Zooko Wilcox

There were a couple of Silicon Valley DCs, but they were almost all angels.

We raised $3 million in

And what we promised them is they'll get a cut out of the mining.

Yeah.

It comes out of the mining over the first four years of the mining.

So whenever a miner finds another Zcash block, they get 10 coins and the investors and the founders and the advisors of the company get a few coins each.

Well, be careful because there are transaction fees, actually, for people who make transactions.

They pay the miners to include their transactions.

And those are different.

Those are just a straight transfer from the person making the transaction to the miner.

This is – it's kind of –

I'm not sure what a good analogy it is because it's the miner who... It's the miner who gives...

this share of the reward over to the founders.

And the miners choose to do so anyway because it's still much more profitable for them to mine Zcash and get their 10 Zcash coins than it is to mine some other alternative.

I mean, we were, we were pretty early in this space and nowadays we might use, there's a thing called a SAFT, which is a safe for tokens.

There's some new, there's some new, this is some new contractual technology out there, but what we did was set up an LLC and,

and actually gave equity in the LLC to every investor.

That's right.

I don't remember the precise month.

It was about a year and a half.