BitGreen Transparency Report

Feb 28, 2020 · 4 min read

Dear Community,

I am pleased to present the inaugural BitGreen Transparency Report, the aim of which is to disclose to our community the status of the BitGreen Foundation’s Treasury. Today marks the first time that BitGreen community members will have visibility into this level of detail, as part of the team’s ongoing desire to maintain an open dialogue. We look forward to getting your feedback as our community reaches this new milestone.”

Generally speaking, we have no current plans to change our general thesis of holding longterm — our intention is to fund the critical elements of project development (including dev, marketing and business development, among others) needed to reach mainstream traction and achieve our impact goals. We’ll be sharing our draft strategy for this in the near future, and we will count on getting the community’s feedback on it. Bottom line, our focus is sustainable long term growth, building upon the mission-oriented foundations of the project set over two years ago — pushing forward since then to be a leader in the blockchain for good movement.

As many of you already know, we are working hard to correct the behaviour of governance proposals — propagation is the source of these inconsistencies and you may have noticed that proposals have not displayed in the second and most recent evolution of the BitGreen protocol. It is also why the superblock has failed to mint on its designated schedule.

Once we address inconsistencies in the next wallet update, scheduled for Block 70,000 (in approximately 7 days) — we will solicit community governance votes to determine all superblock spend. The Foundation’s current treasury is primarily made up of coins that were not garnered from past superblocks minted in the v1 chain, and is not subject to community oversight at the current time, though we plan to change this in the 2021 year.

Below you will find a table that includes all BitGreen Foundation-owned funds as of February 18, 2020. The “name” column indicates which Core Team Member is responsible for the corresponding addresses. In an effort to achieve truly decentralized custodianship of the The BitGreen Foundation Treasury, BITG funds (that ultimately comprise foundation masternodes) were strategically and securely decentralized the custody of foundation funds in late May 2019, immediately prior to the leadership transition of the project from Don to myself.

All Core Team members are still working hard as part of the BITG Core Blockchain Team and, as always, you can reach us anytime on Discord. Further, as you can see below, the original founding dev team is still very much involved — we’re all in this one together!

Important Data Points

Foundation Treasury Balance: ~ 615,000 BITG

Our current methodology concerning the handling of Foundation-owned masternodes that result in network rewards, is to lock the resulting BITG in additional masternodes. This action increases the Foundation’s contribution to network stability, provides funds when required for further development of the network, and subsequently for holders of BITG a reduction in the circulating supply that has strong potential for value increase upon growing demand for BITG.

Foundation 1 (v1 Exploiter Address)

The address signed as “FOUNDATION 1” holds tokens sequestered from v1 chain address: GQXVzujF3obSssPVkRwA7uF5H99JD6yeuX — this was the amalgamated address identified as the largest sum from the Staking exploiter on the v1 chain. This addresses was “locked” in late July 2019 in the final v1 chain update (wallet

Foundation 2 (Cryptopia Address)

Foundation 2, GUdTMN6LZb2TfnD3AAYJDTJPXBy76kVuuG, is the new address for v1 chain address GdfwpayepJEJGL6ZU4Kbt6biqGLdFyGYXh — which was the address Cryptopia consolidated to in early 2019. There is no plan for these coins. We will not do anything, or allow for unwarranted discussion / speculation on social media channels, until the earlier of:

a) February 1, 2021; or
b) The Cryptopia liquidation proceedings have been completed

The Core Team’s “Standard Payments” of 1500 BITG per month were put on pause for review, and have been reallocated towards bringing on new members to the team as we push towards strategic growth. This, I believe, is a clear signal of the core team’s dedication to our community’s core mission, and confidence in the sustainability of the project.

The BitGreen Core Team is comprised of:

@ MeanMachinex
Jason Stone, USA — Co-Lead, BITG Foundation & Dev Team

@ Mr. T
Trent Rebeiro, Australia — Co-Lead, BITG Foundation & Dev Team (UI/UX, Design, Vision)

@ konez2k
Andrea G., Spain — Dev Lead, BITG Core Blockchain

@ barrystyle
J. Taylor, Australia — Senior Dev, BITG Core Blockchain

@ bluepp
Noah H., Netherlands — Dev, BITG Core Blockchain

@ Xezz
Dennis R., Germany — DevOps Lead, BITG Core

@ Kris
Kris Z., Poland — Head of Community, BITG Core

Jordan T., U.K. — Applications & DevOps, BITG Core

@ Dyl
Dylan Rhodes, USA — Social & Community, BITG Core

@ Ggoren48
Gilad Goren, USA & Israel — COO, BITG Foundation

We’d also like to welcome @Ggoren48, Gilad Goren, who came on Feb 1 as COO of The BITG Foundation. Gilad, with history as an operator in social impact startups and nonprofit organizations, and who will be formally introduced in a latter post, has been overseeing our real world day to day operations including BD (Shopify/Lyft/Green Merchant progress) and the other special project initiatives yet to be announced.

Thank you for your continued support of the BitGreen Project and belief in its mission. We are excited to put in the extra effort on this with you all, and are sure that 2020 will be our breakout year.

Stay tuned!

Your Foundation Leads,

Jason Stone
Trent Rebeiro

Foundation addresses reference

View spreadsheet in-browser


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