Zcash price pumps 11% on community decision to fund it

Zcash (ZEC) has just pumped more than 11% to reach a current value of $66.02—its highest value in more than five months. The move continues a month of near-perpetual growth, which has seen ZEC more than double in value in the last 30 days.

This recent bullish price action comes less than a day after the Zcash community voted to introduce a new version of its mining reward scheme, which will see 80% of block rewards distributed to miners, whereas two of the project's major supporters—Electric Coin Co (ECC), and the Zcash Foundation—will get 7% and 5% respectively. The remaining 8% will be allocated to an additional fund used for grants, which will go towards third-party development efforts.

The new distributed scheme axes the much-maligned 20% founders reward, which was previously used to reward the Zcash founders, developers, and early investors.

In total, the election—held by a select group of individuals rather than the wider Zcash community—received 88 votes, almost half of which voted for the winning split. Some of the people who voted in the election will also be the beneficiaries of the mining rewards.

An equal number of people voted that the Zcash foundation should have authority in determining major grants, or there should be a grant review committee established for this purpose.

As it stands, neither the Zcash Foundation nor the ECC can override the community's decisions regarding the implementation of Zcash Improvement Proposals (ZIPs)—updates designed to alter the functionality of Zcash. So, the vote will ensure that funding for the coin continues for the next few years—as long as the token price doesn't tank.