KYVE Project Decentralisation Gets A Boost With Foundation Set Up

KYVE Network said on Thursday that its newly incorporated Foundation will make decentralisation of the KYVE project safe as well as support its adoption and grow the ecosystem.

The Network announced the incorporation of the KYVE Foundation a week after it successfully launched mainnet. The KYVE Foundation is led by KYVE’s Co-founder Fabian Riewe and Kevin Leuthardt who is an advisor at KYVE and head of finance at Safe. KYVE said that the Foundation’s board will grow as needs require.

KYVE said that the Foundation will be encouraging the development of the technology and training the ecosystem. This requires promoting public awareness and use cases by providing finance through grants for research and organising activities. Such activities include workshops, hackathons for developers along with businesses, partners and regulators.

In Web3, it is not uncommon for companies to have foundations. Some of the foundations include Ethereum Foundation and Solana Foundation. Oftentimes, successful companies operating in the third generation of the internet set up foundations to expand their reach and consolidate their growth. The role of the foundations could range from leading research activities, coordinating the firm’s charity activities and providing policy guidelines for the project.

A foundation acts as the perfect legal wrapper for these exact business cases. It’s basically optimised for financial management by having a foundation board; it also eliminates centralised control over actions, Fabian Riewe, board member of KYVE Foundation told Permaweb News.

Riewe said that the KYVE Foundation has no members and shareholders and that it is committed to the purpose of ensuring the longevity of the KYVE ecosystem. He however, noted that it will be subject to oversight.

Moreover, the Foundation is a regulated entity subject to prune oversight and regulations. It’s almost like an extended arm of KYVE. Assets can be spent for a certain deed, in this case, the decentralisation of KYVE. Any other use of money is forbidden, Riewe said.

The KYVE Foundation already has a roadmap of activities, including KYVE governance process, KYVE DAO roadmap, protocol launch, KYVE grants programme, expansion of project’s products and use cases.