The Zcash Foundation is committed to transparency and openness with the Zcash community and our other stakeholders. Our Q1 2024 report provides an overview of the work undertaken by the Zcash Foundation’s engineering team, as well as a financial update and an overview of other activities during this period. The report is available on our website, via this link.
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The Zcash Foundation is committed to transparency and openness with the Zcash community and our other stakeholders.
Last year, we announced a grant to support the formation of the Financial Privacy Foundation (FPF), a new, independent non-profit foundation in the Cayman Islands, intended to help further decentralize the Zcash ecosystem.
Can the Zcash Foundation announce the size of grant provided to Financial Privacy Foundation?
Can the Zcash Foundation please update the community on what activities have occurred with these funds up until now?
Does the Zcash Foundation have any legal connection or oversight methods towards the Financial Privacy Foundation?
Are any Zcash Foundation staff or volunteers working, volunteers an or contractors for Financial Privacy Foundation?
Thank you in advance
Hey @kworks, answers below:
$250,000 as disclosed on page 4 here.
@FPF will provide an update by the end of 2024 which will include the first month of FPF’s new working relationship with ZCG. Note that once ZCG officially moves to being a committee under FPF they will have specific reporting requirements as per ZIP-1015.
ZF and FPF have a grantor/grantee relationship, in-line with other grantee relationships (the same relationship that ZCG has with any grantee for example). There is no legal or oversight connection beyond the grantor/grantee relationship.
Alex (ZF COO) and Danika (ZF Operations Director) are currently providing volunteer support for FPF on their own time. Amber Baldet is currently a member of both boards of directors, but she will shortly be vacating her ZF seat. More information on that process will be shared soon.
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The Financial Privacy Foundation is a grantee to the Zcash Foundation for a direct grant of 250 000 usd or 250000 spot price of zec?
When were these funds disbursed, were the funds transferred to a zec address or directly to a bank account?
What milestones did the Zcash Foundation attach to the Financial Privacy Foundation for this direct private grant?
The milestones attached to the Financial Privacy Foundation’s 250 000 usd direct grant, were made public or was this a private relationship?
The direct grant of 250 000 usd was made grantor/grantee private arrangement between the Executive Director and the current Chief Operation’s Officer and the current Chief Operation’s Director, did any other Zcash Foundation Officers made party to this private direct award?
Did any past or present board members made party or witness to this private direct grant?
Can the Zcash Foundation state publicly to this community what actions have occurred between October 25, 2023 and October 25, 2024 for a direct , no competition grant of 250 000 usd to its current officers?
Thank you in advance
All ZF grants are paid out in shielded ZEC. The ZF Board of Directors approved the grant with Amber abstaining from the vote.
The activities under the grant are primarily related to building up the FPF back-office infrastructure and providing small grants to the Zcash community. Both activities are well under way. FPF will begin publicly reporting by the end of 2024 which will show how the funds have been spent thus far and plans for future spending.
This statement is completely false. There is no “private arrangement”. The grant wasn’t made to a current officer, it was made to an organization with current ZF employees as advisors. ZF has been transparent about this relationship since day one.
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Why did the Zcash Foundation not open this grant to an open request for proposals?
Where has the Zcash Foundation publicly posted it’s milestones for the direct grant of 250000 usd, for public accountably of these funds?
Did the Zcash Foundation’s Chief Operation Officer complete the transaction to send shielded zec to the Financial Privacy Foundation?
In twelve months The Financial Privacy Foundation has completed a paper organization, reviewed 25 proposals, completed zero grants, administered by Zcash Foundation staff under the token of advisers. Is this how the Zcash Foundation demonstrates the use of funds?
This is a direct conflict of interest.