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Vow Ecosystem Foundation
Jersey based legal foundation
VOW ECOSYSTEM FOUNDATION, Registration Number 472 was registered on 07/02/2023 in Jersey with Registered Office: First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey.
VOW ECOSYSTEM FOUNDATION was granted approximately 1/3 of all minted $VOW tokens post their initial distribution, by VOW LIMITED. The contents of the publicly verifiable wallet 0x4891caff84bf5cb7b3f9eb2584b4d31c0f9432b9 belong to VOW Ecosystem Foundation who will operate it under a public charter, for the benefit of all token holders.
The purpose of the Foundation (its "Objects") are purely to apply and administer these assets of the Foundation to promote the use of the tokens known as VOW. It has no other purpose and the Foundation has no owner, thereby being consistent with the need for decentralisation.
The VOW ECOSYSTEM FOUNDATION operates for the benefit of the entire Vow community. Any member of the VOW community may apply for a grant of tokens if they wish to do operate a project which benefits the VOW community.
It is a very interesting legal construct and the first of its type in Jersey.
Assets in the foundation can, and will only be used, to maintain and expand the ecosystem and the utility of the token itself, i.e by investing in strategically advantageous businesses, or providing developer grants.
There is no single person who owns the assets. They are, in essence, granted for the benefit of all VOW token holders.
Operating as a foundation requires that multiple checks and balances are in place, along with a regulated entity called the qualified member, who ensures the charter of the foundation is observed. Transparency will be key to this activity.
VOW's transition to a decentralised ecosystem at VowUP'23
Christopher Griffin overviews the transition to community governance and decentralisation.