### Terms and Conditions
- [x] I agree to the [Grant Agreement](https://9ba4718…c-5c73-47c3-a024-4fc4e5278803.usrfiles.com/ugd/9ba471_f81ef4e4b5f040038350270590eb2e42.pdf) terms if funded
- [x] I agree to [Provide KYC information](https://9ba4718c-5c73-47c3-a024-4fc4e5278803.usrfiles.com/ugd/9ba471_7d9e73d16b584a61bae92282b208efc4.pdf) if funded above $50,000 USD
- [x] I agree to disclose conflicts of interest
- [x] I agree to adhere to the [Code of Conduct](https://forum.zcashcommunity.com/t/zcg-code-of-conduct/41787) and [Communication Guidelines](https://forum.zcashcommunity.com/t/zcg-communication-guidelines/44284)
- [x] I understand all milestone deliverables will be validated and accepted by their intended users or their representatives, who will confirm that the deliverables meet the required quality, functionality, and usability for each user story.
- [x] I agree that for any new open-source software, I will create a `CONTRIBUTING.md` file that reflects the high standards of Zcash development, using the [`librustzcash` style guides](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#styleguides) as a primary reference.
- [x] I understand when contributing to existing Zcash code, I am required to adhere to the project specific contribution guidelines, paying close attention to any [merge](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#merge-workflow), [branch](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#branch-history), [pull request](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#pull-request-review), and [commit](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#commit-messages) guidelines as exemplified in the `librustzcash` repository.
- [x] I agree to post request details on the [Community Forum](https://forum.zcashcommunity.com/c/grants/33)
- [x] I understand it is my responsibility to post a link to this issue on the [Zcash Community Forums](https://forum.zcashcommunity.com/c/grants/33) after this application has been submitted so the community can give input. I understand this is required in order for ZCG to discuss and vote on this grant application.
### Application Owners (@Octocat, @Octocat1)
@GabrielAlfonsoPinzon
### Organization Name
CENTIREINGS
### How did you learn about Zcash Community Grants
Through independent research into funding opportunities for open quantitative crypto-market research and ecosystem public goods.
### Requested Grant Amount (USD)
$22,500
### Category
Research & Development
### Project Lead
```project-lead.yaml
Name: Gabriel Alfonso Pinzon Garces
Role: Project Lead / Quantitative Research Lead
Background: Independent quantitative researcher and founder of CENTIREINGS, focused on comparative crypto-market behavior, market segmentation, reproducibility, research governance, and applied analytics. CENTIREINGS has already completed and frozen EXP300-B, a common-methodology benchmark covering 20 major cryptoassets, including ZEC.
Responsibilities: Research design, methodology governance, quantitative analysis, reproducibility control, interpretation, documentation, milestone coordination, and final public delivery.
```
### Additional Team Members
N/A — CENTIREINGS is currently led by Gabriel Alfonso Pinzon Garces. Specialized technical or research support may be added as needed for data validation, reproducibility, documentation, visualization, and public delivery. Any material change in team responsibilities will be documented.
### Project Summary
CENTIREINGS proposes to extend an existing 20-asset quantitative market benchmark into a Zcash-focused comparative intelligence resource. The project will position ZEC within a broader crypto-market segmentation, test the stability of that classification using post-period evidence, and publish a reproducible ZEC Market Segmentation Map for the Zcash community.
### Project Description
CENTIREINGS proposes to extend an existing cross-asset quantitative research framework into a Zcash-focused comparative market-intelligence resource. The project will use the previously completed EXP300-B benchmark as prior methodological work and will fund only new Zcash-specific research.
The project has three stages. First, it will reproduce and validate the historical ZEC profile already contained in EXP300-B, including quality assurance, recurrence, stability, and uncertainty analysis. Second, it will place ZEC within the full 20-asset comparative universe under the same methodological rules, identifying quantitative similarities, differences, and behavioral families without assuming in advance that privacy-oriented assets should behave alike. Third, it will perform post-period validation using later market evidence to test whether the historical ZEC classification remains stable, partially changes, or becomes inconclusive.
The final public outputs will include a ZEC Market Segmentation Map, comparative tables and visualizations, reproducibility documentation, methodological notes, documented limitations, and a neutral research report for the Zcash community.
Existing EXP300-B research is prior work and will not be charged retroactively to this grant.
[CENTIREINGS_Zcash_Market_Segmentation_Proposal_v0_1.pdf](https://github.com/user-attachments/files/33344772/CENTIREINGS_Zcash_Market_Segmentation_Proposal_v0_1.pdf)
### Proposed Problem
Zcash has been extensively studied as a privacy technology, including its cryptographic design, privacy properties, and user behavior. However, there is comparatively less reproducible evidence showing where ZEC sits within the broader crypto market when multiple major assets are evaluated under one common quantitative methodology.
Market labels such as “privacy coin” describe functional or technological characteristics, but they do not necessarily imply a specific market-behavior profile. ZEC may behave similarly to other privacy-focused assets, to non-privacy assets, or differently depending on the physical threshold and market regime being observed.
The Zcash ecosystem therefore lacks a neutral, reproducible comparative map showing how ZEC behaves relative to a broad set of major cryptoassets and whether that positioning remains stable in evidence outside the original benchmark period.
### Proposed Solution
CENTIREINGS will conduct a Zcash-specific extension of its existing EXP300-B methodology.
The project will first reproduce and validate the ZEC profile already present in the historical 20-asset benchmark, including quality assurance, recurrence, stability, and uncertainty analysis.
It will then evaluate ZEC comparatively against the broader asset universe, identifying quantitative similarities, differences, and market-behavior families without assuming in advance that privacy-oriented assets should behave alike.
A post-period validation will test whether the observed classification remains stable in later market evidence.
The final public output will be a ZEC Market Segmentation Map, supported by reproducible methodology, comparative tables, visualizations, documented limitations, and a neutral research report intended for Zcash researchers, developers, analysts, and ecosystem participants.
The grant will fund the new Zcash-focused validation, post-period analysis, comparative segmentation, documentation, and public deliverables. The previously completed EXP300-B benchmark will remain prior work and will not be billed retroactively.
### Solution Format
The project will be delivered as a public research and market-intelligence package composed of:
- a ZEC Market Segmentation Map;
- a comparative research report positioning ZEC within a 20-asset benchmark;
- post-period validation results;
- comparative tables and visualizations;
- documented methodology, assumptions, and limitations;
- reproducibility instructions and supporting research artifacts where legally and technically possible;
- a concise public-facing summary for the Zcash community.
### Dependencies
The project depends primarily on the continued availability and integrity of historical and post-period market data required to reproduce and extend the ZEC analysis.
The historical EXP300-B benchmark already exists and will be used as prior methodological work. New grant-funded work will depend on access to suitable later-period market data, consistent timestamp handling, documented exchange or market-source characteristics, and the ability to preserve comparability with the original protocol.
The project also depends on maintaining a reproducible computational environment, versioned research artifacts, and sufficient documentation to separate historical benchmark results from newly generated Zcash-specific evidence.
No critical dependency on proprietary Zcash infrastructure is assumed for the core market-segmentation analysis. If Zcash-native ecosystem data or additional public sources are incorporated, they will be documented separately and will not be treated as equivalent to exchange-market data unless methodological comparability is established.
### Technical Approach
CENTIREINGS will use its existing EXP300-B quantitative framework as the methodological baseline for the Zcash-specific extension.
The work will begin with a controlled reproduction of the historical ZEC profile already contained in EXP300-B. This phase will verify data integrity, parameter consistency, threshold-level results, recurrence measures, stability indicators, and uncertainty around the observed profile.
The second phase will place ZEC within the full 20-asset comparative universe using the same methodological rules applied to all assets. The analysis will evaluate whether ZEC consistently aligns with particular behavioral families or whether its relative position changes across thresholds, market conditions, or comparison dimensions.
Functional or technological labels, including the “privacy coin” label, will be treated as contextual descriptors rather than predictive classifications.
The third phase will perform post-period validation using later market evidence not contained in the original benchmark window. The goal will be to test whether the historical ZEC classification remains stable, partially changes, or breaks down under newer observations.
Final outputs will include a documented ZEC Market Segmentation Map, comparative tables, visualizations, methodological notes, limitations, reproducibility documentation, and a final neutral research report.
The existing EXP300-B benchmark is completed prior work and will not be retroactively charged to this grant.
### Upstream Merge Opportunities
N/A — this project does not currently involve forking, modifying, or merging changes into existing Zcash protocol or wallet repositories. The primary outputs are quantitative research, documentation, comparative analytics, and reproducibility materials. If reusable code is released during the project, it will be published separately and documented accordingly.
### Open Source License
MIT
### Hardware/Software Costs (USD)
0
### Hardware/Software Justification
Existing computing infrastructure and research tooling will be used. No dedicated hardware or software purchase is required from this grant.
### Service Costs (USD)
0
### Service Costs Justification
No external service costs are included in the core grant budget. If optional external services are later required, they will be absorbed by CENTIREINGS unless formally approved as a scope change.
### Compensation Costs (USD)
22500
### Compensation Costs Justification
Compensation covers the new Zcash-specific research work across three milestones: controlled reproduction and validation of the ZEC profile, comparative segmentation and post-period validation, and preparation of the final public ZEC Market Segmentation Map, report, visualizations, reproducibility documentation, and community-facing outputs. The previously completed EXP300-B benchmark is prior work and is excluded from grant compensation.
### Total Budget (USD)
22500
### Previous Funding
No
### Previous Funding Details
CENTIREINGS has not previously received funding from Zcash Community Grants.
### Other Funding Sources
Yes
### Other Funding Sources Details
CENTIREINGS currently has separate funding applications under review with other ecosystem grant programs, including MAGIC Grants, the Solana Foundation, and the Stellar Community Fund. These applications are not intended to fund the same Zcash-specific deliverables described in this proposal. EXP300-B is completed prior work and will not be charged retroactively to any grant. If more than one application is approved, CENTIREINGS will avoid duplicate funding of the same work by separating scopes and deliverables, disclosing relevant overlap where required, or declining overlapping funding where necessary. The USD 22,500 requested from Zcash Community Grants is exclusively for the new ZEC-specific reproduction, validation, post-period analysis, comparative segmentation, documentation, and public Zcash deliverables described in this application.
### Implementation Risks
The main implementation risk is that post-period data may not be fully comparable with the historical benchmark because of changes in market structure, exchange coverage, liquidity conditions, listing environments, data availability, or asset-specific conditions.
A second risk is that the reproduced historical ZEC profile may differ slightly from the previously frozen benchmark because of data-source revisions, timestamp normalization, implementation details, or later-discovered quality issues. Any such discrepancy will be documented rather than hidden.
A third risk is that ZEC may not form a distinctive or stable behavioral segment. The research may show that ZEC changes relative position across thresholds, aligns with different asset families over time, or does not support a persistent classification. This is not considered project failure, because the purpose of the grant is to produce reproducible comparative evidence rather than a favorable result.
Another risk is scope expansion. Additional questions about privacy usage, on-chain behavior, regulation, adoption, or venue-specific microstructure may be scientifically interesting but could dilute the core project. These topics will remain outside the primary scope unless required to explain a validated result.
### Potential Side Effects
Comparative market research can be misinterpreted as investment guidance, asset ranking, or an endorsement of one cryptocurrency over another.
To reduce this risk, all outputs will clearly distinguish market behavior from investment merit, profitability, liquidity capacity, adoption quality, or technological superiority.
More physical opportunity does not imply greater profitability or operability.
The project may also produce results that challenge common ecosystem narratives. For example, ZEC may not behave similarly to other privacy-focused assets, or its historical classification may not persist in later evidence. Such findings will be reported neutrally.
Public comparative results may also be reused by third parties outside the intended analytical and educational context. Documentation will therefore include explicit limitations and warnings against interpreting the results as trading recommendations or guarantees.
### Success Metrics
Success will be defined by methodological completion, reproducibility, transparency, and usefulness to the Zcash ecosystem rather than by obtaining any predetermined favorable result for ZEC.
The project will be considered successful if:
1. The historical ZEC profile can be reproduced under the documented EXP300-B protocol.
2. ZEC is positioned quantitatively against the full 20-asset comparison universe under consistent rules.
3. Stability and uncertainty are explicitly measured.
4. A post-period dataset is analyzed to determine whether the historical classification persists, changes, or becomes inconclusive.
5. The final ZEC Market Segmentation Map clearly distinguishes observed evidence from interpretation.
6. Methodology, assumptions, limitations, and acceptance criteria are publicly documented.
7. The final report remains scientifically valid even if ZEC does not show a unique or favorable market position.
8. Public outputs are delivered in a form that can be inspected and reused by researchers, analysts, developers, and interested members of the Zcash community.
### Startup Funding (USD)
0
### Startup Funding Justification
No startup funding is requested. Payments are proposed entirely against milestone completion and acceptance.
### Milestone Details
```milestones.yaml
- Milestone: 1
Amount (USD): 7500
Expected Completion Date: 2026-11-15
User Stories:
- "As a Zcash researcher, I want the historical ZEC profile reproduced under the documented EXP300-B methodology, so that I can verify the analytical baseline."
- "As a Zcash community member, I want uncertainty, recurrence, and stability to be explicitly measured, so that conclusions are not based on a single historical ranking."
Deliverables:
- Reproduced historical ZEC profile
- Data-quality and consistency report
- Threshold-level recurrence analysis
- Stability and uncertainty analysis
- Documented comparison between reproduced and historical results
- Defined protocol for post-period validation
Acceptance Criteria:
- ZEC calculations are reproduced using the documented common methodology.
- Any discrepancy between historical and reproduced results is identified and explained.
- QA checks are documented.
- Recurrence, stability, and uncertainty measures are reported.
- The post-period testing protocol is defined before post-period results are analyzed.
- Milestone: 2
Amount (USD): 7500
Expected Completion Date: 2026-12-13
User Stories:
- "As a Zcash ecosystem participant, I want ZEC positioned against a broad cross-asset benchmark, so that I can understand its relative market-behavior profile."
- "As a researcher, I want post-period evidence tested separately from the historical benchmark, so that I can assess whether the observed classification is stable."
Deliverables:
- ZEC vs. 20-asset comparative analysis
- Behavioral-family / segmentation analysis
- Threshold-dependent positioning analysis
- Post-period validation results
- Comparison with selected privacy-focused and non-privacy-focused assets
- Stability/change assessment
Acceptance Criteria:
- ZEC is evaluated under the same comparison framework as the other assets.
- No asset family is imposed in advance.
- Post-period evidence is kept distinct from the historical benchmark.
- Results explicitly classify the outcome as stable, changed, mixed, or inconclusive where appropriate.
- Comparisons with privacy-oriented assets remain observational and do not presume causality.
- Milestone: 3
Amount (USD): 7500
Expected Completion Date: 2027-01-10
User Stories:
- "As a Zcash community member, I want a public ZEC Market Segmentation Map, so that I can inspect ZEC's relative market-behavior position."
- "As a researcher or analyst, I want documented methodology and reproducibility materials, so that I can inspect or reuse the work."
Deliverables:
- Final ZEC Market Segmentation Map
- Final research report
- Comparative visualizations and tables
- Methodology and limitations documentation
- Reproducibility package or reproducibility instructions, where legally and technically possible
- Public-facing summary for the Zcash community
Acceptance Criteria:
- The final report clearly separates evidence, interpretation, and limitations.
- The ZEC Market Segmentation Map is derived from documented quantitative results.
- Historical benchmark and post-period evidence are clearly separated.
- Methodology can be independently inspected.
- The final conclusion remains neutral and does not depend on ZEC ranking favorably.
- All promised public deliverables are published or otherwise made accessible to the Zcash community.
```
### Supporting Documents
```files.yaml
CENTIREINGS_Zcash_Market_Segmentation_Proposal_v0_1.pdf — Supporting proposal document summarizing prior work, methodology, milestones, budget, success criteria, and planned public deliverables.
```