“90% of the Zcash monetary base goes to the miners . . .”
Let me repeat that.
“90% of the Zcash monetary base goes to the miners . . .”
Those aren’t my words. Those are the official words of the Electric Coin Company (né Zcash Company), published on September 23, 2016 (a little over a month before the launch of Zcash), in a blog post entitled, “Continued Funding and Transparency.”
Just to remove any latent ambiguity, perhaps a graph would be helpful:
That’s not my graph. That graph was created and published by the Electric Coin Company, in the same “Continued Funding and Transparency” blog post referenced above.
I must have read that blog post 15 times the day that it was published, because I was trying do decide whether to invest in Zcash, and one of the most important criterion for me was whether the proposed allocation plan–including the Founders Reward–was fair.
That blog post convinced me that the allocation plan was indeed fair. And in my mind, one very important aspect that made it fair was that 90% of the Zcash monetary base would be allocated via the free-market mining process (whether it be via Proof of Work, Proof of Stake, or some hybrid of the two).
Regarding any proposal to deviate from this, it matters little to me whether the proposal is being offered up by the ECC, the Zcash Foundation, some cabal of crypto hedge funds, “thought leaders” on Twitter, the “regulars” on this forum, or the community of rank-and-file Zcash users. What matters to me is whether a stake-weighted simple majority of ZEC holders supports the proposal to deviate.
On this thread, we need not delve into debating the fairness of stake-weighted voting. Hypothetically speaking, if a stake-weighted majority is against a given proposal to deviate from the current allocation, how in the world could anyone claim that the “community” is for the proposal?
To be clear, even though I am against any proposal that deviates from allocating 90% of the Zcash monetary base via the mining process, I would accept as legitimate a deviation so long as a simple (stake-weighted) majority of ZEC holders supported the proposed deviation. Absent a mechanism to hold such a poll, I will not be convinced that that “community” supports a deviation.