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- The creators of Zcash, The Electric Coin Co. Came to a mutual agreement with the Zcash foundation on Feb 14.
- The ZIP-1014 means Zcash Improvement Protocol 1014 and is planned to go live on Nov 16, 2020, for NU4.
- Electric Coin Co. (ECC) and Zcash Foundation (ZF) both can’t receive any share from the “major grants” portion of 8%.
The creators of Zcash, The Electric Coin Co. Came to a mutual agreement with the Zcash foundation on Feb 14. This was regarding the ZIP-1014 for “network upgrade 4” also known as the NU4.
The ZIP-1014 means Zcash Improvement Protocol 1014 and is planned to go live on Nov 16, 2020, for NU4. After receiving strong support from the Zcash community, it was implemented.
Taking more than a year to complete the process, the team had considered many sources, including the Zcash community and public and private feedback, form the users.
The team which worked on it worked so hard that it even went to the extent of having face to face conversations and live streams. They also took a lot of input from the companies supporting Zcash and of course, the Zcash investors and miners.
The news raised a lot of questions, but the most obvious one was what the new upgrade would bring?
Well, it will bring four major changes, all of which are listed below.
- “Zcash’s issuance for the next four years will be distributed as per the following: 80% for the miners, 5% to the Zcash Foundation, 7% to the Electric Coin Co. and remaining 8% will be reserved for “major grants” to support third party efforts, to improve Zcash.”This is the most important feature after it’s halving. The halving is set to in November 2020, which will reduce the mining rewards from 5 ZEC to 2.5 ZEC per block.
- Based on the feedback from so many resources and also being the recommendation of the community advisory panel, the monthly funding cap and volatility reserve have been removed.
- Electric Coin Co. (ECC) and Zcash Foundation (ZF) both can’t receive any share from the “major grants” portion of 8%, which will be used exclusively for funding third parties working on the project. This idea has been understood as crucial for the growth of Zcash.
- The Major Grants Review Committee doesn’t require the Zcash Foundation documents and processes. This has been to make the Grants committee be able to work independently. They, however, can still use the documents if needed.
The team is confident that this will be just a regular update, considering the massive feedback and discussions from the community.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
