On Wednesday, ShapeShift — a Swiss decentralized autonomous organization (DAO) hosting a cryptocurrency buying and selling ecosystem — announced that it is centralized corporate brand, ShapeShift AG, has created the FOX Foundation. The nonprofit organization’s mentioned purpose would be to oversee the decentralization of their namesake buying and selling platform and assets.
The FOX Foundation’s charter includes handling tasks for example having to pay bills in fiat currency, hosting servers, maintaining the platform’s centralized infrastructure before the transition completes, and replacing ShapeShift’s backend node with decentralized infrastructure FOXChain, developed along with Coinbase Cloud.
Based on the organization, ShapeShift grew to become the very first within the space to fully decentralize its corporate structure and open its source code if this accomplished it in This summer 2021. Since the move was somewhat unparalleled, the establishment from the FOX Foundation works as a solution to guarantee the neutrality from the ecosystem. FOX Foundation is neither brought by ShapeShift AG nor ShapeShift DAO and it has the singular charter of decentralizing the platform’s assets as efficiently as you possibly can. When the task is finished, the building blocks will dissolve and distribute the rest of the funds towards the ShapeShift DAO Treasury.
Concerning the development, Willy Ogorzaly, mind of decentralization for that FOX Foundation, stated:
“While the required tooling and infrastructure are maturing quickly, it will require here we are at the DAO to attain its final, fully autonomous form. The FOX Foundation exists like a walking stone within this journey, fulfilling the centralized legacy’s responsibilities while supporting the DAO in applying sustainable, decentralized alternatives.”
ShapeShift is exclusive among cryptocurrency buying and selling platforms for the reason that it neither collects users’ funds into balances, requires registration nor gathers any one of its users’ private data. The organization keeps customers’ assets only in situation of the unsuccessful exchange. The exchange only operates with cryptocurrencies, meaning only gold coin-to-gold coin swaps are possible.