5 ms·

Can't take zcash seriously. The entire currency is programmed to give 10% of all zcash to the developers.

by kneel 10y ago

meowface 10y ago
I think that's a fair share given the amount of work that's gone into it.
- kneel 10y ago
  First time I've heard of this practice, it's a very very large percent of the pie. Makes me wonder why they don't just mine?
  - nickik 10y ago
    The alternative is premining. The went for this model because it it more transparent.
    - plasticmachine 10y ago
      Really? So Bitcoin and Monero only work because of their premine...?
- biafra 10y ago
  Although I think it is obvious. I mention it anyway. The founders fee that goes to the developers is meant to fund the development for the next four years. If you don't like that, there is already the Zclassic fork wihout the founders fee.
- plasticmachine 10y ago
  You know that it's forked from Bitcoin right? What portion of the tax is being given to the Bitcoin developers?
robert_foss 10y ago
Isn't it 20?
- wildchild 10y ago
  Yes.
nickik 10y ago
So? All crypto currency have some system to pay the developers, most do pre-mining. They use a different model.
- pero 10y ago
  Not _all_ cryptocurrencies, no - it's mostly just the scammy ones of little genuine utility and/or technological merit. Both Bitcoin and Monero have fair distribution; development of neither is done by for-profit LLCs financially supported by any pre-mine, miner tax, insider investment/ICO, or other fancy scheme paid out by either the underlying monetary system or taxed from the users and/or those securing the network, and while Blockstream Inc. does employ Bitcoin Core developers, Monero development is entirely decentralized without even a foundation to its name.
  - empath75 10y ago
    The vast vast majority of bticoins are in the hands of early adopters. It was effectively a premine.
    - pero 10y ago
      The original comment purports that ridiculous enrichment schemes are a carpet necessary evil for initial and continued development of cryptocurrencies, which is simply not true - what you're pointing out is a different argument.
bogomipz 10y ago
Is that 10% in perpetuity?
- tromp 10y ago
  No; it's 20% of the first half, the distribution of the first four years...
  - jbmorgado 10y ago
    Which amounts to 10% of the total coins that will be ever possible to create.
- npongratz 10y ago
  20% of coins mined in first 4 years, 0% thereafter: "At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders. Every four years, the rate of ZEC being created will halve (again, just like in Bitcoin). After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners." https://z.cash/blog/funding.html https://z.cash/blog/funding.html "At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders. Every four years, the rate of ZEC being created will halve (again, just like in Bitcoin). After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners." https://z.cash/blog/founders-reward-transfers.html https://z.cash/blog/founders-reward-transfers.html
  - wildchild 10y ago
    They are taking 20% during the most important period of distribution. That is worse than any kind of premine. All Zerocoin based coins had the same ridiculous rewards and all dead yet or barely breathing.
  - npongratz 10y ago
    Too late to edit and I wanted to quote the second link correctly: "The 10% of the total supply that makes up the Founders' Reward is distributed between launch and the first halving (at block 850,000). During this period (which will last approximately four years), half of the total monetary base will be generated. After the first halving, there will be no more Founders' Reward, and all newly-created ⓩ will be received by miners." https://z.cash/blog/founders-reward-transfers.html https://z.cash/blog/founders-reward-transfers.html I make no judgment on whether this is good, or bad, or other, just wanted to present the source's position on the matter.
wildchild 10y ago
20%. There are tons of coins released recently before zcash on this broken tech.

Can't take zcash seriously. The entire currency is programmed to give 10% of all zcash to the developers.

by kneel 10y ago

Can't take zcash seriously. The entire currency is programmed to give 10% of all zcash to the developers.

meowface 10y ago

I think that's a fair share given the amount of work that's gone into it.

kneel 10y ago
First time I've heard of this practice, it's a very very large percent of the pie. Makes me wonder why they don't just mine?
- nickik 10y ago
  The alternative is premining. The went for this model because it it more transparent.
  - plasticmachine 10y ago
    Really? So Bitcoin and Monero only work because of their premine...?
biafra 10y ago
Although I think it is obvious. I mention it anyway. The founders fee that goes to the developers is meant to fund the development for the next four years. If you don't like that, there is already the Zclassic fork wihout the founders fee.
plasticmachine 10y ago
You know that it's forked from Bitcoin right? What portion of the tax is being given to the Bitcoin developers?

robert_foss 10y ago

Isn't it 20?

wildchild 10y ago
Yes.

nickik 10y ago

So? All crypto currency have some system to pay the developers, most do pre-mining. They use a different model.

pero 10y ago
Not _all_ cryptocurrencies, no - it's mostly just the scammy ones of little genuine utility and/or technological merit. Both Bitcoin and Monero have fair distribution; development of neither is done by for-profit LLCs financially supported by any pre-mine, miner tax, insider investment/ICO, or other fancy scheme paid out by either the underlying monetary system or taxed from the users and/or those securing the network, and while Blockstream Inc. does employ Bitcoin Core developers, Monero development is entirely decentralized without even a foundation to its name.
- empath75 10y ago
  The vast vast majority of bticoins are in the hands of early adopters. It was effectively a premine.
  - pero 10y ago
    The original comment purports that ridiculous enrichment schemes are a carpet necessary evil for initial and continued development of cryptocurrencies, which is simply not true - what you're pointing out is a different argument.

bogomipz 10y ago

Is that 10% in perpetuity?

tromp 10y ago
No; it's 20% of the first half, the distribution of the first four years...
- jbmorgado 10y ago
  Which amounts to 10% of the total coins that will be ever possible to create.
npongratz 10y ago
20% of coins mined in first 4 years, 0% thereafter: "At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders. Every four years, the rate of ZEC being created will halve (again, just like in Bitcoin). After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners." https://z.cash/blog/funding.html https://z.cash/blog/funding.html "At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders. Every four years, the rate of ZEC being created will halve (again, just like in Bitcoin). After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners." https://z.cash/blog/founders-reward-transfers.html https://z.cash/blog/founders-reward-transfers.html
- wildchild 10y ago
  They are taking 20% during the most important period of distribution. That is worse than any kind of premine. All Zerocoin based coins had the same ridiculous rewards and all dead yet or barely breathing.
- npongratz 10y ago
  Too late to edit and I wanted to quote the second link correctly: "The 10% of the total supply that makes up the Founders' Reward is distributed between launch and the first halving (at block 850,000). During this period (which will last approximately four years), half of the total monetary base will be generated. After the first halving, there will be no more Founders' Reward, and all newly-created ⓩ will be received by miners." https://z.cash/blog/founders-reward-transfers.html https://z.cash/blog/founders-reward-transfers.html I make no judgment on whether this is good, or bad, or other, just wanted to present the source's position on the matter.

wildchild 10y ago

20%. There are tons of coins released recently before zcash on this broken tech.