The Starknet Foundation, which also will lead grants and support for new protocols and aims to develop standards that it claims will coincide with Ethereum's decentralization and open source standards, has been announced by the Ethereum scaling protocol Starknet.

It will obtain 50.1% of the total token supply for these purposes. The announcement comes in the midst of the FTX and Alameda crises.

The Foundation will begin with seven appointed board members who will play vital leadership responsibilities in the long-term direction of the foundation. Members include Andrew McLaughlin, the former Obama administration's deputy chief technology officer, and Eric Wall, a well-known blockchain whistleblower.

The board will begin with a majority-rule vote structure and may decentralize this procedure in the future.

According to the announcement, the foundation's primary focus will be on research, funding, and developing the company’s governance mechanisms. These methods involve research and development centered on its sequencer and proving systems, which are fundamental protocol elements that have posed a decentralization challenge in Ethereum scaling protocols.

The Foundation begins with 50.1% of the initial Token supply to ensure that the network's resources are efficiently distributed toward the following objectives: the preservation and security of StarkNet as a public good, the network's continued development and expansion, and assistance for a culture of constructive collaboration among developers.

Despite the fact that the Starknet Foundation mentioned several priorities in its post, it stated that it is free to take whatever roles it chooses regarding the firm.

What do you think of Starknet's new governance entity? Drop your comments by sharing this article on social media.

Posted 
Nov 10, 2022
 in 
Crypto News
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