• Whitecoin has been running in a community-driven way over the past five years, with all technical and marketing team members.
• With the development of the blockchain industry, the original governance model adopted by Whitecoin has been unable to adapt to further development, so a management organization is urgently needed to coordinate with the project's development planning. Hence, the Whitecoin Foundation was established following consultation between core members of our community.
• The Foundation's establishment will thoroughly change the reality that community resources were not centralized, and the development speed was sluggish. At the same time, we will fully integrate all our advantages to lay the foundation for the prospect of Whitecoin.

The board of directors of the Foundation consists of the core developers of the community, community currency holders, and independent third-party organizations, which can ensure the legality and compliance of its operation. At the same time, the Foundation's financial statements will be regularly released to provide open and transparent information. The Foundation will also employ an external third-party audit authority to audit our financial report.

After the upgrade of Whitecoin, the Foundation will be run by 15 wallfacers in the community using regular monthly donations. The donation costs are managed by the Foundation for daily development, operation, and ecological construction of the project.

The Foundation releases the donation, and all subsequent expenditures will also be announced in the form of financial reports. All spending and income are reflected in it.

Community members can supervise the Foundation's expenditures and income via corresponding channels and apply for auditing of accounts when necessary.