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The Zcash crypto community has approved a proposal to allocate 20% of block rewards to a new decentralized grant system in order to improve development initiatives throughout the ecosystem. This decision followed a survey conducted among the Zcash Community Advisory Panel, which focused on the future of the Zcash Development Fund, which expires in November.
According to an announcement on the Zcash Foundation blog on Monday, the approved “Lockbox for Decentralized Grants Allocation” proposal received 14% of the “strongly approve” votes and 34% of the “approve” votes, securing a cumulative approval of 63%. The proposal directs 20% of Zcash block rewards into a trust, with funds accumulating until a decentralized voting and signature mechanism is established for disbursement.
The vote follows the Electric Coin Company’s (ECC) announcement of a change in approach to funding for the Zcash cryptocurrency, signaling a move away from direct protocol funding and advocating decentralization. The Colorado-based company expressed concerns about the current funding model, calling it a “development tax,” and emphasized the need for community initiatives to shape the future of Zcash.
Image: CoinCentral
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