The non-profit organization Zcash Foundation announced the receiving of a charitable organization status. As the representatives of Zcash Foundation insist, this makes it the first charitable organization which activity is aimed at improving Internet payments and creating an infrastructure that would ensure the privacy of user data.
The Zcash Foundation has been granted 501(c)3 status—we are now officially a public charity! https://t.co/szcHd6mj0t
— Zcash Foundation (@ZcashFoundation) 25 октября 2017 г.
The foundation received the status of organization 501 (c) (3), which provides exemption from some federal income taxes in the United States. Under the rules of the Internal Revenue Service (IRS), for example, organizations are exempted if their activities are pursued by charitable, religious, educational, scientific or literary purposes.
When we were working with our lawyers it was important to me and several of the other board members that we accurately describe our goals—especially with regard to scientific research and public infrastructure. These may be more difficult to explain, and the IRS may be initially less comfortable with those arguments for public goods, but we were more interested in the principle of the thing: online public infrastructure and the science that makes it safe and private are just as much public goods as roads, reservoirs, and clean air or water.
Peter Van Valkenburgh
Member of the directors board, Zcash Foundation
It is also noted that the organization will continue to deal with issues of education in the field of crypto-currencies, technologies that provide online privacy and computer networks that manage these tools. However, the Zcash Foundation will also support open scientific research in the field of evidence of zero disclosure and related cryptographic technologies, as well as assist in building a decentralized Zcash network as an open public infrastructure.