(BlockBar) By market value, Zcash is the second largest private currency in the world, with a preset deadline. Currently, 20% of Zcash’s block awards (Founder’s Reward) are distributed to individuals and entities responsible for development, including the Electric Coin Company (ECC) and the Zcash Foundation. By November 2020, when Block 5700,000 is dug up, Zcash supply will be halved and the incentive mechanism will be abolished.
Since January, Shawn, the holder of the Zcash Community Forum (which seems to be the only platform for community members to reach consensus) has published a post on “The Future of Zcash” to discuss what to do next. “I think it’s important to start discussing these things when we still have time to plan it,” In his post, he pointed out several questions: Who manages the Zcash Github Code Base? Does Zcash have enough developers to maintain and develop its code? What about trademark?
There are two choices for Zcash. The community can decide to continue to provide some form of funding and keep the current system running; or it can ” run its own course “, which is to continue its development work without the core development team.
Jack Gavigan, head of ECC products and regulatory affairs, said: “ It’s certain that the Founder’s Reward is coming to an end. When Zcash is halved for the first time, this mechanism will end.” The question is, does the Zcash community want the company (ECC) to continue developing Zcash? It doesn’t matter if they say ‘No, we don’t need it’. But the ECC will adjust accordingly. In this case, the ECC, as a profitable company, will have to adopt a new business model to maintain balance of payments. Gavigan said there was less discussion because the company wanted the community to continue funding the development of the network. This model may lead to a company similar to Blockstream that is still involved in the development of the network, but with other profitable opportunities.
Both ECC and Zcash Foundation will have their Founder Rewards cancelled by 2020, but they still have some capital reserves. At present, after the cancellation of the Founder Rewards, the ECC can operate for about two years according to its fund reserve (assuming Zcash’s price remains at the current level). According to Josh Cincinatti, executive director of the Zcash Foundation, the foundation has sufficient funds to operate for five years.
Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.
