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ZEC Zcash development funding has sparked controversy in the community. The ZEC price is approaching US$1500, and the NU7 upgrade is scheduled for November.
The debate over the source of Zcash development funding has become increasingly fierce. Prominent investors and cryptographers debated the actual utility of the 20% development fund tax on the project and discussed the trend of ZEC's transition to a "store of value" token.
Zcash Development Fund sparks heated discussion in the community
Zcash is a privacy-focused cryptocurrency launched in 2016. It allocates 20% of block rewards to the Zcash Development Fund to fund teams committed to building a project ecosystem. This mechanism is designed to ensure the sustainable development of the project, but has become the focus of major vocal controversy in the encryption field.
Developer Maxime Desalle released a paper on September 9 arguing that shifting block rewards to development funds actually reduces the compensation miners receive and may weaken network security. Desalle pointed out that development funds create dependency, bureaucratic obstacles and encourage the politicized allocation of resources, likening it to a miniature welfare state.
Desalle argues that when development work is funded in advance, the team's incentives shift to cater to grant reviewers rather than focusing on building impactful client-side products. He said he even canceled his ZCG grant because it seemed inappropriate to hold unearned funds.
Desalle cited examples such as Tachyon, Shielded Labs and ZODL to demonstrate that private capital can support major Zcash projects without treaty-level subsidies.
Paradigm co-founder Matt Huang expressed opposition. His company has invested in both ZEC and ZODL and describes such inflation-funded development funds as an "elegant mechanism" for long-term funding of public goods. Economist Alex Tabarrok acknowledged concerns about the risks of weak governance, but also pointed out that the complexity of funding public goods complicates the debate.
Tips: Paradigm is a major crypto venture capital firm known for its support of early Web3 and crypto projects such as Uniswap and Starkware.
Control and governance under review
In addition to the debate about whether development funds are necessary, discussions have emerged about who should manage it. Haseeb Qureshi, managing partner at Dragonfly Capital, argued that control should not rely on simple token voting. Instead, he advocated a model of representative democracy with token holders regularly electing representatives or council members, emphasized the need for accountability and warned against life appointments.
Both Qureshi and Desalle warned that as recipients receive the ZEC, their voting rights in subsequent rounds will increase, creating a concentration of influence within the funding mechanism. Currently, Zcash Improvement Proposal (ZIP) 1016 has no restrictions on token holders using their tokens to vote, which some participants fear may promote a self-reinforcing cycle of grant allocation.
Zcash switches to "encrypted Bitcoin" identity
这场资金争端与许多Zcash持有者现在对硬币期望的转变不谋而合。Qureshi描述了一种新的共识，即把Zcash视为“加密比特币”，倾向于简单性和可靠性，并抵制引入额外功能。Starknet联合创始人Eli Ben-Sasson建议，ZEC的价格上涨可能部分反映了投资者担心比特币本身变得过于静态。
与此同时，Zcash开发人员宣布NU7升级的目标激活日期为11月5日，此前他们对内容达成了 unanimously 一致意见。测试网激活计划于10月6日进行，最终主网调用定于10月20日。如果实施，NU7将把目标区块间隔从75秒减少到25秒，并引入网络可持续性机制，同时保持Zcash的减半时间表不变。
根据Zcash开发人员Sean Bowe的说法，在最近的一次投票中，98.9%的参与者选择保留减半时间表，99.9%的ZEC加权投票支持更快的区块时间。
