The Network of Decentralized Economics (NODE, for short), a Liechtenstein Foundation, has been created to carry out the mission of fostering a strong community of people and businesses to both leverage and contribute to the SKALE Network. To ensure the longevity of the Foundation, it has been allocated a percentage of the total pool of SKL tokens vesting over a 7 year period to provide it with a budget and resources to fulfill its mission.
The Foundation will be supported by a diverse set of Network Representatives comprised of dApp Developers who run SKALE Chains, Validators who run SKALE Nodes, Independents such as investors that helped kickstart the network economics, and developers/representatives that actively build, maintain, and evolve the code base.
While these representatives will be selected by the Foundation initially, future elections will be held via a variant of on-chain voting by token holders. These representatives will serve to the community through the facilitation of on-chain voting, grants, and budget/treasury decisions.
We feel this model will bring agility, efficiency, and organization to the SKALE Network without compromising on decentralization. It is designed to be grounded by core economic factors (such as an un-alterable total supply), but with enough flexibility to be able to evolve over time, as more individuals and businesses join the ecosystem.
The Path Forward for SKALE Labs
While SKALE Labs is handing over all assets related to the SKALE Network to the Foundation, not much is changing relating to our operation and active role in the continued support of the network. We will still be regularly contributing and maintaining to the SKALE Network repositories as well as fostering and supporting the community.
What does change, though, is our relationship to the network. As of this week, the SKALE Labs team will no longer be the owners of the network. Today marks the beginning of SKALE Labs' contracting engagement with the Foundation. This engagement will be overseen and managed by the Foundation's Network Representatives to ensure decentralization, community goals, and vision are always made top priority.
We're excited to see where things go and are ecstatic to finally be able to show you what we've been working on. Although a lot of hard work has been put into this, we know that nothing is perfect, and look forward to the community taking the foundation we’ve laid out and improving it.