During Q1 of 2019, we asked three big questions about the ACT Project:
- For profit or non-profit?
- Open source or not open source?
- Raise money through a new funding mechanism or not?
As one might imagine, the answers to these questions are interconnected, but the answers were derived from many in depth conversations across the industry (mainly Ethereum) and, of course, watching the evolution of the Ethereum community and the solutions it is solving.
For profit or non-profit?
We have established a new simple UK non-profit entity called ACT Foundation (UK) Limited , which allows:
- the directors to be paid,
- money to be raised as a non-profit,
- easy opening of a normal bank account,
- cheap and convenient governance,
- the option to become a charity in time and if needed.
Open source or not open source?
Having had many discussions with both the open source part of the Ethereum community and the commercial side looking to capitalise on the technology, we determined that activities involving the latter could hold more potential to support ACT Foundation financially. We hope to be in a position to make the first announcement to this effect in some weeks time.
Raise money through a new funding mechanism or not?
This cannot be ruled out. The advances in token bonding curves, DEXs and DAOs usurp many of the assumptions held back in July 2017 when ACT started designing and building on Ethereum. In fact, the last post here on Medium highlighted some interesting developments:
Five ways Moloch’s DAO could fix giving.
For those new to the Moloch disrupt, here is the inaugural tweet from SpankChain’s CEO Ameen Soleimani
ACT Foundation (UK) took in the project’s first new money in March 2019. This non-profit will publish its accounts annually. We plan to enhance the ACT newsletter significantly in the coming month in step with heightened activism seen globally. This is ACT’s time. If you have not signed up, please do so over at DAOACT.