Manufacturing Consent: NoamChom's Nu6 Block Reward Proposal

[noamchom]

I’ve updated the original proposal wording based on feedback thus far:
1 - increased Qedit’s allocation to 2%
2 - specified details (RE: no actionable means are created in this proposal to manage treasuries of block subsidy receivers) about the use of ZEC rewards for speculation/ angel investing
3 - noted that obvious violations to requirements in this proposal could result in block subsidy removal via TBD NU

Point #3 is an emphasis from the original text in ZIP-1014:
It is expected that ECC, ZF, and Major Grant recipients will be focused primarily (in their attention and resources) on Zcash. Thus, they MUST promptly disclose:

• Any major activity they perform (even if not supported by the Dev Fund) that is not in the interest of the general Zcash ecosystem.
• Any conflict of interest with the general success of the Zcash ecosystem.

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What else can be said? Sure 2018 was a long time ago, and we all understand that seeding crypto projects typically involves long lock up periods. This chart does not look like primarily focusing attention and resources on Zcash

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@zkcroc

Unironically ECC and ZF “playing hedgefund” has put them in a position where they don’t have to solely rely on block rewards, has that come at a cost to the price of ZEC?

Exactly… they have strong altcoin holdings today that have notably outperformed ZEC, because in large part this was possible at the expense of ZEC/ ZEC holders/ Zcash project sentiment/ Zcash adoption

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@GGuy

~9 crypto/software engineers. Contract rates are well over $200k. Total salaries alone for a year would be well over $2m. Need more details about time allocation to this project. Hard to believe they can actually deliver in a year. So $2m to 3m feels about right.

I agree with these estimates, hence the update of Qedit from 1 to 2%

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Emphasis to these

@Jgx7

• stop funding all grants outside of this DeFi vision; that includes single asset third party wallets, and media.
• start saving current block rewards.
• using the excess capital at ECC and foundation.
• stop funding third party projects, venture investing
• start building which seems to really start with deprecating ZcashD

@Cryptoblaz

Raising capital should be a primary focus.

@Jgx7

ECC has 20m in capital, the foundation has around 3-5m in unallocated capital (guesstimate). plus we have the future unallocated block rewards. so the money is there to fund Qedit.

@hanh

IMO, there has been too much focus on pure technical/theoretical prowess. For instance, after a year of NU-5, we have arguably the strongest privacy system but hardly any software supporting it.

@noamchom

Block reward receivers shouldn’t be shooting their project in the feet, by derisking out of their project native coin. It is counter productive.

@noamchom

I also believe we need to open the doors to a couple of international organizations that have competency in the Zcash Ecosystem.

Shielded Labs - Switzerland
Qedit - Israel