A majority of Electric Coin Co. (ECC) shareholders have officially voted in favor of donating 100 percent of the shares of the company to the nonprofit Bootstrap Project (Bootstrap). While nothing will change within ECC, it will become wholly owned by Bootstrap rather than its current owners.
As noted in the initial announcement, ECC will retain its current structure, including management, employees, and operations. Bootstrap’s initial Board of Directors will include ECC’s current board, and will be the seed for a “self-perpetuating” board that decides its own composition. The initial board members will expand the board by the end of 2021 at the latest, to bring a wider diversity of stakeholders, demographics and expertise.
In the new Zcash development fund, ECC is slated to receive 7 percent of issuance for its work on R&D, engineering, regulatory relations, adoption and demand generation in support of Zcash. Pending final community approval, this allocation will now go to Bootstrap instead, which will in turn fund ECC with the full issuance. The legal paperwork required for the ownership transition will be complete prior to the Zcash Canopy network upgrade activation at block 1046400 which is estimated to be November 18, 2020.