ZCAM - is this a play on words of SCAM btw?
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Thatâs not a pretty sight for an org supposed to be non profit.
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Please see my updated post in this thread:
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This was such a terrible idea @TheBootstrapOrg - you should probably step down in shame from having it.
Deals usually take a number of weeks, just based on the raw inputs of discussions and external input, even if you worked very actively on it.
To be clear - it was not the 20 employees from ECC who left and have done all the work who didnât get a good deal. It was the 3 board members who fired them, want to do an ICO, didnât keep up with their paperwork, have just now decided to start posting in the Zcash forums & donât have any employees who are unhappy, and want people to negotiate more fairly.
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I am not a lawyer and this is not a professional legal opinion, but as far as I can see, ZCAM (and/or their lawyers) are mistaken in their understanding of Delaware law.
This summary says that, due to a change in Delaware law that took effect in August 2006:
DGCL Section 216 now establishes that a stockholder-adopted by-law prescribing a voting standard for director elections may not be altered or repealed by the board, and DGCL Section 141(b) establishes that an irrevocable resignation by a director, subject to a condition that the director fails to receive a specified vote threshold for reelection (e.g., a majority of the votes cast), will be enforceable when that director fails to receive the specified vote threshold.
The important part here is the change to Section 141(b) (which applies regardless of whether the corporation can issue stock). To me this appears to have been made precisely to reinforce the validity of the kind of clauses included in the Bootstrap by-laws (or certificate of incorporation; I forget which it is in this case, but it doesnât matter), that require irrevocable director resignations if their term expires and they are not reelected (which, as far as I understand, ZCAM were not).
In particular:
The certificate of incorporation or bylaws may prescribe other qualifications for directors. Each director shall hold office until such directorâs successor is elected and qualified or until such directorâs earlier resignation or removal. Any director may resign at any time upon notice given in writing or by electronic transmission to the corporation. A resignation is effective when the resignation is delivered unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events. A resignation which is conditioned upon the director failing to receive a specified vote for reelection as a director may provide that it is irrevocable.
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I havenât posted in this forum in years. Thereâs one person that has a name that starts with the letter Z that has destroyed 2 ecosystems so far (cosmos being the first) and now potentially their third: Zcash. That is likely a big part of the problem and I can only assume why Josh and Co left.
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I want to speak directly to the development team about what Iâand many othersâfeel was a reckless and harmful action toward Zcash holders.
You may have created Zcash, but you do not own it. The community owns it. The billion-dollar market cap represents our money. The post on X suggesting that âeveryone quitâ directly contributed to the loss of millions of dollars in value and seriously damaged trust in Zcash.
There were far more responsible ways to communicate what was happening. For example, it could have been framed as the creation of a spin-off wallet team focused on accelerating innovation and bringing new excitement to the platform. Instead, the message created panic.
In crypto, once trust is lost, it is extremely difficultâsometimes impossibleâto recover. With roughly 60% of Zcash owned by whales, this kind of damage risks driving away everyday holders entirely, leaving only large holders behind. If that happens, Zcash could easily find itself back at $20, where it spent much of its history.
This community deserves better communication, better leadership, and a clearer understanding that Zcash belongs to the people who invest in and support itânot just those who built it.
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Hi @TheBootstrapOrg , as a public charity which has received overwhelming financial support from the Zcash Blockchain which is derived from zcash community consensus, what is the status of the critical things you have accomplished?
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He is also a strategic advisor at Cypherpunk, blogger, documentary filmmaker, Airchat developer (linking him to Naval Ravikant) and recipient of the 2024 OâShaughnessy Ventures Fellowship. According to Wikidata, he was born on 12 May 2006, which would mean he was 19 at the time of your reply and will turn 20 in exactly three months. Both Arjun and Naval are from India.
No Google was used in the creation of this answer.
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The Bootstrap Board is pleased to confirm that a resolution has been reached regarding the governance of the Bootstrap Org and the future of the Zashi assets previously developed by the Electric Coin Company (ECC).
The intersection between DeFi revenues, open source software and non profit regulations posed a number of challenges that have all been successfully resolved.
As part of this agreement:
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The governance dispute has been resolved, and the Board of Directors continues to be composed of Zaki Manian, Alan Fairless, ml_sudo, and Christina Garman.
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To best serve the Zcash mission and navigate the regulatory constraints unique to 501(c)(3) non-profits, Bootstrap has authorized the transfer of the Zashi wallet technology and related intellectual property.
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With the technology assets transferred, the Electric Coin Company (ECC) entity will begin an orderly wind-down of operations. The ECC domain name and related IP has been transferred to the buyer.
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Bootstrap renounces any authority as a Keyholder organization under ZIP 271 over the Zcash Lockbox multisig. The new company (or others) will submit a new ZIP to transfer legal authority over the relevant lockbox key(s) in accordance with the ZIP process.
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Z.cash, learnzcash.com and x.com/zcash will be transferred to the Zcash Foundation, who will assist in decentralizing ownership of those assets, which has been a longtime goal of the community.
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This transition ensures that the original development team can continue to advance Zcash in their new company.
On behalf of the Bootstrap Board,
Alan Fairless, Christina Garman, ml_sudo, and Zaki Manian
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What can we expect as the future of The Bootstrap Org? What are your plans for the future of Bootstrap? Would you be looking to rebuild a new development company to support Zcash, or any other plans?
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On behalf of ZODL, I confirm that a settlement has been reached; all Zashi and ECC assets have been transferred from the Bootstrap Org to a new home. This agreement ensures that the original development team can continue to innovate without interruption.
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Probably need to update the website 
âŚ
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Good job; glad to read this. Whatâs happening to all the non-ZEC crypto held? Will Bootstrap retain any assets?
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perfect result for those arguments~ zcash and all of those related orgs will have a promising future.
Replying here as I had previously noted an active dispute, for which a resolution has been reached.
My involvement was solely with the intention of doing my part to ensure the Zcash ecosystem can continue on its mission to bring private self sovereign money to the world.
An agreement has been reached that I believe is in the best interest of the Zcash ecosystem. As part of that agreement, Zashi IP has been sold, ECC the company will wind down, and Zaki Manian, Alan Fairless, ml_sudo, and Christina Garman continue as the Bootstrap non-profit board. The former ECC team continues to do great work at their new company, ZODL, on the same open source technology they have always worked on.
I am satisfied that a solution has been found that does right by Zcash and everyone involved, while also navigating the unusual constraints imposed on 501(c)(3) non-profits.
The team is moving forward, they are still 100% focused on Zcash, Zashi is secure, ZEC is still encrypted, and Zcash still produces blocks.
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So glad to finally see a concrete resolution to this.
Now that Zashi IP has been settled with the new team why are we sticking with the ZODL wallet name/branding? âZODLâ could still be the new âECCâ while having Zashi be the wallet?
I personally prefer Zashi over ZODL if Iâm trying to introduce my friend to Zcash and have them download a wallet from the app store. HODL crypto meme is unknown among common folk. And it could be seen as a âreturn to normalâ by the broader crypto community.
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Thank God this disgrace is over. But we will be reaping the consequences for a long time to come.
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I also liked the Zashi brand much more. Zodl sounds like a spoiler for Shitty Times. But okay, what we have is what we have.
I was hoping to come back to the forum after a few days to find an answer to this. Any word? Iâm asking because Iâm wondering what Bootstrapâs capabilities are now.
(btw, for what itâs worth, I also prefer Zashi to ZODL as itâs friendly, and I think thatâs good branding for a tech so powerful.)