Dash Announces Elections For Investment Foundation
Dash reveals election criteria for Dash Investment Foundation.
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Dash is moving closer to the launch of its investment foundation, the first fund of its kind to be owned by and for a decentralized network. In a blog post dated last Friday, Dash Core Group announced the election of the Foundation’s supervisors, which is expected to begin on May 30th.
Originally billed as “Dash Ventures,” the Investment Foundation was first proposed as a means by which the master node network could make loans, acquire equity or otherwise make conventional investments in the Dash ecosystem. At present, the network can only fund ecosystem projects via grants, in monthly votes through the Dash treasury.
Dash Core first aired the proposal last year, but firm details have only recently begun to emerge. According to an announcement earlier this month, the foundation was incorporated in the Cayman Islands, and two Cayman-based governance professionals were appointed as its first Supervisors. In addition to investing in the Dash ecosystem, the Foundation will also use its profits to buy and burn dash coins–thereby raising the token’s price.
“We believe it is the world’s first ownerless and memberless investment fund,” wrote Dash Core CEO Ryan Taylor in the announcement. “Dash Investment Foundation will be tasked with strengthening the Dash network through investment operations funded by the network itself.” At the time, the elections were scheduled to begin on May 23rd.
In order to make the new foundation fully operational, Masternode owners will have to elect four additional supervisors for the foundation, as well as provide funding from the treasury. Starting next year, all six supervisors will be elected by the network.
A blog post by Dash CMO Fernando Gutierrez revealed the specifics of the Supervisor elections: candidates for the four open positions must be non-felons of legal age and mental capacity, with no bankruptcies or conflicts of interest. In addition, the position is off-limits for citizens of Iran, Syria, Sudan, North Korea, and Cuba, as well as any “politically exposed” person.
Supervisors will be elected through “Approval voting,” whereby each Masternode owner will be able to vote “Yes” or “Abstain” for each candidate. After results are tabulated on June 23rd, the winning candidates will be those with the most “Yes” votes, provided they can satisfy the identification requirements. As with the election of the Trust Protectors, Dash Watch will serve as a neutral third-party arbiter of the election results.
Dash prices rose sharply in the days following the announcement, although it’s not clear if the latest rise is related to the investment fund. At the time of writing, Dash prices had risen more than 8% over the previous 24 hours.