The developer of ZCash Electric Coin Company (ECC) published a new report, according to which the company, despite financial losses in a bear market, managed to avoid staff reductions.
According to the document , in the first quarter of 2019, the average monthly loss of ECC was 30% – with revenues of $ 449,000 per month, expenses averaged at $ 635,000.
With an average price of $ 55 per ZEC coin in the first quarter, the company received $ 336,900 a month in rewards for the block found. ECC expenses amounted to $ 525,000 plus an additional $ 110,000 for employee salaries.
As a result, ECC was forced to cut costs in some non-critical areas, such as PR, trademark protection, and engineering. In addition, in June, recipients of awards for the founders of the company were invited to consider the issue of reallocation of funds.
At the moment, 80% of the reward for the found block goes to Zcash miners, the remaining 20% is for the founders of the company.
A new report was published a month after Zcash CEO and co-founder Zuko sent an open letter to the community, in which he noted that the cryptocurrency developers fund would be empty by October 2020 and called for new ways to finance this important project area.
Recall, in June, ECC senior engineer Nathan Wilcox said that the ambitious plans of the creators of the project provide that the Zcash network will be able to process "thousands or even millions of transactions per second." However, their implementation may require a transition to a completely new blockchain with support for sharding technology.
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