Zooko and Sean Bowe Back Plan to Pull 50,000 ZEC From Zcash’s Grants Treasury
By Unchained
AI summary of the source article
Zcash founder Zooko Wilcox and cryptographer Sean Bowe backed a proposal to halt Zcash Community Grants' 8% block reward share and transfer 50,000 ZEC to the Network Sustainability Mechanism.
Why it matters
The proposal states that the change "reduces the risks and pressure that come with large amounts of money," amid what Zooko described as a "governance crisis."
Key facts
- A draft ZIP from Shielded Labs and Tachyon Group would end ZCG's 8% share of block rewards after the NU7 upgrade.
- The plan requires ZCG to send 50,000 ZEC (worth roughly $61 million) to an unspendable address feeding the Network Sustainability Mechanism.
- ZCG's redirected 8% block reward share would accumulate in a new Future Dev and Legal Defense Fund lockbox.
Source excerpt · Unchained
The joint proposal would end Zcash Community Grants' 8% cut of block rewards and send about $61 million of its ZEC to a reserve for future miner payouts, a day after the grants committee floated a gradual taper. The post Zooko and Sean Bowe Back Plan to Pull 50,000 ZEC From Zcash’s Grants Treasury appeared first on Unchained .