Zcoin Launches Decentralized Crowdfunding System
- The new funding model is titled the Zcoin Crowdfunding System and will begin funding for basic project tasks such as community management.
- Any community member can propose, approve and fund activities to further help improve the Zcoin ecosystem.
Zcoin community and communications manager Reuben Yap discusses anonymity on the blockchain at the Blockchain World Conference in Bangkok, Thailand. Crypto Coin Consultants
The privacy-focused Zcoin project announced the launch of the Zcoin Crowdfunding System (ZCS), a decentralized funding model, on 26 December. The goal of the ZCS is to help transition from funding directly from block rewards to funding from donations.
The crowdfunding system allows any community member to propose, approve, and fund activities. When an idea is submitted for review, members of the Zcoin community can vote on its viability and, if specific levels of interest are reached, donators can begin funding.
As a start, funding for basic tasks such as non-core development, third-party integrations, and community management will be provided via ZCS.
To secure the funding process a planned use of Zcoin’s GitHub will provide transparency in operations as funds are released when specific milestones are achieved.
“As a privacy project, decentralization is essential for long term sustainability which includes governance and funding. While a block reward has served us well in building the foundations of Zcoin it can result in over-reliance on the core team,” said Reuben Yap, Project Steward of Zcoin.
Reuben further noted on the new crowdfunding system:
“We have looked at many funding models including decentralized treasuries where proposals are voted base on stake but these often result in plutocracies. ZCS draws from the good example set by the Monero CCS and also shows that competing privacy projects can complement one another including drawing inspiration from each other and collaborating in research. I am hopeful that the ZCS will result in increased community participation in the project by allowing a streamlined way to seek funding.”
Being a fully anonymous crypto asset courtesy of its Sigma Protocol, it was only natural that the project focused on decentralization for its new crowdfunding platform.
In addition to the launch of the ZCS, Zcoin also announced that the launch of Lelantus, its new privacy protocol set to replace zkSNARKs, will happen somewhere in 2020.
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Illustration from Trust Wallet
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