A few thoughts on ZCash (disclosure: Paradigm is an investor in ZEC and ZODL): - All blockchain ecosystems struggle with long-term funding, especially of public goods, and an inflation-funded developer fund is an elegant mechanism to do so. How this fund is allocated is a fair debate, and we should strive to improve it. But, we believe the dev fund is important, particularly in this age of AI cyber capabilities, rate of quantum progress, etc. - As ZCash grows in acceptance and adoption as a private complement to Bitcoin, we think pure coinvoting governance introduces unpredictability that could limit long-term trust as a monetary asset, and it is better for the project to combine coinvoting with other forms of governance.