Today the Zcash team will be marking a milestone in its development, the first ever payout from its
Founders Reward.
UPDATED 11/28/16 1:39pm- The transfers will be taking place later than anticipated; ie: later this week. You can keep an eye on this Zcash Forum thread for more updates
The Founders Reward is one of the cornerstones of Zcash that will provide funding for continued Development, pay back Investors, and also build a Non-Profit Zcash Foundation. For those new to Zcash the Founders Reward represents 10% (2.1 Million) of the total 21 Million Zcash coins to be issued. The Reward is being issued at a rate of 20% of the block rewards for the first 4 years and then nothing after that.
According to this
Zcash Blog post the first rewards will be issued on or about today Nov. 28th 2016. I have heard from Zooko on
chat.zcashcommunity.com that Zcash Company will be updating the public with a
more specific time of day soon. I will be tweeting this information as soon as I have it.
At the time of writing this post the first transfer amount will be approximately 19,600 ZEC as you can see in this address:
t3Vz22vK5z2LcKEdg16Yv4FFneEL1zg9ojd which at current market rates (@$66.00 at the time of this post) represents about $1.29 Million.
Keep in mind that these coins will be divided among
many parties and it will be up to the individuals who recieved these coins when and if they decide to sell them.
Also, at the time of this post we are at Block 18,317 which is very close to the next Zcash Milestone; the end of the Slow Start. This means that by Block 19,999 the full Block reward of 12.5 ZEC every 2.5 minutes will be achieved. At a rate of a Block every 2.5 minutes the Slow Start should officially end in about 2.9 days / December 1st 2016.
