Secret Network Votes Unanimously to Turn Foundation Into Non-Profit

After a tumultuous few months, the Secret Network’s community today passed a proposal to restructure the Secret Foundation, with Secret Foundation’s founder and CEO, Tor Bair, committing his support.

The Secret Network is a layer-1 blockchain focused on privacy-preserving technology.

Bair was accused by members of the community of financial mishandling along with calls for greater transparency. Members also demanded the Foundation become a non-profit organization (NPO) to be governed by a community-elected board.

Bair had originally set up the Secret Foundation as a for-profit business and confirmed to Decrypt that he was the sole shareholder of the company.

Though Bair adamantly denies any financial impropriety, he signaled his support for change in the Foundation’s structure to bring about “Secret 2.0.”

The latest proposal stipulates that a new Foundation be established as an NPO “with a transparent operation” and that the assets of the old Secret Foundation be transferred to the new entity.

Finally, the community vote calls for a non-affiliated third party to be appointed as a trustee to oversee the transition process.

“I’m looking forward to working together with the Secret community on this new path forward as we all build towards Secret 2.0,” Bair told Decrypt. “I’m confident that we can work through any potential challenges and hurdles in a way that ensures the current and future strength of the network and its ecosystem.”

According to posts on the Secret Network’s community forum preceding the vote, Bair had two requested amendments be added before the voting began.

First, Bair requested that he have visibility into the selection of the trustee and the chance to nominate potential candidates for the role—though the community will still have the final vote on who will lead the transition.

Secondly, Bair requested that the trustee “notify all stakeholders ahead of time about any potential tax implications before transferring the funds to the escrow accounts.”

Both of Bair’s requests were added to the now-passed proposal as amendments.

According to the proposal passed today, Bair has 14 days to transfer any crypto assets to the trustee and 30 days to transfer any fiat holdings into an escrow account.