The Network of Decentralized Economics (N.O.D.E.) Foundation based in Liechtenstein has been created to carry out the mission of supporting the SKALE Network. The SKALE Network is designed to support businesses, people, organizations that run on the open internet.
The SKALE Network is ultimately governed by its code which includes the SKL token. Onchain voting will be required to change any economic principles of the protocol.
The Foundation will support the network by electing 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. These representatives will serve the community through the facilitation of on-chain voting, grants, and budget/treasury decisions. The representatives will be selected by the Foundation initially, however future elections will be held via a variant of on-chain voting by token holders to select representatives that facilitate onchain voting.
To ensure the longevity of the Foundation, it has been allocated 10 percent 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 Path Forward for SKALE Labs
SKALE Labs has handed over IP assets and funds raised via initial SAFTs to the Foundation. SKALE is contracted via a Service Contract with the N.O.D.E. Anstalt to provide code contributions to the open source repository, marketing support, community building support, solutions engineering, and other network positive community contributions. SKALE will still be regularly contributing to and will help maintain the SKALE Network repositories, as well as fostering and supporting the community. This role does not include control or governance. SKALE Labs just like any other entity is an outside supporter of the network.
The SKALE Labs contract will be overseen and managed by the Foundation's Network Representatives to ensure decentralization, and that community goals and vision are always made top priority.