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Zcash [ZEC] members displeased amidst a Zcash internal controversy

Priyamvada Singh



Zcash [ZEC] members displeased amidst a Zcash internal controversy
Source: Pixabay

Zooko Wilcox, leader of the Zcash Company, on 11th July, tweeted about an internal controversy within the Zcash Foundation. The controversy is related to the Zcash Ecosystem Fund [ZEF] and has created major arguments among the members. Wilcox also stated that Zcash Foundation is different from the company that he runs.

Zooko Wilcox's recent tweet | Source: Twitter

Zooko Wilcox’s recent tweet | Source: Twitter

Zcon0, a Zcash Foundation conference, carried a proposal by an investor named Eric Meltzer. The proposal was to back the startups that are related to Zcash. This is done by allowing a portion of the ‘Founders’ Reward’ for the creation of an entity like Decentralized Autonomous Organization [DAO].

Through this proposal, his vision was to run the ZEF efficiently. Eric also urged the community to comment on the proposal and mentioned that it was not a final document. He wrote:

“This should not be treated as a final document, but rather as a ‘request for comments’ to the Zcash community.”

Prior to the Zcon0, the initial plan was to structure the ZEF on the fundamentals of a traditional venture capital arm. The Foundation had also thought of keeping limited contributors or partners in its investment pool. At the Zcon0 and the community forum, the investor’s proposal suggested a ‘reconfiguration’ of the Founders’ Reward to finance the ecosystem.

The controversial factor was to propose a redistribution of financial rights of a third party [Zcash creators], without their knowledge or permission. To settle the matter, Ariel Gabizon, a cryptographer at Zcash Company commented on the forum saying:

 “The founders’ shares are theirs, like your salary and savings are yours. It is fine to suggest to someone – you should spend your money this way, you should donate to that cause, ect. […] It’s not fine to pose as a question to the community – what should we do with this person’s money? That question implies it’s the community’s decision and doesn’t require the person’s consent.”

Post the comment, the Reddit thread where the forum existed was locked by its moderator Daira Hopwood. She later explained that she locked the thread as she did not find the matter worthy of discussion. She further said that any debate on consent violation is unacceptable and is outrightly unethical. Later, the discussion moved to Telegram and Twitter, as the Reddit thread was made unavailable.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.