Intro
These are exciting times for the Splinterlands community and the SPS DAO! After the previous proposals to establish an SPS Foundation and a legal fund with which to do so were passed by the DAO, @davemccoy and @Clayboyn met with and engaged the law firm Bull Blockchain Law LLP to help find a clear path forward for the SPS DAO to create its own legal entity.
After exploring multiple jurisdictions and talking to the law firm we engaged, who is familiar with not only Splinterlands, but is also knowledgeable about the blockchain industry; we believe we've found the best option for the SPS DAO. We're now ready to move forward with the next steps to establish a Panamanian Private Interest Foundation, which offers protections for both the DAO and the foundation's board members while operating in a jurisdiction that is favorable for blockchain related projects and has beneficial tax regulations that offer further protections for the foundation.
Call for Applicants
Now that we've got the basics worked out, it's time to get the community involved and determine who will represent us! There's a few things to understand before moving forward:
- Anyone that wishes to apply will be required to KYC with a law firm and pass a background check to set up the Foundation.
- This position may also require representatives to KYC with potential partners in the future. For example market makers, exchanges or payment processors amongst others.
- The SPS Foundation will be created with one Chair and two additional board members.
- The Chair and the other 2 board members will be responsible for implementing the duties necessary to implement the "will of the SPS DAO". While there is a Treasurer Committee to carry out financial duties, this group of 3 will be primarily responsible for signing contracts, or other such duties as required to fulfill the DAO proposals.
- These positions, Chair and Board Member, do not convey or imply any level of ownership over the SPS DAO.
Starting this Friday September 20th at 8:00am UTC, parties interested in becoming board members of the new SPS Foundation may submit an application by creating a post on the HIVE blockchain explaining why they would make a great representative for the SPS DAO and must use 'spsfoundation' as the primary tag.
Applicants that are also interested in being the Foundation's Chair should specify they wish to do so in their application. There can be only one Chair, so the individual with the most stake-weighted support that is interested in the position will be offered it first.
Election
After the open application process has run for a period of 7 days, anyone staking SPS will be able to vote on representatives of their choice at this link:
https://peakmonsters.com/foundation
(Huge thanks to the @peakmonsters team for getting this page built for us so quickly!)
The voting period will last for 7 days and all SPS Stakers will be able to vote on 4 candidates. The 3 candidates with the highest level of support after the voting period has concluded will be given the option to move forward with creating the SPS Foundation on behalf of the SPS DAO.
Please note that we'll also have 3 additional slots open for backup candidates. These backup candidates may be called upon if any of the primary candidates are deemed ineligible for a position on the board during the vetting process by the law firm. Also, an SPS proposal to remove or replace the Chair or a Board Member will only require a majority vote of the SPS Stakeholders to pass.
Conclusion
We look forward to seeing which community members are interested in representing the SPS DAO! This is the next step to seeing our DAO become more self-sufficient and empowering our community to establish bigger and better partnerships with other projects in the blockchain space. Thanks for being a part of the SPS DAO!