SecretDAO votes to restructure foundation after public spat between organizations

The DAO, which operates a privacy-focused secret blockchain network (SCRT), voted in favor of restructure his secret foundation as a non-profit organization with “transparent activities”, according to the offer’s official page.

The proposal stated that the new foundation “would be registered as an NPO”. [non-profit organization] and provide an annual report on its activities, including key performance indicators (KPIs), budgets and targets.” The foundation will be governed by a board of three or more community members. Under the proposal, no organization would be allowed to hold more than two seats on the board.

He passed with 90.13% of the vote. 9.87% of the DAO abstained from voting, and no members voted against the proposal.

The approval came after a public feud broke out between SecretLabs and the Secret Foundation, two separate organizations backing the Secret Network. January 14 SecretLabs CEO Guy Suskind accused The CEO of the Tor Bair Foundation cashes out SCRT tokens as dividends paid to himself and does not disclose this transaction.

In a reply on the Bair forum rejected assertion, alleging that the dividend was part of his regular salary and was disclosed as required. However, Bair agreed that the Fund should be more transparent, stating:

“I have repeatedly publicly and privately expressed my desire to participate in these changes, which may include restructuring the organization of the Foundation, closer support for the Secret Agency, the creation of a global council, or other next steps. We strongly support this path and want to work closely with other members of the network.”

Despite this public support by Bair for the restructuring plan, one of Secret Network’s main validators announced on January 30 that it was closing due to “recent events” and other issues.

The restructuring proposal was created on 2 February. Voting on it began immediately and lasted seven days. According to the text of the proposal, the DAO intends to launch a new Secret Foundation within 90 days of passing.

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