Board Minutes: June 9, 2017

11:00 AM EDT

In attendance: Andrew, Peter, Yan, Naval, Matt

  1. We welcome Yan as fifth board member
  • General discussion welcoming Yan and reviewing scope of organization
    • Financial Privacy broadly vs Zcash network specifically
  • Each member shared what they are excited about regarding the plans for what the foundation should do
    • Andrew: grants to good samaritans in the community
    • Peter: working groups (like W3C) to create more organic development of the tech that outlasts the Zcash company
    • Matt: Encouraging research on new uses for the protocol beyond cash, privacy and zk proofs in other realms and applications
    • Yan: agrees with Matt, very excited about all the ways the tech can be used
    • Naval: make sure foundation is run as sensible enterprise (with good cash management).
  • Yan asks what the impetus for the foundation’s creation was
    • Andrew: much of it to be a recipient of the funds that are to be pledged from the mining reward for open development/non-profit
  • Andrew discusses our status as bootstrap board and the ultimate movement, potentially toward a permanent board.
  1. Discuss pending 1023 application, yet again
  • We reviewed a further revision of our activities and purpose statement
  • We reviewed a discussion with our lawyer on whether Zcash Co is a “parent company,” and concluded “No”, as we do not have a leadership role or controlling interest within the Zcash company.
  • The board approved to file our non-profit application
  1. Budget
  • The board approved to reserve 300 ZEC (approximately $80,000) for the grant program
  • We reviewed a job description written by Peter and Andrew for a Senior Project Manager and/or a Communications Manager. The board approved publishing the job description
  • The board approved to reserve a budget for a 2-year salary for project manager, $83,200
  • The board approved for treasurer (Andrew) to determine a way to exchange ZEC into dollars for this purpose, having money in $ safe to pay employee(s)
  1. Working groups
  • The board approved a draft of policies for a “Working Groups” model for coordinating volunteers.
  • The board approved to authorize the President (Andrew) to approve a working group without needing a board decision.