This coin is a zk snarks coin like zcash or zencash. This allows for private transactions that cannot be viewed on the blockchain. There was about 13 million zelcash mined on the second block. I suspect that all of this was eventually sent to a private address.
You are right.
http://explorer.zel.cash/block/0005da29f1a56767fbc3330ebf03e9af55187855ead9d030ccbfcec0efe87b68 (2nd block)
But it seems to be
Development fund
... (as said in OP)
(OP)
About Zel:
-Blockchain: Cross-chain, Equihas (POW-minable) and Ethash (POS for DAPPS)
-Block time: 2 minutes
-Reward 150 ZEL (halving every two years)
-Total ZEL Supply: 210,000,000
-Development fund: 6.2%
-P2P Port: 16125
-RCP Port: 16124
....6.2 % premine ....
If threre is no more dev fund (like from reward block)... it seems fair enough for me..
