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ZIP 1014: RFC 2119 conformance language.
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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@ -8,12 +8,21 @@
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Howard Loo
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@aristarchus
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@dontbeevil
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Daira Hopwood
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Status: Draft
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Category: Consensus / Process
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Created: 2019-11-10
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License: MIT
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Discussions-To: <https://forum.zcashcommunity.com/t/dev-fund-proposal-dev-fund-to-ecc-zfnd-major-grants/35364>
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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 RFC 2119. [#RFC2119]_
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Abstract
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========
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@ -131,7 +140,7 @@ 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 will be allocated to a "Dev Fund" that consists of
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20% of the block rewards 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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@ -150,10 +159,10 @@ ECC slice (Electric Coin Company)
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This slice of the Dev Fund will flow to ECC.
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ECC must undertake a firm obligation to use the Dev Fund only in support of the
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ECC MUST undertake a firm obligation to use the Dev Fund only in support of the
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Zcash cryptocurrency and its community.
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In particular, ECC must commit to not distribute the Dev Fund proceeds to its
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In particular, ECC MUST commit to not distribute the Dev Fund proceeds to its
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partners ("shareholders"), other than:
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1. In fair-market-value compensation for specific new work (e.g., to employees
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@ -164,7 +173,7 @@ partners ("shareholders"), other than:
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(ECC is encouraged to transition to a corporate structure that would avoid the
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latter taxes.)
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This obligation must be made irrevocable, e.g., within ECC's corporate
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This obligation MUST be made irrevocable, e.g., within ECC's corporate
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governance structure (i.e., its Operating Agreement) or contractual obligations.
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@ -186,15 +195,15 @@ Zcash ecosystem, to perform major ongoing development (or other work) for the
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public good of Zcash ecosystem, to the extent that such teams are available
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and effective.
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The funds will be received and administered by ZF. ZF will disburse them as
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The funds SHALL be received and administered by ZF. ZF MUST disburse them as
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"Major Grants", within the framework of ZF's grant program but subject to the
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following additional constraints:
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1. These funds may be only be used to issue Major Grants to external parties
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that are independent of ZF. They may not be used by ZF for its internal
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1. These funds MUST only be used to issue Major Grants to external parties
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that are independent of ZF. They MUST NOT be used by ZF for its internal
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operations and direct expenses.
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2. Major Grants should support well-specified work proposed by the grantee,
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2. Major Grants SHOULD support well-specified work proposed by the grantee,
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at reasonable market-rate costs. They can be of any duration, or ongoing
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without a duration limit, but have semiannual review points for
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continuation of funding.
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@ -217,28 +226,28 @@ following additional constraints:
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specific than furthering financial privacy in general).
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6. Major Grants awarding is subject to approval by a five-seat Major Grant
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Review Committee. The Major Grant Review Committee will be selected by the
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Review Committee. The Major Grant Review Committee SHALL be selected by the
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ZF's Community Panel. The Major Grant Review Committee's funding
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decisions will be final, requiring no approval from the ZF Board, but are
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subject to veto if the Foundation judges them to violate the ZF's operating
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documents or U.S. law.
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7. Major Grant Review Committee members have a one-year term and can sit
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7. Major Grant Review Committee members SHALL have a one-year term and MAY sit
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for reelection. The Major Grant Review Committee is subject to the same
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conflict of interest policy that governs the ZF board of directors.
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(i.e. they must recuse themselves when voting on proposals where they have
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(i.e. they MUST recuse themselves when voting on proposals where they have
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a financial interest). Additionally, no one with interest in or association
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with the ECC may sit on the Major Grant Review Committee --- since the ECC
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can be a beneficiary, this avoids those potential conflicts altogether.
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The ZF will continue to operate the Community Panel and will work
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The ZF SHALL continue to operate the Community Panel and SHOULD work
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toward making it more representative and independent (more on that below).
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ZF shall recognize the ZF-MG slice of the Dev Fund as a Restricted Fund
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ZF SHALL recognize the ZF-MG slice of the Dev Fund as a Restricted Fund
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donation under the above constraints (suitably formalized), and keep separate
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accounting of its balance and usage under its Transparency and Accountability
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obligations defined below.
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From grant proposers' side, proposals for such grants will be submitted
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From grant proposers' side, proposals for such grants SHALL be submitted
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through ZF's usual grant process, allowing for public discussion and public
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funding. It is intended that small one-time grants will be funded by drawing
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on the ZF-GU slice (where they also compete with other ZF activities), whereas
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@ -246,8 +255,8 @@ large long-duration will be funded from the dedicated ZF-MG slice; though
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this is at ZF's discretion (e.g. if there are no Major Grant applications the
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ZF may opt to direct the ZF-MG to smaller grants).
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ZF shall strive to define target metrics and key performance indicators, and
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hopes the Major Grant Review Committee will utilize these in its funding
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ZF SHALL strive to define target metrics and key performance indicators, and
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the Major Grant Review Committee SHOULD utilize these in its funding
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decisions.
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.. _mission: https://www.zfnd.org/about/#mission
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@ -258,12 +267,12 @@ Direct-grant option
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It may be deemed better, operationally or legally, if the Major Grant funds
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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, if agreed
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grantees. Thus, the following mechanism MAY be used in perpetuity, if agreed
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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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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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effectively, ratified by the miners as the network upgrade activates.
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@ -287,14 +296,14 @@ the Funding Target, and only to the extent needed to cover that shortfall.
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The Volatility Reserve may be kept as ZEC, or sold and held as fiat currency
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or investments (whose profits will remain in the Volatility Reserve).
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The Funding Target may be changed only by unanimous agreement of ZF, ECC, and
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the majority vote of the Community Panel. (In case of excessive
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accumulation of reserves, the community can condition an increase of the
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The Funding Target SHALL NOT be changed other than by unanimous agreement of
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ZF, ECC, and the majority vote of the Community Panel. (In case of excessive
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accumulation of reserves, the community MAY condition an increase of the
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Funding Target on the redirection of some of the reserves to a different
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entity, miners or an airdrop.)
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Dev Fund ZEC that has been received, not placed in the Volatility Reserve,
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and has not yet been used or disbursed, will be kept by the corresponding
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and has not yet been used or disbursed, SHALL be kept by the corresponding
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party (as ZEC, or sold and invested) for later use under the terms of the
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corresponding slice.
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@ -306,7 +315,7 @@ form a large long-term "endowment" pool that cushions the volatility for the
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various grantees, so grantees can focus on their work instead of hedging
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short-term price risks.
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Irrevocable obligations to the above must be made by the recipients (e.g.,
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Irrevocable obligations to the above MUST be made by the recipients (e.g.,
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using their Operating Agreements or by receiving the slice as Restricted
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Funds).
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@ -318,7 +327,7 @@ Obligations
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~~~~~~~~~~~
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ECC, ZF, and Major Grant recipients (during and leading to their award period)
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shall all accept the following obligations:
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SHALL all accept the following obligations:
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Ongoing public reporting requirements:
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@ -334,22 +343,22 @@ 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.
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It is expected that ECC, ZF, and Major Grant recipients will be focused
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primarily (in their attention and resources) on Zcash. Thus, they must
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primarily (in their attention and resources) on Zcash. Thus, they MUST
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promptly disclose:
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* Any major activity they perform (even if not supported by the Dev Fund) that
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is not in the interest of the general Zcash ecosystem.
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* Any conflict of interest with the general success of the Zcash ecosystem.
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ECC, ZF, and grant recipients must promptly disclose any security or privacy
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ECC, ZF, and grant recipients MUST promptly disclose any security or privacy
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risks that may affect users of Zcash (by responsible disclosure under
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confidence to the pertinent developers, where applicable).
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ECC's reports, and ZF's annual report on its non-grant operations, should be
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ECC's reports, and ZF's annual report on its non-grant operations, SHOULD be
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at least as detailed as grant proposals/reports submitted by other funded
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parties, and satisfy similar levels of public scrutiny.
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All substantial software whose development was funded by the Dev Fund should
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All substantial software whose development was funded by the Dev Fund SHOULD
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be released under an Open Source license (as defined by the Open Source
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Initiative), preferably the MIT license.
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@ -357,11 +366,11 @@ Initiative), preferably the MIT license.
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Enforcement
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~~~~~~~~~~~
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For grant recipients, these conditions should be included in their contract
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For grant recipients, these conditions SHOULD be included in their contract
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with ZF, such that substantial violation, not promptly remedied, will cause
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forfeiture of their grant funds and their return to ZF.
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ECC and ZF will contractually commit to each other to fulfill these
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ECC and ZF MUST contractually commit to each other to fulfill these
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conditions, and the prescribed use of funds, such that substantial violation,
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not promptly remedied, will permit the other party to issue a modified version
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of Zcash node software that removes the violating party's Dev Fund slice, and
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@ -384,15 +393,16 @@ Panel in the following places:
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It is highly desirable to develop robust means of decentralized community
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voting and governance --- either by expanding the Community Panel
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or a successor mechanism --- and to integrate them into both of these
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processes, by the end of 2021. ECC and ZF should place high priority on such
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processes, by the end of 2021. ECC and ZF SHOULD place high priority on such
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development and its deployment, in their activities and grant selection.
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ZF Board Composition
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--------------------
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Members of ZF's Board of Directors must not hold equity in ECC or have current
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business or employment relationships with ECC.
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Members of ZF's Board of Directors MUST NOT hold equity in ECC or have current
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business or employment relationships with ECC, except as provided for by the
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grace period described below.
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Grace period: members of the board who hold ECC equity (but do not have other
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current relationships to ECC) may dispose of their equity, or quit the Board,
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@ -400,7 +410,7 @@ by 1 November 2021. (The grace period is to allow for orderly replacement, and
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also to allow time for ECC corporate reorganization related to Dev Fund
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receipt, which may affect how disposition of equity would be executed.)
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The Foundation will endeavor to use the Community Panel (or successor
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The Foundation SHOULD endeavor to use the Community Panel (or successor
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mechanism) as advisory input for future board elections.
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@ -435,3 +445,10 @@ initial comments on this proposal.
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.. _20% split between the ECC and the Foundation: https://forum.zcashcommunity.com/t/dev-fund-proposal-20-split-between-the-ecc-and-the-foundation/33862
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.. _A Grand Compromise/Synthesis ZIP Proposal: https://forum.zcashcommunity.com/t/a-grand-compromise-synthesis-zip-proposal/34812
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.. _Zcash Community Forum: https://forum.zcashcommunity.com/
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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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