Why release a transparency report?
Electric Coin Company (ECC) 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 Q1 of 2019.
- At the Q1 price of approximately $55 per ZEC, the company and its employees received approximately $449k per month.
- In response to ongoing market pressures, the company spent less per month than in the previous period, curtailing or deferring certain activities.
- The company’s operating cost in the first quarter of 2019 averaged approximately $525k per month. An additional 2000 ZEC per month, $110k at $55 per ZEC, were used for employee compensation during the period.
- The Zcash received from ECC’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 this disclosure.
- At the end of Q1 the company held $5.2M in USD and Zcash. The company currently holds approximately $6.4M worth of USD and Zcash.
- ECC share dilution impact to Founders Reward participants was implemented and effective June 2019. This change supports continued financial sustainability of ECC.
We hope that making the information contained within this report open and accessible demonstrates our high standards and commitment for radical transparency. We invite you to provide feedback in the forum or via email at [email protected] as we continue to support Zcash development and adoption.