- Electric Coin Company fails to honor its agreement with the Zcash Foundation
- Sharing veto power would make it difficult for users to follow Zcash terms – Zooko Wilcox
- Zcash Foundation and the ECC start private discussions to resolve the issue.
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Sharing Veto Power Would Make It Difficult for Users to Follow Zcash Terms – Head of the ECC
In a statement published on the Zcash public forum last week, the head of ECC said:
“The bottom line is that the previous plan to lock the trademark into a 2-of-2, double-veto governance structure with the Zcash Foundation has not, at least not yet, been implemented, and the trademark currently remains under the unilateral control of the Electric Coin Company.”
Zcash Foundation Releases a Blog Post about the Failed Negotiation with the ECC
On the 2nd of September, the Zcash Foundation released a blog post to update the Zcash community about its synergy with the ECC. The post informed the Zcash community about the unsuccessful negotiation with the Electric Coin Company. It also halted the efforts of the firm in finding a solution to the impending funding crisis on the network. In the blog post, the head of the Zcash Foundation – Josh Cincinnati – said:
“We are delaying our community sentiment collection and any decision-making regarding NU4 until the Electric Coin Company recommits to the 2-of-2 agreement that was already agreed upon.”
However, things have started to fall in place after unsuccessful negotiations and the Zcash Foundation threatening to halt further progress on the network. In a press release today, Wilcox said they have started private discussions to resume discussions on the issue. Both entities are more likely to come to an agreement and decide which would be more beneficial for the community.