Dash Core Group CEO Introduces New Funding Model for the Cryptocurrency

Omar Faridi

The developers of Dash (DASH) have announced the launch of “Dash Ventures,” a dedicated investment fund to support the ongoing development of the privacy-oriented cryptocurrency. As mentioned in an official blog post, published by Ryan Taylor, the Dash Core Group CEO,  on May 9, 2019, the newly introduced investment initiative’s legal name is “Dash Investment Foundation.”

Dash Investment Foundation

According to Taylor, the Dash Investment Foundation was “incorporated on March 21st, 2019 as a Cayman Islands foundation company limited by guarantee.” The Dash Core Group CEO claims it is the “world’s first ownerless and memberless” investment fund. He explained the fund’s managers will be tasked with “strengthening the Dash network” via investment operations” which will be funded by the cryptocurrency network itself.

It will no longer be required that “distributions from the proposal system be grants,” Taylor wrote. He added that the Foundation will help in creating a bridge between Dash’s core network protocol and the traditional financial and legal system. Moreover, the newly introduced capabilities may benefit software architects who are developing applications on Dash’s Evolution platform.

Investing In “High-Risk Opportunities”

First proposed in June 2018 by the Dash Core Group (the main organization responsible for the development of the Dash protocol), the “network-controlled” investment fund aims to allow Dash network participants to make investments in “higher-risk opportunities.” This is achieved by permitting proposal owners to “issue equity or other assets in consideration of the network funding,” Taylor explained.

As noted by the Dash Core Group CEO, the results from the preliminary legal research were “promising,” as the Foundation’s management was reportedly able to acquire additional funding from the network in August 2018, in order to establish a “legal entity” to support Dash’s ongoing development.

Dash Masternodes To “Elect” Six Supervisors

Dash masternode operators, or transaction validators, will now “elect the six supervisors” that oversee the operations of the Foundation. Moreover, important organizational and operational decisions will be “put to the supervisors for approval” by the Foundation’s board of directors.

The Foundation’s everyday operations will still be handled by the board and Dash Core Group’s investment managers. The supervisors may “consist” of “anyone trusted by the network to carry out supervisory duties,” Taylor explained. He also noted that the directors for the initiative would “consist of experts” with the relevant skills to manage the Foundation.

Glenn Kennedy, a partner and General Counsel of Paradigm Governance Partners Limited, a Cayman Islands-operated provider of “governance and fiduciary services,” has been appointed to the Foundation’s board of directors. Casey McDonald, an independent director at Calderwood, a Cayman Islands-based fund governance firm, has also joined Dash Investment Foundation’s board. Both Kennedy and McDonald are expected to serve as supervisors for the Foundation as well.

Currently, the Foundation’s management is looking to appoint four additional supervisors, who will reportedly be “elected by the network.” For the second year, the Foundation is planning to appoint all six supervisors through the election process facilitated by the network.

Dash Ventures May Operate Independently Of Dash Core Group

Taylor also mentioned the Foundation’s managers are planning to allow Dash Ventures to “operate completely independently” from Dash Core Group. This, Taylor said, would “ensure a smooth handover” and that he intends to offer his services to the Foundation during the first year as a “non-voting” participant. His role as a participant will be to answer questions and provide “any expertise, direction guidance, and counsel” to supervisors.

According to Taylor, this will “ensure all intents of the Foundation’s constitution are clear.” Moreover, fully operationalizing the entity will require that an election be held for the four vacant supervisor positions; the Dash Network’s approval of a proposal aimed at funding the Foundation’s day-to-day operating expenses (for first two years); and the Network will require funding for an additional proposal which will “allocate assets” to Dash’s ongoing development.

Elections For Supervisors To Begin Later This Month

As Taylor explained, elections for the supervisors will begin on May 23rd, 2019 and have been scheduled to “conclude” by June 16th, 2019. Details regarding the election process such as eligibility requirements will be announced shortly, Taylor noted. He added that the Foundation will “run the election leveraging the same process and technology as previously used for the trust protectors election.” Notably, Dash Watch will be auditing the results.

For the next proposal cycle, a “multi-month” proposal for funding the day-to-day operations of the Dash Investment Foundation will reportedly be prepared and submitted to the network. The proposal will “request funding for the estimated costs” for the “first two years of operations,” Taylor wrote.

Funds Required To Pay “Directors’ Fees, Corporate Fees”

He explained that funding acquired will be used to pay “directors’ fees, corporate fees, disbursements, certain legal fees, bookkeeping services, custody and banking services. There will also be a “contingent reserve for incidentals or closure if continuation funding is not secured at the end of the first two years,” the Dash Core Group CEO noted.

After acquiring and allocating adequate funding to cover operating costs and the election process, the Dash Investment Foundation will “finalize” the “appointment of an investment manager”; ratify an “overarching mandate for the foundation and internal governance and operational protocols”; ratify “a mandate for investment objectives” which may include strategies for “maximizing returns” in relation to growth of Dash Network usage.

Other objectives outlined by the Foundation include establishing appropriate “investment funding processes” such as those used by “proposal owners to enter legal agreements.”

Opera Launches Blockchain, Cryptocurrency-Ready Browser for iOS

Opera Ltd., the company behind the Opera browser, has recently launched a new blockchain and cryptocurrency-ready browser for iOS, following the company’s addition of a built-in cryptocurrency wallet to its Android and PC browsers.

According to a press release shared with CryptoGlobe, the company’s Opera Touch browser for iOS features “crypto wallet integration and Web 3 support,” meaning users can interact with blockchain-based applications through it, as if they were using an extension like MetaMask. The company hinted at the move in March of this year.

The company touts it now offers browsers supporting blockchain-based applications and with a built-in cryptocurrency wallet in various operating systems, including Windows, Mac, Linux, Android, and iOS, allowing users to “seamlessly interact with the next generation of Web 3 applications.”

Currently, the browser only supports ERC-20 tokens, stablecoins, and non-fungible tokens, although the company has revealed earlier this year it’s looking to add support for TRON and multiple other blockchains within a  year.

Charles Hamel, Opera’s head of crypto, stated:

We believe that all modern browsers should integrate a crypto wallet. This will enable new business models to emerge on the web. Opera is the first browser to make using crypto on the Web seamless and easy. Following a strong demand from the crypto-community, we are now making this experience available on iOS.

In the press release the company added it believes the “web of today will be the interface to the decentralized web of tomorrow,” with cryptocurrencies being at its forefront. Along with the iOS release, the company announced it partnered with a decentralized-application (dApp) called Marble.Cards, which allows users to turn unique web pages into collectible cards on the blockchain, each being a non-fungible token.

The Opera touch browser itself has a user interface built to let users use large phone screens with ease, as it shifts the navigation towards the bottom of the screen and adds features that make it easy to share pages across devices.

Opera’s main Android browser is also its cryptocurrency-ready browser for the operating system, and it has made it easier for users to buy cryptocurrencies directly from their mobile phones.