SecretDAO votes to restructure foundation after public spat between organizations

The DAO that governs privacy-focused blockchain Secret Network (SCRT) has voted to restructure its Secret Foundation arsenic a non-profit with a “transparent operation,” according to the proposal’s authoritative page.

Congrats to the #SecretNetwork community! The Secret Foundation has been restructured arsenic an NPO, with a community-elected committee & amendments requested by the founder. #blockchain #cryptocurrency

— Krypton AI (@KryptonAi) February 10, 2023

The connection stated that the caller instauration “will beryllium registered arsenic an NPO [non-profit organization] and supply an yearly relationship of its activities, including cardinal show indicators (KPIs), budgets, and goals.” The instauration volition beryllium tally by a committee made up of 3 oregon much assemblage members. No azygous enactment volition beryllium allowed to clasp much than 2 seats connected the board, according to the proposal.

It passed with 90.13% of the vote. 9.87% of the DAO abstained from the vote, and nary members voted against the proposal.

The support has travel aft a nationalist feud had breached retired betwixt SecretLabs and Secret Foundation, which are 2 abstracted organizations that enactment Secret Network. On January 14, SecretLabs CEO Guy Zyskind accused Foundation CEO Tor Bair of cashing retired SCRT tokens arsenic a dividend paid retired to himself and of not disclosing this transaction.

In a forum response, Bair denied the allegation, claiming that the dividends were portion of his regular wage and were disclosed arsenic required. Even so, Bair agreed that the Foundation needed to beryllium much transparent, stating:

“I person communicated privately and publically connected aggregate occasions astir my tendency to beryllium a portion of that change, which could see restructuring the Foundation entity, much intimately supporting Secret Agency, establishing a planetary board, oregon different adjacent steps. We firmly enactment this way and privation to enactment successful adjacent coordination with different web actors.”

Despite this nationalist enactment from Bair for a restructuring plan, 1 large validator of the Secret Network announced connected Jan. 30 that it was shutting down owed to “recent events” and different issues.

The restructuring connection was created connected Feb.2. Voting began connected it instantly and continued for 7 days. According to the proposal’s text, the DAO intends to person the caller Secret Foundation up and moving wrong 90 days aft passage.