The Electric Coin Company is committed to openness and transparency — as we help evolve and support the Zcash digital currency, and in support of our mission to empower everyone with economic freedom and opportunity. To this end, our transparency report details company income, expenses and use of funds during the second half of 2018.
- The Electric Coin Company is funded (assuming current price of ZEC) through October 2020.
- The Electric Coin Company and its employees have been receiving approximately 4.2% of the total mining rewards.
- At the current price of approximately $60 per ZEC, the company and its employees have been receiving approximately $550k per month.
- The company’s operating cost in the second half of 2018 averaged $700k per month. An additional $180k a month was used for employee compensation during the period. As such, the company has been running at a significant deficit.
- The Zcash received from the Electric Coin Company’s share of mining rewards was used to fund R&D, engineering, global adoption efforts, audits, trademark protections and regulatory relations. The specifics are included in the Expenses and Use of Funds section of the disclosure.
- The company currently holds approximately $5M worth of USD and Zcash.
- Founders Reward participants recently agreed to a dilution, effective June 2019, to ensure the financial sustainability of the Electric Coin Company.
We hope that making the information contained within this report open and accessible demonstrates our high standards for radical transparency. We invite you to ask questions and provide feedback in the forum or via email at [email protected] as we continue to support Zcash development and adoption.