Vive la révolution! We Struck Off The Foundation — Long Live Decentralization!
- DeFiChain Foundation Limited, which was previously registered in Singapore, has been de-registered.
- In this next step to becoming fully decentralized with no on-chain governance, the DeFiChain project will be wholly run by you — the DeFiChain community.
- A new non-profit Foundation will be incorporated in the BVI to administer any admin tasks and DeFiChain’s intellectual property (IP) rights.
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 under in Singapore (Company identification number 201937328C).
Don’t worry, this is just a formality. Both Julian and U-Zyn will continue to promote and contribute to the growth of the project in support of the various initiatives undertaken by the DeFiChain project by investing their time and efforts to help it reach the goal of becoming the world’s leading blockchain in the decentralized finance space. However, they will no longer be directly nor formally affiliated with the new Foundation in terms of proposing the general direction of the project, justified by DeFiChain’s move towards full decentralization.
Instead, future governance of DeFiChain and DeFiChain projects will be 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 will be 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 — will act 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), 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.
Originally published at https://blog.defichain.com on June 16, 2021.