which is burned in the case of a robust ZEC price. This fee will fund a
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fund a diverse group of development teams to ensure Zcash maintains
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diverse group of development teams to ensure Zcash maintains best-in-class
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best-in-class research and engineering talent while growing a robust ecosystem.
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research and engineering talent while growing a robust ecosystem.
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Motivation
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Motivation
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==========
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==========
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@ -253,14 +252,18 @@ burned in case of extraordinary growth in the price of ZEC.
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The Foundation shall receive 25% of the dev fee. If the volume-weighted average
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The Foundation shall receive 25% of the dev fee. If the volume-weighted average
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price of ZEC over the month means the foundation would receive greater than
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price of ZEC over the month means the foundation would receive greater than
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$500k that month, the Foundation shall burn enough ZEC such that their max
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$500k that month, the Foundation shall set aside enough ZEC such that their max
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benefit is
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monthly budget is
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.. math::
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.. math::
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MaxBenefit(RewardDollarAmount) = Min(500000, 500000 * \sqrt{\frac{RewardDollarAmount/500000}})
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MaxBenefit(RewardDollarAmount) = Min(500000, 500000 * \sqrt{\frac{RewardDollarAmount/500000}})
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Capping the monthly upside of the Foundation will limit growth, while
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The excess ZEC should be purpose-restricted to the Foundation grants program,
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ensuring the funds are earmarked to grow outside community talent and
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involvement.
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Capping the monthly expenses of the Foundation will limit growth, while
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encouraging fiscal discipline.
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encouraging fiscal discipline.
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The remaining 75% of the dev fee shall be distributed between development teams
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The remaining 75% of the dev fee shall be distributed between development teams
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@ -273,8 +276,6 @@ working to maintain clients.
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* The remaining two thirds of the fee (50% of the total), called the "outside
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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 development teams,
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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, coinciding with network upgrades.
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chosen semi-annually by the Foundation, coinciding with network upgrades.
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Unlike those of the Foundation and principal developer, these allocations
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aren't affected by market conditions, and don't carry a burn requirement.
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Prior to each network upgrade, the Foundation shall recommend a list of
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Prior to each network upgrade, the Foundation shall recommend a list of
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addresses and a total number of ZEC per block each address is meant to receive
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addresses and a total number of ZEC per block each address is meant to receive
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