Secret Network to Restructure as Nonprofit with 'Transparent Operation' - Blockchain.News
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Secret Network to Restructure as Nonprofit with 'Transparent Operation'

Two Secret Network-promoting groups argued publicly before the vote.


  • Feb 13, 2023 09:22
Secret Network to Restructure as Nonprofit with 'Transparent Operation'

The decentralized autonomous organization known as Secret Network, which regulates the blockchain with an emphasis on privacy, has apparently made the decision to reorganize its foundation so that it functions as a nonprofit organization with a "transparent operation," as stated on the website for the proposal. On the webpage devoted to the proposal, this decision was disclosed to the general public.

According to the plan that was developed, the newly established group "would be registered as a NPO and present an annual account of its operations, including key performance indicators (KPIs), funds, and objectives." At least three people who are already involved in the community that the foundation serves will make up its board of directors, which will be responsible for overseeing the organization's operations. It is proposed that no one entity be permitted to have more than two seats on the board at the same time if the notion is to be implemented as it is now. The present restriction of one seat per corporation would be increased to accommodate this new provision.

The victory was theirs to take with 90.13 percent of the vote in their favor. There was not a single vote cast by DAO members in support of vetoing the move, and 9.87% of the membership elected not to take part in the vote. There was also not a single vote cast in favor of vetoing the proposal.

After a public dispute that erupted between two independent entities that promote Secret Network named SCRT Labs and Secret Foundation, the license was finally granted. The dispute revolved about who would be given priority when it came to advertising Secret Network. Guy Zyskind, the chief executive officer of SCRT Labs, accused Tor Bair, the chief officer of Secret Foundation, of cashing out SCRT tokens as a dividend paid out to himself without disclosing the transaction. Guy Zyskind is the chief executive officer of SCRT Labs. Tor Bair is the chief officer of Secret Foundation. On the 14th of January, this claim was brought forth.

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