The Fact Foundation is the non-profit organization responsible for overseeing Fact Protocol’s activities and ensuring its objectives are being achieved. The organization will not make any decisions for the protocol, but only propose amendments or new initiatives, and then through community governance vote proposals are either approved or rejected.
The board of advisors is the advisory body of the Fact Foundation. They are responsible for directing the Foundation’s functions. The board members are appointed for a two years term which can later be renewed or succeeded by other members. Members are drawn from News/Media, Technology, and Academia. There will be a formal nomination and confirmation process for appointing the members but the community members can exercise their veto power through a governance vote if the community believes the nominated member is unfit for conflict of interest reasons.
Organizational Structure
The Fact Foundation will function entirely through the decentralized autonomous organization (DAO) structure but may be incorporated in one or more countries for various operational and legal obligations. Any proposal/change in the organization is decided on the DAO itself, which later be executed in the incorporated organization.
Fact DAO will function as a legislative body and the incorporated organization as an executive body.
IMPORTANT – Until Fact Foundation is officially incorporated, our partner organization, Delaware-based digital asset consultant, Blockchain Mutual LLC, will serve as Fact Protocol’s guardian. They will provide assistance to the Fact Protocol in areas such as resource procurement, logistics, advising, technical, and payrolls. As a fee, Blockchain Mutual LLC will get some FACT tokens. Their fees are covered by our partnership pool. Through frequent reporting, we will preserve transparency. Fact Protocol decisions will never be made by Blockchain Mutual LLC. Their FinCEN Registration Number is 31000187935154.