Zooko Wilcox Portends Critical Fate for the Zcash Network and Declares Ultimatum

According to Zooko WIlcox, the CEO of the Electric Coin Company (ECC), the Zcash community has a tough decision to make and no longer has a lot of time to do so. Speaking during the Zcash annual conference, Wilcox revealed that funding might be cut pretty soon.

Before now, the general idea was that there was enough to last until October 2020 and until then, the community wouldn’t have to agree on how to keep up financing the platform. However, Wilcox has now stated that the option is no longer available.

During the Zcon1 conference in Croatia’s Split, Wilcox said:

“If our runway gets below about 12 months, we’re pretty much forced to pivot.”

The implication is that the Zcash community has to decide months earlier than expected date (June, 2020) whether or not it will keep up with the growth and development of the Zcash blockchain through the financing of the Electric Coin Company. If this doesn’t work out as normal, the ECC will have to seek out funding in other ways and this will negatively impact the support Zcash currently enjoys.

According to Wilcox, the ECC did not want to make the final decision themselves or even suggest one and was more interested in giving the community the power to do so. This was done to demonstrate that the ECC doesn’t have unwanted authority or control over the network. He said:

“We don’t think we should be putting forward a proposal. I don’t know if this was the right call, but I said: if I put forward a proposal, and then everyone agreed on it, we would be accused that the agreement was insincere. Therefore I’m not going to put forward a proposal.”

As noble as this method sounds, it’s unclear as to how the community will move forward because there’s no real structure or authority to make a final decision. Since Wilcox’s speech, there have been more than a few ideas floating around online but as to how the final decision will be made, – or who will make it – there’s no real certainty.

Zooko Wilcox Portends Critical Fate for the Zcash Network and Declares Ultimatum

The ECC CEO also publicly stated what the company’s financial books look like. According to him, the company has $3.35 million in its bank accounts and another $3.2 million on the Zcash network in the network’s native coin, totaling 29,096 ZEC. Furthermore, Wilcox confirmed that the ECC now receives eight percent of block rewards from the four percent it used to be.

Wilcox on Facebook’s Libra

Wilcox believes that regulation on crypto will be a lot better and precise owing to the forthcoming Libra coin. With the kind of momentum the Libra is already coming with, regulators all around the world would be forced to wake up to it. Wilcox also encouraged the Zcash community to settle into their role of promoting privacy in the entire cryptosphere.

More on Zcash

The CEO further said that the ECC is hoping to create cohesion between the Ethereum blockchain and Zcash such that funds can easily be exchanged cross-chain, for easier interconnection of both currencies.

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