On the $ZEC Dev Fund debate: The Zcash community has decided its identity is “encrypted Bitcoin.” It has rejected adding more bells and whistles to the protocol. To become encrypted Bitcoin, Zcash must become a dependable store of value, and that means eventually ossifying. But the protocol cannot ossify now. Tachyon and quantum-resistance will take work. AI cyber hardening eventually requires full formal verification. There’s a final version of Zcash that will be ready to ossify. But it’s hard to imagine that happening within the next year or two. The Dev Fund has done a great job and was a necessary step to protect Zcash development at a time when there was no private funding for it. But there's a reason why the Dev Fund was not set to exist in perpetuity; under current rules it expires in 2028. But Zcash has run up so explosively, the size of that fund is an order of magnitude larger. I'm sympathetic to @maxdesalle's argument that Zcash does not want to become like a government. The political economy of slush funds and “grantmaking” is genuinely corrupting. The sheer size of the Dev Fund, given how much Zcash has run up, has changed it. A few million dollars of funding can be thoughtfully allocated by a few individuals, but once you’re $100M+, you must become an institution. Zcash’s Dev Fund is now precisely in that no man’s land that it will not be able to avoid becoming politicized. I think you just have to accept that, and minimize it as best you can. I believe the fund has to exist, at least for now. There's too much work left to do for a deeply technical project. But who governs that fund is a separate question. I agree with @matthuang that pure tokenholder governance is too volatile for a store of value asset. American citizens don't get to vote on the Fed Funds rate at the ballot box, and Bitcoin holders don't vote on code changes. Predictability is a prerequisite for storing value. Institutions can be wasteful and distasteful, but they are predictable. I’m of the opinion that this should be the final Dev Fund. It's large enough to fund the remaining work until Zcash is ready to ossify, and then wind down rather than search for other things to fund. If other work must be done afterward, it can be formed organically by holders and allies, just as it is for Bitcoin. I don’t think it should move toward pure tokenholder voting, though I’d be supportive of something partial. Councils suck, but they are often the best answer to a messy question. (Normally I don’t weigh in on Zcash governance, but @zooko asked me to share my perspective. Take it with a grain of salt.) Disclosure: Dragonfly holds $ZEC and I'm a personal investor in ZODL. ZODL does not benefit from the Dev Fund directly, but you should know where my incentives sit.