StarkWare Launches New Governance Organization

In July, StarkWare, the company behind the blockchain scalability solution StarkNet, announced the formation of an independent, non-profit foundation and plans for a long-rumored coin. With a token allocation and a seven-person board, the StarkNet Foundation made its public debut on Wednesday.

Ethereum Scaling Protocol Starknet has just announced the launch of a new governance organization, the Starknet Foundation, which will handle the funding and funding of new Starknet protocols compliant with Ethereum’s open source and decentralized standards.

50.1% of the total supply of StarkNet tokens will go to the foundation, which may then be used for these objectives.

The foundation began with seven elected board members serving as key leaders in the foundation’s long-term direction.

In particular, there were Andrew McLaughlin, former Deputy Chief Technology Officer of the United States under Obama, and Eric Wall, a prominent blockchain critic. The Board of Directors operates under a majority voting structure.

StarkWare is one of the layer-2 solutions on Ethereum. The project has two main chains, StarkEx used by decentralized exchanges dYdX and DeversiFi, and a decentralized layer-2 solution StarkNet, which is about to issue tokens.

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