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Ryan Sean Adams

๐Ÿ‘ค Speaker
1143 total appearances

Appearances Over Time

Podcast Appearances

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

Which at the time, I was just annoyed at them at the time.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

That was me.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

That was my company they were talking about.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

And in retrospect, I'm like, oh, wow, that was actually pretty wise.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

So what happened was we set up a nonprofit called the Bootstrap Foundation.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

And all of the owners of the electric coin company

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

Donated their equity to the Bootstrap Foundation so that there would be no private owner who would have like a competing interest.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

Like they would be able to extract value or direct the development to their private interest at the expense of the public interest or the Zcash community as a whole.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

And the community, like the Zcash Foundation, did not fight very much at all.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

I never asked them, but maybe the fact that it was now a nonprofit instead of a private company was part of why they stopped objecting to the Dev Fund.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

The community as a whole approved the Dev Fund, like, with sufficient...

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

you know, majority or sufficient like consensus that it went through.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

So that bootstrap nonprofit started receiving defund during those four-year periods.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

But now in the current four-year period, the bootstrap nonprofit slash the electric coin company wholly on subsidiary isn't receiving defund at all.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

The only interaction between that and the current organizational crisis in that organization is that some of the money they're holding is

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

It was previously given to them out of dev funds, if you see what I'm saying.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

But they're not in an ongoing way receiving any dev fund money.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

I don't know.

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

Does that answer your question?

Bankless
Zcash Founder on Privacy, AI, and How ZEC is 'Encrypted Bitcoin' | Zooko Wilcox-O'Hearn

It does.