VaultZ is the Community Fund of the BitcoinZ Project.
It is a major upgrade for the Project and came with the 2.05 version, after a massive 96% YES vote by the Community.
How does exactly this model work?
The idea consists of getting a sophisticated and democratized funding mechanism for the support of the Community Fund. With this mechanism , a minor 5% percentage of every block reward is now supporting the Community Funds. This way a much better expansion rate for the BITCOINZ Project can be achieved as the members can vote for the best ideas to be funded and completed or for future deals with external cooperators helping the project to implement more unique features, listed in extra service providers etc.
How was the previous state and what is the difference with VAULTZ ?
During the previous state, the Community Fund was raised only by donations which were made by the volunteering Community members. With the VaultZ upgrade, the system became much more effective and really fair for everyone. Yet again the investors are free and more than welcome to add any desired donation to the Community Fund addresses.
Is VAULTZ a DEV TAX?
Every usage of the VaultZ requires the vote of the Community. Even its percentage (5%) was decided by all the members. This is the major difference of this Community Supportive Mechanism with the known “Developer Taxes” that the most cryptocurrency Projects are imposing to their members.
First of all, the Developers Taxes are imposed and the users are not asked if they wish them or not. The same happens with their percentage. In addition the users usually are not asked even just for the usage of the raised funds.
Easily, it is quite understandable why the VaultZ mechanism of the BitcoinZ Community is a totally different model. A really revolutionary, democratized and decentralized mechanism, ideal for a really 100% Community Driven Cryptocurrency.