Zcash's development funding will get slashed without community action

Zcash co-founder Zooko Wilcox, the computer security expert wrote that he hopes the privacy coin's community members decided to renew the Developer Fund structure, said the co-founder in a blog post.

The Colorado-based programmer added that he hopes the Zcash community decides to hire the Electric Coin Company to do the work required to maintain and improve the cryptocurrency's protocol.

The Zcash company, one of the main organizations that supports Zcash's growth and development efforts, rebranded to ECC earlier this year.

The firm's management explained that Zcash is a community-based, decentralized project, and that some of the cryptocurrency's business-related activities may involve ECC. As confirmed by Wilcox, a group of professional investors contributed a total of $3 million to fund the initial development of the Zcash protocol.

Wilcox further noted that some of Zcash's founders including himself donated a portion of their founders' rewards to a non-profit entity called the Zcash Foundation.

In addition to financing initiatives to enhance the Zcash protocol, ECC and Wilcox invested a substantial amount of resources into programs aimed at educating regulators and community members about the cryptocurrency's underlying technology.

Working on Zcash's new development and funding model.

In order to fund Zcash's development after the four years since its launch, Wilcox and other community members suggested awarding 100 percent of the newly minted ZEC coins to the miners.

"As long as ECC still exists, and as long as you-the Zcash community-offer us the kind of funding necessary to do this job, we're offering to take the job. We love Zcash, we've dedicated our lives to it, and we have the best track record in the industry."

Wilcox concluded his lengthy letter by noting that the Zcash Foundation will be releasing a way for the ZEC community to make a decision.