DeFiChain Transitions Into a DAO

defichain Jul 27, 2021

In the early days of blockchain development, there wasn’t clear direction in what projects were looking to build and how they would go about achieving their goals. On top of that, in many cases, we did not know who was behind these projects, and we certainly didn’t know the core values and the mission behind them. Transparency and communication were rarely focal points resulting in more questions about certain projects than answers.

Today, all of this has changed! New projects like DeFiChain hold itself to a higher standard. Transparency is not only important, it’s an absolute necessity, and it draws the line around what could be a successful, or an unsuccessful project.

As a result, DeFiChain not only embraces open communication, but has always been fully committed to providing and upholding transparency. For DeFiChain, taking transparency seriously means being as open and as honest as possible with the community, especially on the key initiatives that drive further decentralization of the DefiChain project.

Hence, DeFiChain, the first #nativeDeFi project that enables full DeFi capabilities for Bitcoin, is in the process of transitioning into a fully decentralized autonomous organization (DAO). One of the final pieces to the puzzle has just been completed: In order to ensure that DeFiChain’s assets continue to be administered a new Foundation was set up in the British Virgin Islands (BVI) to own current and future Intellectual Property (IP) like trademarks etc. This new Foundation is non-profit, a company limited by guarantee without shares or shareholders.

Figure 1: Incorporation certificate 

Daniel Zirkel will act as the initial intermediary and communicator between the new Foundation and the broader DeFiChain community. In order to ensure democratic decision making, this communicator position will be rotated every 2 years to another community member via voting. To cover the incorporation and administration costs for the next two years, a Community Fund Proposal has been put up for vote by Daniel Zirkel. Upon approval, the total amount of 21,000 DFI has to then be converted into the US-Dollars, to be transferred to the administrating law firm in the BVI. Any remaining sums will be used for the Foundation’s operating expenses.

Even though the early contributors to the project – Julian and U-Zyn – will not be directly or formally part of the new Foundation, they will still play active roles in their continuous efforts to promote and contribute to the growth of the project and support the various initiatives undertaken by the DeFiChain project to help it to reach the goal of becoming the world’s leading blockchain in the decentralized finance space.



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