The foundation only serves as a doorway with the French Governmental body, to create communication between the two.
Think of it like this…..
You create a Token Exchange Campaign (TEC),
Which is, A New Social Experiment about to Disrupt Money.
So, Let’s take a dive into Project ARK and the SCIC
You can think of the French governmental body in acting theirselves, as a breach, for the Ark Ecosystem. The only company form, that is built to benefit, To the Users, not the shareholders.
Any coin or token that plans to be universally used has no other option but to work with their chosen government branch. Social means everyone. You don’t have to be a best friend, at least have an open door, 2-way communication between ARK and the French government.
The French government is very well aware that this central, trusted system is crumbling.
Ark is introducing something you can trade, store, and use (An Ѧrk Blockchain), think of physical gold.
Not just a turn in the page of digital finance, more of the likes to A Digital Economic Transformation.
Anything of value has to be looked over by some form of government. Weather it is accepted, used or not. This is how it works, in our society. Everyone has some Token, $Dollar, €Euro, or ₣Swiss Franc, in their bank account.
Cryptocurrency is in the middle of that. A point in the middle, between token, where you rely, on a bank to show your figure, or balance on your account. At the same time, being able to transfer/send logic or DATA, which can be traded, stored, and used.
Ark is not an asset, you can pay for it, and use it as value. Uses are as, transferring value or storing it. https://medium.com/@arkaces
This isn’t money, you can do much more than just transfer (value)
Cryptocurrency or Crypto-Asset
This Cannot be regulated the same as money, or an asset. Or even taxed the same, it is both money and an asset, with many more features then only money or assets.
More specifically, a crypto-asset is a digital asset which utilizes cryptography, peer-to-peer networking, and a public ledger to regulate the creation of new units, verify transactions, and secure the transactions without the intervention of any middleman.
You have to think, this community-driven free software uses, cryptography, peer-to-peer networking, a public ledger. This is a very very delicate/difficult situation, with not understanding what it is really. Either coding/programing/developmental/computer logic, or what is most well-known for, Trading. But this isn’t money…..
Lawyers, legislators, regulators, and politicians are still trying to sort this Decentralized Blockchain stuff out, with as much light-touch and delicacy needed. This takes time. But, we will, get there.
You have to fully grasp what a Decentralized Blockchain is. Without an informed regulatory body providing supervision, no other token or coin will progress towards a crypto-economy without there governing bodies participation.
Are we (the people) ready to digest this (socially) and if so, how do we regulate or even handle it?
Ark is the only token that has stepped up to their chosen governing body, and said “Hello”, “We would like to cooperate — join hands in this Social Experiment and allow Ark to be accepted around the world”. Ark is working very hard showing the French government body what Ark is, and how they can handle it.
The ARK SCIC is a company holding the TEC money, while working to achieve what was promised in their whitepaper and current roadmap. The only company form, that is built to benefit, To the Users, not the shareholders.
There is no profit. There are no shareholders. Ark is only a steering mechanism, a vehicle. That must follow universal principles of good management, but have no obligations to deliver something called value.
Which is a very good match — The only company form, that is built to benefit, To the Users, not the shareholders.
This is a partnership of civil modernization that both sides were eagerly taken upon.
I believe the SCIC was created in 1974.
SCIC is the French acronym for “General Interest Co-operatives”
It is accountability and social accounting for social nonprofit organizations.
You have to understand with a Token, You can trade, You can store, You can use. We share the USD. This is physical property not owned by anyone, with no accountability, with each one in your pocket or bank account, already owed to someone else. Like I said earlier, our current monetary system is crumbling, more alike teetering, which is a dangerous imbalance of powers. The point is to trade, not share!
This isn’t money, so the (value) is not inside the company, it’s inside the network (Ark), the company has nothing to do, the company does not get benefits or money selling something to Ark, they are only spending money to develop Ark, but will never ever get a direct benefit from Ark. ARK will not sell anything, there is no invoice to sell Ark to any people.
The word “bank”, not bank that you physically walk into and make a withdrawal from. The word “bank” is derived from a river bank. What does a river bank do? Control the flow of water. Essentially-Exactly what a bank that holds your money does. Control the flow of money!
Contractually, tightening, and easing, financial conditions within the law.
When you go into your local bank or log in to your account online, use your credit or debit card to make a transfer,
the bank on the back end does not send (Value) digital, physical commodities or bank notes, they are only making a connection with servers, and adapting figures, your balance. Slicing money in and out of the country, much of which ends through the off-shore banking system.
This conferred on Americans, an exorbitant privilege, which is exploited irresponsibly, running up deficits and borrowing abroad. All while their identities are shrouded in secrecy. And if known, escaped largely unscathed.
The 2008 financial crisis, this remarkable moment in time, an alarm of earthquakes began shaking the world, bailout after bailout after bailout, with the light finally revealed, to the world, on a scale never seen before.
The time is now, that the people are beginning to open their eyes, and look for and accept, a Decentralized Ecosystem (Bitcoin) (ARK) (Ark DPoS)
And not just from the lack of trust in our existing finance world.
When banks proved to be over leveraged. Satoshi Nakamoto brought us Bitcoin. Which was born from this crash. People are trusting less and less in a central system and now are ready, in their mind, to trust something that is trustless. Not just trust, but Believe in something that is trustless.
The live wallet software is self-managed (by you) the real value is not in the ARK SCIC COMPANY, the real value, is in the Network.
The company made for (SCIC) (“Cooperative Society of Collective Interest”) is here to reflect this meaning.
There are Shares, but no dividends distributed. All value will be Kept on the Ark network.
Thus, Consider ARK SCIC as a growth company, some would say, a source of “capital” looking to fund expansions and other projects which will produce greater yields and returns with all value being kept within, The Ark Ecosystem.
After reviewing many strategies and options,
one being the Swiss Foundation, which has become, the “go-to-guy”. A very popular solution for the majority of existing blockchain solutions. After another failed investigated solution, offshore options. ARK decided to reject, due to concerns of legitimacy in the eyes of the world.
With that realization, ARK, would need to look elsewhere for a more suitable legal framework.
Choosing a non-profit would only curtail their operations.
The Ark token would not be fully compliant with the spirit of non-profit, with regulators potentially determining it as not compliant with the purpose of a foundation.
Meaning, the foundation was financed from the sale of a cryptocurrency,
however, the “non-profit Foundation”, does not necessarily apply to sporadic
gains in market values related to cryptocurrencies.
The Bottom Line Is — A blockchain technology is NOT non-profit.
With that said, a heavy dependence grew on the support of France. To in act
a well-defined structure without legal ambiguities related to capital gains and taxation. There can be no future uncertainties that may compromise, any withering away financial resources of the ARK Project.
With these initiatives bridging a path within the medium of long-term objectives of its economic, social, cultural, and environmental development. The SCIC was at best match, giving the ability to act together within legal framework to govern an entity.
All created under one, we have many things, under the umbrella of the (SCIC) ARK ECOSYSTEM
The cooperative society (SCIC) ARK ECOSYSTEM, furthermore used to re-strengthen, building together an ecosystem, with credibility, all while increasing the ever broaden horizon on the meaning, (value) in the Ark Network.
Not, a first in a crypto-friendly, crypto asset, economic world. But, a first in the international crypto sphere,
ARK is very happy with its Western European position in France, strategically sharing Ark’s, limited scope, but at the same time large unified vision of an advanced economic crypto friendly world.
It was not about the best legal solution, but finding the right legal framework for the Ark Ecosystem vision.
So, the best legal solution — which was a very good match with 26 aspiring founders, from over a dozen different nationalities, believing in decentralized blockchain technology — working towards a global and inclusive community, with only one vision in mind,
Inclusion of all involved being the ultimate objective: companies, users, token holders, delegates of the DPoS network, technical staff, academic advisers, employees, as well as public institutions.
I complamend the French financial governmental body, with their dexterous ability to mobilize their full resources towards ARK.
In view of the legal solutions available in France, it appeared that a cooperative legal form of incorporation met almost all of our requirements: “Société Coopérative d’Intérêt Collectif” or SCIC for short, also known as the “Cooperative Society of Collective Interest”.
As a common interest benefit company, an SCIC must keep at least 52.5% of the company’s profits as legal reserves. In the case of Ark, there is no plan to do any distribution of profits to shareholders, so it will hold 100% of any profits for use in development, marketing, and operations.
Back to your question of, explaining how the French cryptotax development might affect the Foundation?
With Regulation, we will have to, re-invent the wheel.
You can’t make something responsible, something that is trustless.
We need help using Distributed Ledger Technology, but the same rules, cannot be applied.
Not just re-invent the wheel,
But introduce the new wheel’s fundamental approach, interdependent, of concurrent models (Token, $Dollar, €Euro, and ₣Swiss Franc). Fully regulated and compliant by all Bodies and Forms (The People and their governmental bodies).
Lawyers, legislators, regulators, and politicians are still trying to sort this out, with as much light-touch and delicacy required. With the final decision being in their hands, would be of nonrecourse. Which takes time..,,
Let us all link together, bring the world, Ark, the largest open source blockchain project, into the hands of each and every nation, not just prevailing the blockchain, but moonlighting the true value of the Ark Ecosystem. A compelling, dominating, force, of financial interconnectedness.
I hope you all understood exactly what I want to say, The Message I would like to convey, which really the main message is. This is not technical, This is not legal, This is not tax, This is not political, it is Everything at the same time. Thank You for your attention.