Share this article
Blockchain Startup Blockstack Unveils Plan to Decentralize Itself
Blockstack announced a plan to decentralize the network's corporate structure on Friday.
By Nikhilesh De
Updated Sep 13, 2021, 8:29 a.m. Published Oct 12, 2018, 8:15 p.m.
Make us preferred on Google
Web 3.0 developer Blockstack has rolled out out a roadmap to decentralize its structure on Friday, announcing its plan to develop a number of entities that will collectively form a wider distributed community.
Co-founders Ryan Shea and Muneeb Ali wrote in a blog post that the company wants to ensure that its corporate governance is decentralized, similarly to how its blockchain platform and app network functions.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"We're determined to forge new paths and put in place governance structures that accomplish the goal of a robust and decentralized ecosystem," they wrote. However, the process to execute this goal will take time.
As such, the first step Blockstack's founders will take is to create a non-profit foundation, a U.S.-based entity and a Hong Kong-based entity, to begin contributing to the ecosystem alongside the existing Blockstack PBC and its venture capital wing, the Signature Fund.
Each new entity will remain independent of the others. Shea will leave Blockstack PBC to run the U.S. entity, while Larry Salibra will launch the Hong Kong company. Ali will remain in charge of the existing company.
That being said, they contend they'll all be part of the greater Blockstack ecosystem.
"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 upcoming Stacks blockchain connects the entire ecosystem with individuals and entities having a shared interest in the success of the ecosystem," Shea and Ali wrote.
The two added:
"Decentralization is not a binary step."
Network image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
Plus pour vous
Bitcoin trader warns of downside as gold rally continues to pull focus from BTC
Crypto prices stabilized after an early-week dip, but bitcoin continued to trail gold and silver as macro trades dominated after the Fed’s policy hold.
Ce qu'il:
- Bitcoin hovered around $88,000 after the Federal Reserve left interest rates unchanged, with trading subdued despite modest gains in ether, solana, BNB and dogecoin.
- A sharp rebound in the U.S. dollar and continued strength in commodities, especially record-high gold and elevated silver and copper, have overshadowed crypto markets.
- Analysts say bitcoin is trading more like a high-beta risk asset than a macro hedge, stuck in a bearish consolidation about 30 percent below its October peak and struggling to break above key resistance near $89,000.
Top Stories
