What is Whitecoin Foundation

Whitecoin is a community-based decentralization project with more than five years of history. The project was launched in early 2014. The main members of the development team are from the Netherlands, Germany, Finland, Australia and other countries.

Whitecoin Foundation is a non-profit organization registered in Singapore. The foundation is responsible for Whitecoin's operations, technology development and all other issues. It is the project management. All expenses for the operation of the project and follow-ups, and technical developmental planning will all be managed by the Foundation.

Why the Foundation was Established

  • Whitecoin has been running in a community-based way over the past five years, with all members in the technical and marketing teams contributing part-time.
  • With the development of block chain industry, the original governance model adopted by Whitecoin has been unable to adapt to the further development of the project, and a management organization is urgently needed to coordinate with the development planning of the project. Consequently, the Whitecoin Foundation was established after consultation with core members of the community.
  • The founding of the Foundation will thoroughly change the situation that community resources were not centralized and the development speed was slow. At the same time, we will fully integrate Whitecoin's community advantages from the past and give full play to Whitecoin's historical accumulation in the realm of block chain. It lays the foundation for the next development of Whitecoin.

Operation of the Foundation

The board of directors of the Foundation is jointly established by core community developers, community asset holders and independent third-party organizations to ensure that the operation of the Foundation is legitimate and compliant. At the same time, the fund's revenue and expenditure will be published regularly to ensure that information is open and transparent. The Foundation will engage external third-party auditors to audit the financial reports.

Sources of operational funds at WhiteCoin Foundation

After the upgrade of WhiteCoin, the 15 wallfacers of the community will donate to the foundation regularly every month. The donated funds will be managed by the foundation and used for the daily development, operation and ecological construction of the project.

The donated funds will be announced by the foundation, and all subsequent expenditures will be announced in the form of financial statements. All categories of expenditure and income will be publicly shown.

Community members can supervise the income and expenditure of the foundation through corresponding channels, or apply for an audit of accounts when necessary.

Relying on the Whitecoin Foundation, Whitecoin will open up a new path of institutionalized operation and gain more advantages in the competition of the block chain. Through the cooperation of Whitecoin Foundation and Whitecoin Community, Whitecoin's community advantages, historical accumulation and technological advantages will be brought into full play. The upgraded Whitecoin will take a step further in its efforts to hit the top 20 at the market value ranking of the encrypted currency market.