A couple of weeks ago, we announced the beginning of the XRP Ledger Foundation. We’ve been busy since then, and felt it was important to address some of the questions that we’ve seen on social media.
1. What isn’t the XRP Ledger Foundation?
This question, while seemingly strange, is an important one to address. A couple of years ago, a Community Fund was set up with the intention of engaging developers and the community at large. This Foundation is not that Community Fund. As described in our press release, the Foundation will concentrate on matters that are directly related to the mission of financial inclusion, social impact, and development/maintenance of core XRP Ledger code. Of course, a healthy, safe, decentralized and stable XRP Ledger infrastructure is mandatory for any of the objectives to be met. We are already working on this.
2. Does this mean that the XRP Ledger Foundation doesn’t care about the community?
Far from that. In fact, because the Foundation will have its hands full with the objectives mentioned above, there is already a separate organization that is being formed for that. That organization does/will be more focused on the XRP community, including development, knowledge and social engagement. This, yet to be formally named, entity would operate completely separately from the Foundation. That entity will describe their mandate and composition in the near future. These things take time, to ensure that everything is clear and all legal requirements have been taken care of (The boring part of things are important).
3. So who’s behind the Foundation?
While clearly recognizing that they are placeholders, Wietse Wind and Bharath Chari are currently spearheading this process. This includes things like incorporating, compliance with legal requirements, and identifying a strong board who will be able to drive the mission of the Foundation. Members of this Board may or may not be from the community, but will bring a wide range of skills to the table. This is not something that is going to happen overnight. We hope some of the work that we do over the next few months will help attract people who believe in the mission. We cherish the valuable insights and support we continue to enjoy as we embark on this ambitious mission.
We hope this addresses some of the questions and concerns that we’ve seen raised. And look forward to forging ahead with a Foundation that creates a really strong ecosystem that delivers value to where it matters most.