Vive la révolution! We Struck Off The Foundation – Long Live Decentralization!

DeFiChain -

TL.DR:

  • DeFiChain Foundation Limited, which was previously registered in Singapore, has been de-registered.
  • The DeFiChain project is now fully run by you — the DeFiChain community.
  • A new non-profit Foundation is now administering any admin tasks and DeFiChain’s intellectual property (IP) rights.

FULL:

It’s one small step for DeFiChain, one giant leap for decentralization!

The DeFiChain team has completed the de-registration process of the DeFiChain Foundation Limited, which was previously registered in Singapore (Company identification number 201937328C).

This means that the future governance of DeFiChain and DeFiChain projects is conducted by you — the community — through masternode voting.

The DeFiChain Foundation, which was initially created and registered as a non-profit organization in Nov. 2019 to support the accelerated growth of the DeFiChain blockchain project, was needed in the early days — as a means to register websites and conduct other administrative tasks etc. — but is no longer required with DeFiChain accelerating its path towards becoming fully decentralized.

To ensure that DeFiChain’s current and future Intellectual Property (IP) like trademarks etc., and the integrity of the project can be administered, a new Foundation has been set up in the British Virgin Islands (BVI). Daniel Zirkel — whom most of you probably know as a long standing and trusted DeFiChain advocate, and active member of the community since DeFiChain’s inception — is acting as the intermediary and communicator between the new Foundation and the broader DeFiChain community.

In conjunction with the de-registration of the Foundation (in Singapore), all 273.7 million DFI which were previously held in the Foundation Wallet, have been burned following the results of the DFIP #7 voting proposal. The hard cap of 1.2 billion DFI has not been affected by this burn, and the burned amount will be redistributed into circulation via block rewards over time.

These recent changes have transformed the project into a fully decentralized and open-source projects, ensuring that no individual or organization holds the power to unilaterally alter the project.