2033 ZEC. So many earns in a month, Zuko Wilcox, the CEO zcash for. Today it is about $305 000, or $3.65 million per year. The salary shown with Wilcox on 26 June at the presentation Zcon0, became the reason of discontent of many in the community. This writes Coindesk.
This amount contrasts sharply with the recent news about the zcash for the independent developer, who has worked Donata community, but after he ran out of money, began to threaten hardforum cryptocurrencies.
However, although the salary Wilcox was not widely known, spelled out in the code zcash for what is called compensation of the founders. This part of code is allocating 20% kamineni ZEC stakeholders of the company zcash for. A similar model of compensation has been heavily criticized since the start of the blockchain, cryptocurrencies and even became one of the reasons why Rhett Creighton created a fork called zcash for Zclassic.
Unlike other funding models, such as ICO, PreMain and “fair starts”, the remuneration of the founders has been programmed for four years. Wilcox’s salary represents 0.9% of the total issue zcash for; 19.1 per cent is divided between the zcash for Foundation, and 44 zcash for Company founders, investors and consultants, and the remaining 80% go to miners. Hudson Jameson, communications officer in the Ethereum Foundation, commented on this situation:
As for his shares, you should take into account: when the decision was made, we didn’t know what the price will be.
The funding model was the reason for the discussions about the possible centralization of the zcash for the company, which is mandated to maintain the codebase of cryptocurrency. It is worth noting that in the last two years, the company efficiently used reward to streamline previously cumbersome anonymous transactions. On the other hand, according to many community members zcash for, it is absurd to rely on a centralized authority that develops a decentralized cryptocurrency. Sam Wilcox said:
Zcash for is a product with open source or a software product company? Answer: both are correct.
Wilcox emphasized the importance of consent in that by choosing the zcash for, they choose as the remuneration of the founders and the idea of the company, and added that “the move to Monero always possible.” In addition, according to Wilcox, in terms of anonymity of the transaction, you can rely on open source, and not on the credibility of the company zcash for.
The structure of the remuneration of the company, there are certain advantages. So, the largest recipient of remuneration of the founders (basically it was a donation of the Wilcox) was established last year by the nonprofit organization zcash for Foundation — an independent body intended to displace corporate solutions to develop. The Fund also has ambitious plans for greater collaboration and support the development of ecosystems focused on privacy. The Fund receives 6563 ZEC (almost $1 million) per month.
Nick Carter of the analytical company Coinmetrics says that a key benefit of this structure is its transparency. Scheme of remuneration in zcash for completely clear, while many cryptocurrency startups and provide very little data regarding the financial breakdown of their networks. Zcash for, according to Carter, is a special case, because these things were known from the beginning.
Wilcox says that reports publicly on their plans to share the salary, because the zcash for community starts to make decisions about the future of cryptocurrency and all you need to know about such facts:
Clarity and transparency is better. This attracts criticism, but it’s good, and to those who are not transparent should apply the same critical remarks.
See also: Bryce “Zooko” Wilcox: Through the thorns to zcash for and partnership with JPMorgan Chase
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