The latest report on Electric Coin Company (ECC), the company behind the Zcash project, has been published, showing how the funds were used in the fourth quarter of 2019.
These reports They are published quarterly to reveal all the data relevant to the management of the company, since ECC had recently had some economic problems.
ECC received an average of $ 410,000 per month, but spent almost double, approximately $ 710,000. Additionally, employees received an incentive of $ 127,800 total.
At the end of the fourth quarter, ECC has around $ 7.2 million in USD and Zcash, and the goal is to reduce expenses, which were excessive during this fourth quarter.
In detail, we know that the Zcash block reward amounts to 6.25 ZEC and each block is mined every 1.25 minutes. Miners receive 5 ZEC plus transaction fees and the remaining 1.25 ZEC is placed in the Founders Reward (FR).
It should be remembered that this fund will end when reduce to half the reward. However, it has been developed a new background which grants 80% to the miners and the remaining 20% to the Zcash development fund:
- 80% to miners;
- 10.31% to founders and employees;
- 2.20% to the Zcash Foundation;
- 5.75% to the electric company of the currency;
- 1.74% to ECC employees as an incentive.
Following the previous scheme, we can see the numbers from last year, with a price of $ 33.50:
- $ 5,862,500 for the miners;
- $ 755,530 to founders and employees;
- $ 161,219 to the Zcash Foundation;
- $ 421,367 to the Electric Coin Company;
- $ 127,803 to ECC employees as an incentive.
Regarding expenses, the total of $ 710 thousand was spent as follows:
- 58% salary for employees;
- 16% administrative area;
- 13% for growth;
- 8% security and audit;
- 3% travel and refunds;
- 2% consulting;
- 1% software.
The report goes further and lists in detail all the information on costs and who was hired by the team to develop and improve the blockchain.
Please note that this protocol allows transactions are made anonymously only if the user decides to do it, and from recent data, this option seems to have had a significant increase.