Blockchain Startup Blockstack Reveals Decentralization Plans
In what appears to be a shocking development, web 3.0 developer Blackstock has announced a decentralization plan for its own structure. It would instead aim to develop a number of entities that will collectively come up with a much wider distributed network. The firm revealed the said plan on Friday, with more information expected to surface in the following days.
Roadmap To Decentralize
Co-founders Muneeb Ali and Ryan Shea revealed the announcement via a blog post, confirming that the firm wants to ensure that its corporate governance is properly decentralized. They aim to make the process akin to how its blockchain platform and app network work.
“We’re determined to forge new paths and put in place governance structures that accomplish the goal of a robust and decentralized ecosystem,” the blog post reads. The founders, however, suggested that the process would require a certain amount of time before it is executed.
With that in mind, the very first step the firm would take is to come up with a non-profit foundation. It will not only be a U.S.-based entity but will also be a Hong Kong-based entity. By doing so, the company will have the means to start contributing to the ecosystem alongside the existing Blockstack PBC and its venture capital wing called the Signature Fund.
Deliberation Of Tasks
Each entity will not have similar functions but will remain independent of each other. Shea is confirmed to leave Blockstack PBC in order to focus on the U.S. entity. Larry Salibra, on the other hand, will be in charge of the launching of the Hong Kong-based entity. As for Ali, he will remain in charge of the existing firm.
As such, the company is hopeful that they would be able to take part in the greater Blockstack ecosystem.
“Our goal with all the above entities is to not have any overlap in control and to ensure that each entity can have its independent management and voice,” both Ali and Shea wrote.
The two founders also mentioned that the upcoming Stacks blockchain, contrary to what is initially believed, will be responsible for connecting the entire ecosystem. The latter would then have branches to individuals and entities that have a shared interest in the success of the ecosystem.
Ali and Shea also clarified that the decision to do so is for the company to take on a huge milestone within its own ecosystem. “Decentralization is not a binary step,” the two argued.