DigiByte Unveil Foundation Framework

DigiByte Unveil Foundation Framework

After first floating the idea in November 2019, the DigiByte Foundation (DF) have released details of the project’s framework which is designed to function as a non-profit organisation to support and facilitate the aims of the associated DigiByte (DGB) blockchain community. While further adoption of DGB is a major focus, the Foundation also seeks to foster a wider sustainable decentralised world – a vision they believe is “unstoppable.”

The founder of DigiByte and a seasoned vocal supporter of decentralisation, Jared Tate, took to social media to positively respond to the news.

Blockchain Principles

As a nonprofit organisation, the DF will operate under the legal form of a Dutch Stichting – which is similar in structure to a U.S. Public Foundation or Community Foundation. With un-paid board members and no formal members, the DF will rely on the community’s input for direction and decision making.

Funding will be sourced from donations, including from the community, in the form of an annual subscription. Although not yet finalised, the DF indicate this would be relatively low – at around a few hundred DGB, equivalent to a couple of dollars, per annum.

When the DF receive a proposal they will ask advice from the community and if action is needed, donors will consider the options and vote on the outcome.

With a wide-ranging brief that includes supporting development, research, education and marketing, the DF believe structuring as a not for profit entity was fundamental in insuring the community’s goals were met rather than self-serving motives. As such, the DF team feel their framework aligns with blockchain principles in that “…the concept of decentralisation entails removing the power of authority from the hands of a few and distributing it uniformly among the community.”

A number of values have been identified as core to DF’s positioning to be “…a catalyst in creating decentralised solutions that can be applied in the social, political and economical landscapes.”

  • Decentralisation
  • Inclusiveness
  • Permissionless
  • Integrity
  • Transparency and Openness
  • Consensus
  • Thought Leadership

Such clearly defined values are seen by the DF as key in maintaining the separation of truly decentralised projects from others which seek to hide centralised concepts behind a blockchain marketing tagline.