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Zcash Foundation introduces new ZIP

2020.06.24

There will be no no legal trust requirement. In addition, the accountability requirements remain unchanged, as does the monthly limit of US$700,000 for all distributions. However, the Major Grant Review Committee, will be implemented and elected by a five-member committee of the Community Advisory Panel. The members of this panel are not allowed to have any connection or participation in the ECC. The Zcash Foundation announced that a large majority decided to continue financing the Electric Coin Company (ECC) and the Zcash Foundation (ZF) through a 20% stake of the block reward.

In contrast to the original ZIP 1012 (and like ZIP 1010), the group will have almost complete autonomy in financing its budgets, with ZF “having a (rare and unlikely to be invoked) veto in the case that their decisions violate the ZF’s operating documents or US law”.

The new proposal will now be discussed and reviewed by the ZEC community. The Zcash Foundation has undertaken to conduct a final vote (“Helios Vote”) to obtain approval for the amended ZIP 1012. This will be the last step of the ratification process before the implementation of the ZIP in the network next year. The vote is already expected to take place next week. Persons who have already taken part in the previous votes will receive new instructions by e-mail.

In addition to the two wallets, the Zcash Point-of-Sale App in particular could represent a major step forward. As the description says, an app is to be developed that can be used in any shop where sales are made face-to-face. The application will not require any hosting or intermediary. The ZEC are transferred directly from wallet to wallet.

Author : Jake Simmons