New Zcash Member Board Will Control ZEC’s $36 Million Treasury
A new Zcash member board will control the foundation’s $36 million treasury and will become the largest controller of funds that governs the activities and the development of the foundation as we are reading in the ZEC latest news.
The Zcash Foundation will select five members in the new Zcash member board to oversee the $36 million treasury and the foundation said that the community interest in such a proposal grew over the past few months. The move came right when the community-based governance gained a foothold in the market.
The foundation which is a public charity devoted to privacy protocol Zcash will elect new members to the community advisory panel to ensure a better community-driven process for deploying more than 420,000 ZEC according to the release. The five members will be selected based on their understanding of Zcash and the broader token applications as the founder Zooko Wilkoc said:
“the new five-person committee is going to be the largest controller of funds in the ecosystem for the foreseeable future.”
Whoa! Major news! The Zcash Community Advisory Panel is open to new members! The ZCAP is about to elect the new five-person committee that is going to be the largest controller of funds in the Zcash ecosystem for the foreseeable future. https://t.co/ckUbFN8IZ6
— zooko (@zooko) August 17, 2020
The CAP is a Zcash foundation board of community members that will dive governance decisions for Zcash. None of the decisions are binding, however, and the members cannot determine the major technical changes to the network as the Foundation noted. The problem started with the commentary on the Zcash governance forum which called for opening up the CAP to new members. More than 35 members told the foundation that they are interested in joining.
Considering these, the foundation with the code maintainer Electric Coin Company agreed to the community demands:
“The Foundation wholeheartedly agrees with this sentiment and believes we can more broadly increase participation legitimately prior to the September 1 candidacy deadline. We believe opening up the CAP with this process is completely aligned with the community interest, and would result in a more effective and legitimate outcome based on past experience collecting community sentiment in a similar manner for the dev fund Zcash Implementation Proposals.”
There are two ways that the members can join. First, any member from the current 62- member Community Advisory Panel can choose in by September 1 or they can receive an invite from a member by the same time. The move came as the community-driven governance by the likes of DeFi projects such as Yearn. Finance is starting to gain prominence among the bigger crypto space.