Recent fluctuations in market prices have highlighted the need for sustainable funding sources for the continued growth and development of crypto projects. Zcash is one project that will not be affected by a shortage of development funds that will inevitably hit many in the crypto space during a prolonged crypto winter. The Zcash Community Grants (ZCG) program is funded through Zcash's unique ecosystem and provides the opportunity to fund projects that contribute to the adoption and usability of the Zcash network.
An ecosystem that puts community at its core
The ZCG program gives the Zcash community the opportunity to decide on the projects that will shape the future of Zcash and drive Zcash usability, security, privacy and adoption. The program has some significant sums of money that can be put to good use: about $12 million at last count. And the program is sustainable because its war chest is replenished by ongoing allocations from the Zcash Development Fund.
The grant approval process is rigorous, but democratic and transparent. A five-member committee, whose members are all elected by the Zcash community, oversees the evaluation of proposals. It makes the final decision on which projects to fund after the community has had a chance to review the applications and offer their critical opinions.
The submission process was designed to accommodate the largest number of applicants possible without compromising compliance. It is also conducted on a rolling basis, and new applications are reviewed every two weeks. This gives applicants more flexibility and more time to fine-tune their proposals.
What types of projects are supported by the Zcash community?
The variety of projects that fall within the scope of ZCG is impressive. As you might expect, the key areas of wallets, security features, apps, and interoperability are well served by the ZCG. For example, $258,000 was recently awarded to expand the reach of Zcash by bringing it to Thorchain, while $130,000 was allocated to a project that will allow Zcash users to perform shielded transactions with Trezor Model T hardware wallets.
But ZCG is also open to more unusual and category-changing initiatives. It even funds projects aimed at raising awareness of the unique features of the Zcash ecosystem, thereby growing the Zcash community and enabling its members to get the most out of Zcash. For example, film production company 37 Laines recently received a $420,000 grant to produce and distribute video content that showcases Zcash's unique vision.
The ZCG program emphasizes inclusion: development teams and startups of all types and sizes can apply for amounts suitable for small, medium and large projects. So far, grants have ranged from $5,580 to maintain ZECpages.com's Testnet Faucet to $1.2 million awarded to QEDIT, an organization developing tools to enable private Bitcoin and private USD stablecoins on the Zcash blockchain via Zcash Shielded Assets.
Are you ready to make a proposal?
As far as we know, the Zcash ecosystem is at the forefront when it comes to reliable and sustainable mechanisms that enable serious long-term financing of development projects. At a time when the role of VCs in funding development projects is being questioned, Zcash is using ZCG to show that a democratic, transparent and stakeholder-centric approach to investing in innovation is possible.
And that can only be good news for development teams of all sizes. If you have a project idea that will benefit ordinary users, Zcash Community Grants is the place to make it happen on the Zcash blockchain. For more information on how to apply for a grant, visit the ZCG website.