Update: After discussing the community’s feedback on QEDIT’s stablecoin proposal, ZCG has decided to cancel the grant. It is evident that further discussions between QEDIT and the protocol engineering teams are needed, and that more time is required to gather additional community feedback on this project. ZCG may reallocate some of the approved funding to other projects that QEDIT can oversee, such as asset swaps, deprecation of zcashd, and other ecosystem priorities.
ZCG acknowledges a breakdown in communication. We misunderstood the technical requirements necessary for the implementation. Additionally, we assumed certain conversations had taken place between QEDIT and the protocol engineers, and that the engineers and community were aware of QEDIT’s grant proposal and the forum discussions. This was not the case, which indicates that we need to improve our communication strategies.
To remedy this, going forward we will take a more active role in the Arborist calls. We will make certain that all technical grants are brought to the attention of ecosystem developers and engineers to gather their feedback on the technical merits of the proposals and assess any potential risks. We will also aim to ensure that other stakeholders in the Zcash community are properly engaged on proposals that impact the protocol.
We recognize our shortcomings and apologize to the community for this oversight. ZCG is a part-time committee with a 15-hour monthly commitment. We are doing our best to fulfill our directive with the limited resources available.
We appreciate the community for raising their concerns. We take community feedback very seriously and are committed to addressing the issues raised. We will do our part to ensure something like this does not happen again in the future.