According to official reports, the new SecretDAO foundation will be governed by a board of three or more members, and no organization will hold over one seat.
The decentralized autonomous organization (DAO) that governs privacy-focused blockchain Secret Network has voted to restructure its foundation to work as a nonprofit with a “transparent operation,” based on the proposal’s official page.
https://twitter.com/KryptonAi/status/1624076978608390152
This proposal says that the new foundation:
“Will be registered as an NPO [nonprofit organization] and provide an annual account of its activities, including key performance indicators (KPIs), budgets, and goals.”
The foundation will be operated by a board that is made up of three or more community members. No single institution will be let to hold over two seats on the board, as highlighted in the proposal. It passed with 90.13% of the vote. 9.87% of the DAO abstained from the vote, and no members voted against the proposal at hand.
Notably, the approval came after a public tussle came up between Secret Foundation and SCRT Labs, two separate organizations supporting the Secret Network. On January 14, SCRT Labs CEO Guy Zyskind vehemently accused Secret Foundation CEO Tor Bair of cashing out SCRT tokens as a dividend paid out to himself and failed to disclose the transaction.
Bair, as expected, denied the allegation, alleging that the dividends were part of his normal salary and were revealed as stipulated in the rules and regulations. Despite that, Bair agreed that the founded required to be more transparent, saying:
Buy Bitcoin Now“I have communicated privately and publicly on multiple occasions about my desire to be a part of that change, which could include restructuring the Foundation entity, more closely supporting Secret Agency, establishing a global board, or other next steps. We firmly support this path and wish to work in close coordination with other network actors.”
Despite the public support by Bair for a restructuring plan, a major validator of the Secret Network said on January 30 that it had decided to shut down its operations because of ‘recent events’ and other issues.
The restructuring proposal got developed on February 2. Voting started instantly and continued for seven days. Based on the proposal, the DAO aims to have the new Secret Foundation smoothly operate in the next 90 days of passage.
