RT @ElectricCoinCo: A majority of the investors and owners have informed us of their generous willingness to donate ECC in support of our shared mission to empower everyone with economic freedom.
it does not mean anything accept they are changing to new type of entity. ECC is simply changing the enity type. In the United States a Corporation is treated as a person. ZEC's goal is to create a safe way for P2P payments. When you create something that is for the people with the main goal being privacy, your not making that much money yet. Switching to a non profit will free up of cash flow for ZEC to continue to provide the security that comes with the coin. Time, Development, Security cost money for users safety (NOT ZEC's). Yes they may save some money on taxes, but it does not affect the currency itself. Unless people get scared to dump the coin due to ignorance. ZEC's is not forking on top of that I would imagine with a new Entity the rules around corporate vesting are going to change. If they decide the old companies employee's can sell coins that have yet to vest under ECC(old) then ya that's not gonna be pretty. However, if they are just moving the Entity and Make sure employee's and founders and MAJOR Investors are contractually not allowed to sell for a set period then one would assume it is business as usual- This just my opinion r/zec
This is what Josh S. said in the Telegram thread, "under this model, the only owner will be Bootstrap - a 501c3. No early founders. No investors. It's a completely clean cap table and honors the wishes of the community. All ZEC received goes to further Zcash...It's not about 'evading taxes.' Employees pay income tax, even on ZEC received."
From the blog, "This hybrid “company / non-profit” structure is intended to provide the best of both worlds, allowing the ECC team to continue performing like a startup in terms of commercial activities, customer orientation, and a relentless focus on scaling up, while at the same time providing governance appropriate to a mission-oriented, public-serving organization."
Too little info to know. In typical ECC fashion, they announce this enormous change without any important details.
tempMonero123Platinum | QC: XMR 1076, CC 1033, CM 25 | TraderSu3 months ago
Probably bad. I think they think that they can't make money off of it any more. Development will likely slow to a crawl. Zcash is a product of a company, a company that intended to make money. It was never a community-driven project.
They are just moving the ECC from it's current owners to be owned by a non-profit, likely because the benefits of being owned by a non-profit will help in the long-term. Sounds like everything else will remain the same, including the company structure and employees.