Almost ready to begin first distribution of Founders Reward


#1

Folks, we earlier said that Founders Reward would be distributed to the founders (devs, scientists, investors, advisors) on or after November 28. Then November 28th came and I posted saying something like “Okay, not today but soon.”. I also promised someone who asked on here (sorry I forget who) that I would let you know when we're getting closer.

Okay, so we're getting closer!

Bo Shen being robbed (https://forum.zcashcommunity.com/t/robbery-is-rampant-learn-to-protect-yourself/12526) really scared me. Bo is one of our beautiful stable of investors, and this shows that thieves are actively attacking people like us right now.

Fortunately, we had already from the beginning designed and implemented extremely high-security processes for managing the Founders Reward, so after double-checking the security of those, we're proceeding with the original plan. However, these extremely high-security processes take a long time to execute! We've been hard at work for weeks on setting up tools and processes that can securely extract the FR keys from their high-security storage and transfer the funds to the recipients, and we're finally getting close to being able to do that.

So, I still don't know exactly when we'll have capability for secure transfer, but soon. You can, of course, watch the blockchain to see when we move any funds out of the FR address: https://explorer.zcha.in/accounts/t3Vz22vK5z2LcKEdg16Yv4FFneEL1zg9ojd

By the way, I'm excited about the long-term consequences of this! Every one of our investors, advisors, employees, and scientists is potentially an enabler and creator of improvements to the Zcash protocol, software, and ecosystem! By distributing a portion of the ZEC tokens to them in many small batches over the coming years, we hope to create a virtuous cycle where they are each, independently, empowered and motivated to focus more and more of their efforts on improving our ecosystem.


Security Alert: Ethereum.org Forums Database Hacked by Bo Shen Hacker
#2

Price place holder. Hope they don't run to the exchanges to sell...

$39.87 https://poloniex.com/exchange#usdt_zec


#3

Exactly what I was thinking..... but they wont if the coin keeps dying there will not be any founders reward :joy:

I hope this will prove people wrong and they will hold ,....personally if they dump it..I do too why hold if they dont support it

Anyways I am mining it and hope for the best this might just be the new BTC


Initiating Founders' Reward transfers
#4

It's their money and they can do whatever the heck they want with it. Panic sell all you want - I've been waiting to jump in at a low price.


#5

this means the new round of investors paid $2M for an eventual distribution of 131,250 Zcash coins. Therefore, they effectively paid $15.24 per coin.

Expect some selling :wink:


#6

lovely news. let the selling begin.