At an attempt to be fully transparent, the Zcash Electric Coin Company disclosed the company's financials, including how much the founder receives. It's a lot.
TIL that Zooko is getting $4.2 million per year (at current prices) thanks to $ZEC's founder awards. Those silly devs that actually had to mine their "own" coins must feel really silly now.— WhalePanda (@WhalePanda) June 26, 2018
Also TIL that ZCash Foundation has a $500k/month burn rate https://t.co/1kC10liz4C
lol so @zooko personally earns $340 000, the @zcashco makes north of a million Dollars a month, and @radix42 has to resort to begging for scraps from the community just to keep his Windows / Mac ports going.— Riccardo Spagni (@fluffypony) June 26, 2018
Misalignment of incentives, anyone? pic.twitter.com/EqDZzzCeOv
The other side:
The $4m/year only lasts for 4 years. So that's $16m for making a $700m ($3.5b counting not yet issued coins) cryptocurrency.— Vitalik "Not giving away ETH" Buterin (@VitalikButerin) June 27, 2018
i mean, not that i disagree this is a shocking figure, that tweet is referring to before the launch, and $ZEC was only $40 after launch. still a very high salary.— an overwhelming surplus of diggity (@spudowiar) June 26, 2018
In an in-depth article below, Arjun Balaji describes the trilemma of founder incentives in cryptocurrency economics, why it is so challenging to balance them, and some of the options for the incentive structure.
"Managerial innovations devised over time to align employee and founder incentives include profit sharing (at smaller firms), stock options tied to quarterly performance (at public companies), and vesting schedules (at private companies)."
Why will we need privacy coins if we can just CoinJoin LN channel openings?— grubles (@notgrubles) June 28, 2018
"In summer 2017, the Shadow Brokers started asking anybody wanting to buy alleged exploits and tools to use Zcash. In exchange for 100 ZEC ($15,900 USD at today’s rates, and around $22,800 at the time of the sale), buyers could access some more Shadow Broker-provided tools, although it’s not clear exactly what. The Shadow Brokers offered similar deals for several months."
Ethereum researchers: is there a backup plan if we switch to PoS and it doesn't work? I don't mean implementation flaw, but a fundamental issue with Casper itself. Can we simply go back to PoW? @dannyryan @naterush1997 @VladZamfir @VitalikButerin— Hudson Jameson (@hudsonjameson) June 28, 2018
News & Commentary
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"Its decision to exclude Japan suggests that its effort to obtain a license from Japan's Financial Services Agency (FSA) is still ongoing, given that it disclosed its application back in January."
"Goldman and Morgan Stanley won’t be able to raise their dividend or buybacks for now—the same consequence as flunking the test. The Fed spared them the black eye of a failing grade in part because of the complexities of the 2017 tax law, which reduced the value of some tax-related assets the banks held, senior Fed officials said."