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Zooko Wilcox, the co-founder of Zcash, has found himself facing criticism over his “founder’s reward”, currently valued at over $300,000 per month.

The controversy is more striking as it only came to light because of Wilcox’s transparency in explaining Zcash’s finances at the Zcon0 conference in Montreal.

According to Wilcox’s presentation he receives 2,033 ZEC each month as part of a “founder’s reward.” At current prices this amounts to a monthly payment of over $300,000 per month, or $3.6 million per year.

Crypto personality “WhalePanda” was one of those criticising the arrangement, saying that “those silly devs that actually had to mine their “own” coins must feel really silly now.”

Extreme transparency

However, many have jumped to Wilcox’s defence, pointing out that the only reason that a debate is even possible is due to him being upfront about the company’s finances. Wilcox noted this himself, saying that the project’s critics were “using our new—even more extreme—level of financial transparency against us.

Zcash investor Ben Davenport noted that Wilcox was “compensated X amount of ZEC at the very beginning, when it was worth very little” and that it is only worth something now due to the performance of the Zcash team.

Ethereum co-founder Vitalik Buterin, who is also attending the conference, characterised the deal as bad PR but not egregious, or even particularly high by the standards of cryptocurrency founders.  

Nic Carter of Coin Metrics agreed, saying that Zooko was likely “the least well-off cryptocurrency creator” of all the top 30 cryptocurrencies by market cap.

Carter’s claim will likely stay unproven. It seems unlikely that Dan Larimer of EOS, Justin Sun of TRON, or even Buterin himself will be revealing their own personal finances any time soon.

Image From Shutterstock

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