Proposal to change Foundation to a non profit

Secret Network

This proposal is to change the organizational structure of the Secret Foundation from a for profit c-corp to a non profit NPO. The how, where, and when will have to be determined in a different discussion and proposal.

Draft of proposal.

Proposal to change Foundation to a non profit

Proposal Text.
If you want the Secret Foundation to be a non profit vote Yes.

If you want the Secret Foundation to remain as a for profit c-corp vote No.

This signal proposal will be submitted after a 7 day discussion period in accordance with the rules in proposal 81.


Sorry but this is a non enforceable proposal, and it seems pointless to bring it to the chain. Regardless of whether or not people want this it’s not happening if the structure just doesn’t work for an organization funded by chain inflation. Would have to defer to @tor and @JXR50 (previously involved) to reiterate for the 50th time why it wouldn’t work as a non profit

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Actually if you listen to the podcast @JXR50 was on, he explicitly stated that it was possible to do.

I do agree with you that I question how enforceable this is but I support it.

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I’m not making statements based on some random podcast but what public statements have been made for over a year now.

I don’t personally think this distinction matters much unless there is proof that profit is being distributed to shareholders

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OK fair enough. But I will point out you stating or implying it’s not possible to have an NPO is not true. There are other organizations who use the strategy of a person or entity getting the block rewards and then donating them to a nonprofit. Personally I have suggested this in the past as a way we could approach it, we could have secret Labs get the block rewards and donate to an NPO.

Anyways it should be very clear to everybody that this is possible to do and I will say right now I support this proposal

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We need to make serious proposals, with substance and analysis.

Wouldn’t it be nice to have the Secret Foundation as a non profit? Of course. However, is it really the best way to go moving forward? Is it the best possible structure? Is it convenient for the future?

Why even submit such a proposal to this forum without a thought process, without points in favor and against, without any elements that can foster a productive discussion around this topic?

I also don’t get why this proposal is on-chain when it is just “signaling”? Isn’t this the reason why we have the forums in the first place? To discuss and to come to at least some sort of consensus before submitting a formal proposal on-chain?

How can people actually “signal” on something that they don’t really have analyzed and don’t know if it is best or not?

I voted no with veto because of all the above.

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In the future I would suggest that you comment on proposals before they go on chain if this is the kind of feedback you have. Just saying, it’s already on chain and it was on the forms for seven days. There is nothing wrong with Signal proposals and we should not discourage people from making them.

In the future I recommend you do not complete the deposit if you put out a controversial proposal. It may never finish deposit but it will remain on our explorer forever so you can bring awareness instead of risk your funds.

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I agree with you. How do we obtain proof/assurances without official audits? What are the standards we are striving for?
Transparency and scope are two things I would need to fully understand to feel comfortable with a c corp for profit structure. Simply having an NPO solves for transparency because it’s baked in.

Also Gov is hard. Anyone using inflammatory language needs to take a deep breathe and be more constructive.


Domerium Labs voted ‘No’, because we disagree with the Governance process that is followed here.

We believe it is very desirable for the foundation to be a non-profit, and would absolutely support a move towards such structure. However, it is non-enforceable by governance, and furthermore already part of the recent discourse with the foundation.

This proposal seems hastened and doesn’t appear to benefit a productive/collaborative process between community and foundation.

You want to change the foundation to a non-profit but you didn’t mention the why and how to go about doing it…

Voted ‘no with veto’ to prevent a spam proposal like this from going on-chain again