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https://keybase.io/inv/81ae92fb55
https://keybase.io/inv/1405ab98be
https://keybase.io/inv/841bcaf887
https://keybase.io/inv/1b2d6b8489
https://keybase.io/inv/d4d629e661
https://keybase.io/inv/aa8d6f88a7
https://keybase.io/inv/1e2d324856
https://keybase.io/inv/ed26718971
https://keybase.io/inv/3b60a5f56d
https://keybase.io/inv/c11ebfb7ac
Sold out.
https://z.cash/blog/funding.html ctrl-f 'founders reward'
Seems like a good business model and a way to fund the innovation they've created.
I like Zcash. I think it's a good solution to a problem that Bitcoin did not solve, and creates a cryptocurrency more in line with the vision spelled out in A Cyperpunk's Manifesto than the previous attempts. (Yes, I've looked at the other attempts to build a private alternative to Bitcoin, including Monero: https://github.com/monero-project/monero/issues/1271 )
Yeah, but proof that (Beyond the 10% pre-mine) more ZEC are not being secretly generated for the creators relies upon trust in a cabal of six individuals based upon a "public" exhibition of genesis involving theatrical destruction of computers (whose video was supposed to be published but I can't find?) Even if they are 100% legitimate actors, the lack of absolute proof undermines the provenance. From my perspective,…
Consider that after by end of this month there will be 200,000 ZEC released following every month with 20% going to the founder's coffers after 4 years. Extreme inflation will continue sending prices crashing. Recall early this month prices were hovering around 2 Ferrari 458 and now it's tanked to under a 100 dollars. If we were to assume that in 48 months X 200,000 ZEC = ~100,000,000 ZEC with 20,000,000 ZEC belongin…
https://z.cash/blog/funding.html ctrl-f 'founders reward'
"After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners." Seems like a good business model and a way to fund the innovation they've created.
Bitcoin worked just fine without Satoshi programming rewards for himself.
Earlier quoted context omitted.
Yeah, but proof that (Beyond the 10% pre-mine) more ZEC are not being secretly generated for the creators relies upon trust in a cabal of six individuals based upon a "public" exhibition of genesis involving theatrical destruction of computers (whose video was supposed to be published but I can't find?) Even if they are 100% legitimate actors, the lack of absolute proof undermines the provenance. From my perspective,…
What would you have done differently to solve the same problem they did?
Consider that after by end of this month there will be 200,000 ZEC released following every month with 20% going to the founder's coffers after 4 years. Extreme inflation will continue sending prices crashing. Recall early this month prices were hovering around 2 Ferrari 458 and now it's tanked to under a 100 dollars. If we were to assume that in 48 months X 200,000 ZEC = ~100,000,000 ZEC with 20,000,000 ZEC belongin…
20% for the next 4 years goes to the "founders" (which is not just the developers, but investors as well). But much like Bitcoin the total monetary base is fixed at 21,000,000 ZEC. And also like Bitcoin, the total mining reward is halved (roughly) every 4 years, and consequently decreases exponentially until it reaches that total reward.
Effectively, this means that the Zcash Founders Reward doles out 10% of the currency to the investors/early development team over the lifetime of the currency, and in many ways mirrors a startup vesting cycle of 4 years (minus the one year cliff). Their blog goes into more detail about the reward here: https://z.cash/blog/continued-funding-and-transparency.html
Personally, I think this reward distribution is a significant improvement to the "premine/ICO" antics you see in many other cryptocurrencies/tokens, even if I think it's a little high. I applaud the team for trying something new/seemingly more fair.
(Also, not affiliated with the team, just a cryptocurrency nut: http://keybase.io/cin)