The Zcoin crowdfunding system will initially be used for basic project tasks, such as non-core development and community management, to facilitate the transition from block reward financing to donation financing.
The privacy-focused Zcoin project announced the launch of the Zcoin crowdfunding system (ZCS) known, It is a decentralized funding model, the aim of which is to enable the transition from direct funding through block rewards to funding through donations.
The crowdfunding system allows every community member to propose, approve and finance measures. When an idea is submitted for voting, members of the Zcoin community can vote on its feasibility. Once a certain level of interest has been reached, the funders can finally start financing.
First, funding for elementary areas, such as the development of non-core components, the integration of third-party providers and community management take place via ZCS.
To ensure the financing process, the use of Zcoins GitHub Ensure transparency in the process, since the financing is only released when certain goals are achieved.
“As a privacy protection project, decentralization for sustainability, which includes management and funding, is essential. While block rewards have served us well in building the basics of Zcoin, they can make us rely too much on the core team, ”said Reuben Yap, Zcoin Project Steward.
In this context, Reuben also mentioned the ZCS:
“We looked at many financing models, including decentralized treasuries, in which the decisions are made on the basis of (financial) use, but this often results in a certain amount of” money control “. ZCS takes Monero CCS as a role model and also shows that competing privacy projects can complement each other by inspiring each other and working together in the field of research. I hope that ZCS will lead to greater community participation in the project by providing leaner access to finance. ”
Since it is a completely anonymous crypto asset, it is clear that the project will focus on decentralizing the new crowdfunding platform.
In addition to the launch of the ZCS, Zcoin also announced the launch of Lelantus, its new data protection protocol, which is to replace zkSNARKs, will take place sometime in 2020.