The Shift to Nonprofit
In a landmark decision for transparency and governance, the Secret Network community has successfully restructured its foundation into a nonprofit organization (NPO). With an overwhelming vote of 90.13% in favor, the community has chosen accountability over ambiguity. No longer shall the foundation be cloaked in shadows; its operations will shine brightly with transparency, thanks to community-elected board members.
Who’s on the Board?
The new board will consist of a minimum of three community members, ensuring a diverse and fair representation. To keep things interesting—and perhaps a tad competitive—no single group can hog more than two seats. This democratic approach is a breath of fresh air in the often opaque world of blockchain organizations.
Reasons Behind the Change
The push for transparency didn’t emerge from a place of sunshine and rainbows. No, indeed! It was fueled by a spicy public spat between SCRT Labs and the Secret Foundation itself. Allegations flew faster than a crypto price chart on a good day. Accusations of undisclosed transactions and dubious dividends strained relationships and highlighted the need for a transparent structure.
CEO Tor Bair acknowledged the need for change, stating, “We firmly support this path and wish to work in close coordination with other network actors.” In simpler terms, he wants to ensure everyone plays nice and shares the road to decentralization.
Key Objectives of the New Foundation
The newly minted foundation isn’t just a name change. It comes with a promise: an annual account of activities, key performance indicators (KPIs), budgets, and future goals. It’s all about turning a new page and setting the foundation for great things to come. Think of it as a fiscal diet plan where everyone has to check in to avoid overeating resources.
Timeline for Implementation
So when will all this happen? Buckle up, because the timeline is set! The DAO aims to have the new Secret Foundation operational within 90 days of passage. That means we can expect a lot of updates and a little less drama in the months to come.
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