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Many startups and ecosystems in the blockchain industry, including exchanges are highly centralized even though decentralized environments are a main selling point of the technology. Blockstack, a web 3.0 developer and blockchain startup is charting a truly decentralized path for itself, announcing its plans last week Friday to build different entities that will come together to constitute a broader distributed community. Blockstack’s blockchain is already decentralized, but according to Co-founders Muneeb Ali and Ryan Shea, decentralization should be extended to the startup’s corporate governing structure.
This path was revealed in a blog post written by the co-founders. Though they believe the path to decentralizing their corporate governing structure will require time, it will make them a truly decentralized ecosystem. The co-founders wrote that they are;
“determined to forge new paths and put in place governance structures that accomplish the goal of a robust and decentralized ecosystem“.
Ali and Shea are therefore starting with two new non-profit foundations, both US-based and Hong Kong-based. These entities will contribute to the startup’s environment, including its venture capital arm, the Signature Fund, and the current Blockstack PBC. The creation of these new entities, which will operate independently of each other, will disperse the blockstack team. Whiles Shea will be in charge of the U.S entity, Ali will be in charge of the existing Blockstack ecosystem, and Larry Salibra will launch the Hong Kong Company. With all that, this does not mean they will be separated from the Blockstack environment.
The two co-founders believe that “decentralization is not a binary step” and would push forward progressively to realize their dreams. And that;
“Our goal with all the above entities is to not have any overlap in control and to ensure that each entity can have its independent management and voice. The upcoming Stacks blockchain connects the entire ecosystem with individuals and entities having a shared interest in the success of the ecosystem”.
Decentralizing corporate governance will mean that blockstack would become a completely decentralized entity, a future the blockchain technology represents.