Connect with us

Bitcoin News

Zcash Plunges 3% Following Zooko’s Letter Addressing a New Zcash Dev Fund

Published

on

Privacy-oriented cryptocurrency Zcash (ZEC) has seen a slight decrease in its price of about 3%. Interestingly enough, this move came after a letter written by Zookoo Wilcox, CEO at Electric Coin Company (ECC). The latter is the firm behind the cryptocurrency. 

Discussing The Possibility of a New Zcash Dev Fund

Zooko Wilcox, the CEO of Electric Coin Company, the firm behind Zcash, has written an open letter discussing the possibilities of establishing a new Zcash dev fund. 

The letter also addresses important challenges in front of the Zcash community, including the possible ways to go after the October 2020 halvening which will see the end of the Zcash Founders Reward. 

Back in 2016, the CEO as well as the CTO, Nathan Wilcox, bought back a certain share of the founders’ rewards back from some of them in order to fund ongoing operations. This was what they referred to as “The Dev Fund.”

Now, however, Wilcox shares that it’s time for a decision regarding the dev fund. 

Now is the time for that decision. As Placeholder Capital expertly summarized, the options include sending 100% of new issuance to the miners, creating a new Dev Fund using a portion of new issuance, or other alternatives. – Reads the letter. 

He also outlined that he’s not the one to make the decision for the community. Moreover, he said that it’s likely to undergo a difficult and messy decision process but that this is also healthy and expected. 

The complexity and noisiness of the debate in the Zcash community right now is a good sign.

Back in 2018, Cryptopotato got to interview Wilcox and he revealed that Zcash is the project he wanted to work on day and night for the rest of his life. 

Zcash On A  Slight Downturn Following The Letter

As the letter was published, the cryptocurrency went on to lose around 3% of its value in the following hours. 

ZEC/USD. Source: CoinGecko.

ZEC is currently trading at around $67.04 and it sits on a market cap of $163 billion. In the past month, the cryptocurrency is down about 34 percent. ZEC is also suffering against Bitcoin, as it lost around 28 percent of its value trading against BTC in the past 30 days. 

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

More news for you:

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report