Zcash has moved on to set up a non-profit foundation to boost the mass adoption of the cryptocurrency. The organization will be in possession of 273,000 zcash valued at over $13 million as of the time of writing.
The network’s policy foresees that stakeholders receive 10% of the virtual currency’s mining rewards.
The foundation will seek to drive forward the open-source development of the anonymous cryptocurrency. What sets Zcash apart from the competition is its innovative use of zk-SNARKS, a technology that retains the privacy of senders, receivers and balances of each address.
The board of directors of the foundation includes chair and president Andrew Miller, associate director of the Initiative for Cryptocurrencies and Contracts (IC3), and Matthew Green, assistant professor of computer science at Johns Hopkins University.
According to Zcash CEO and co-founder Zooko Wilcox, the new project changes the distribution of power in the zcash ecosystem as the company will no longer be the only entity working on the development of the cryptocurrency.