Zcoin Launches Crowdfunding System to Increase Decentralization
Zcoin has unveiled its Crowdfunding System, a step towards increased decentralization in the areas of funding and decision making. Following the launch of the platform, the network will adopt a donation model instead of its current block reward model for the funding of projects. The Zcoin Crowdfunding System (ZCS) will also allow the funding of ancillary projects including non-core development, events, community management, and third-party integration.
One of the goals of the ZCS is to eliminate any single source of failure in the blockchain. Consequently, the Zcoin community is expected to be more involved in the development of the network. Community members can propose, approve, and fund activities.
Anyone can submit an idea for a feature, task or service for discussion and once it reaches sufficient interest, it is approved for donators to start funding it. Funds are then released according to the milestones specified along with regular updates of the progress of the project.
To achieve increased transparency, the ZCS will make use of Zcoin’s Github repository, which will display a trackable history of every proposal, as well as their amendments. The Zcoin team said:
We are hopeful that the ZCS will result in increased community participation in the project by allowing a streamlined way to seek funding.