Lockbox (Deferred Development Lockbox)
A pool of ZEC tracked by the protocol itself — funds set aside from the block subsidy that cannot be spent until a disbursement rule exists.
The lockbox is a balance the Zcash protocol keeps track of, filled by funding streams that direct part of each block's subsidy into it instead of paying a recipient directly. Its funds can be withdrawn only through a disbursement mechanism defined in the protocol.
Zcash has one such mechanism so far: a one-time disbursement specified by ZIP 271, which moved 78,750 ZEC out of the lockbox into a multisig address at the NU6.1 upgrade. The 12% funding stream that continues to feed the lockbox is, per ZIP 271, not spendable until a further network upgrade adds another disbursement mechanism.
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