By
Godfrey Benjamin
April 12th, 2024
Blockstack, a blockchain startup that is specialized in Web 3.0 development, has taken a decision to decentralize its corporate governance structure.
Based in San Francisco, BlockStack is a startup that is aimed at creating a new network for decentralized apps that’s why there is no surprise that decentralization has become a core idea of everything they do and are striving for.
In its official blog, the company has published a new post titled “A Path to Decentralization” announcing its plan for decentralization of corporate governance. BlockStack co-founders Ryan Shea and Muneeb Ali stated in their post that their goal is to ensure that their corporate governance is decentralized as well as the way of working of their blockchain platform and app network.
The network itself is decentralized by its nature, its utilizes open-source software and offers an open membership and consensus mechanism, but it is necessary to invest a lot of forces and efforts to achieve decentralization of corporate governance.
Co-founders wrote:
“We’re determined to forge new paths and put in place governance structures that accomplish the goal of a robust and decentralized ecosystem. This won’t happen in one fell swoop, but rather over time, through careful consideration and execution.”
Way Ahead
In the post, several steps to reach decentralization are enumerated. The first step is creation of a non-profit foundation that will be dealing with the issues of supporting fundamental digital rights and making sure that key internet infrastructure is decentralized. Though the form and the structure of the potential foundation are still under discussion, it is expected that it will have an independent board of directors who don’t participate in other projects at the same time.
Moreover, it is planned to create independent entities in the U.S. and Hong Kong. Ryan Shea will leave Blockstack PBC and will establish a new US entity. Nevertheless, he will still be a member of the Blockstack community and will continue making his significant contribution to its development. At the same time, in Hong Kong, Larry Salibra, who is one of the first Blockstack engineers, will form an independent entity focusing on a new stand-alone browser.
The second co-founder, Muneeb Ali, will be managing Blockstack PBC activities with the special focus on the developer platform, the Stacks blockchain, and regulatory compliance. What is more, the plan presupposes that in the nearest two years, the startup will take a decision regarding a list of responsibilities that will be transferred to independent entities which will further boost decentralization of the governance.
Earlier, Blockstack PBC founded its Signature Fund that has already invested in a number of startups focused on building decentralized apps and protocols. In the framework of the recently approved decentralization plan, the company wants to minimize the role of Blockstack PBC that it plays in the activities of its Signature Fund.
The startup’s blog post reads:
“Our goal with all the above entities is to not have any overlap in control and to ensure that each entity can have its independent management and voice.”
The team understands that it will be rather a long journey to decentralization, nevertheless, they realize that it is necessary, as Blockstack is interested in building a network that fully preserves digital rights.