{"id":70779,"date":"2018-12-31T20:50:56","date_gmt":"2018-12-31T20:50:56","guid":{"rendered":"https:\/\/wp.dash.org\/uncategorized\/dash-network-elected-trust-protectors-closing-the-governance-loop\/"},"modified":"2021-09-23T15:02:22","modified_gmt":"2021-09-23T15:02:22","slug":"dash-network-elected-trust-protectors-closing-the-governance-loop","status":"publish","type":"post","link":"https:\/\/wp.dash.org\/blog\/dash-network-elected-trust-protectors-closing-the-governance-loop\/","title":{"rendered":"Dash Network Elected Trust Protectors: Closing the Governance Loop"},"content":{"rendered":"
Dash Core Group (\u201cDCG\u201d) announced in July 2017 the formation of The Dash DAO Irrevocable Trust, with the intent of ensuring the operations of Dash Core Group would be effectively controlled and governed by the Dash network. Work setting up the Trust was completed in late December of 2017 and publicly announced in January of 2018. The Dash network is the ultimate beneficiary of the Trust, and the Trust owns 100% of the shares of Dash Core Group Inc. With this setup, DCG took the first step to ensure that the Dash network would always have full control over the direction of the project, without resorting to the drastic and disruptive step of defunding DCG and developing an entirely new team to replicate its primary functions.<\/p>\n
The ownership structure of DCG established a fiduciary duty to the Trust (and indirectly to the network itself). This enables the network to safely permit DCG to accumulate a significant balance sheet of assets for the benefit of the network, allowing it to become more resilient to future market downturns. It also enables the network to replace the leadership team of DCG instead of necessitating replacement of the entire organization should it determine DCG\u2019s performance is unacceptable.<\/p>\n
However, thus far, the network has not had direct power over Dash Core Group Inc., other than through the proposal decisions, because the six \u201cTrust Protector\u201d positions overseeing the Trust were initially populated with DCG team members. To complete the process of establishing the intent of the Trust, we are organizing elections for Trust Protectors, who will have the ability to oversee and replace DCG directors. The Trust Protectors will be a new tool in the hands of the network to shape the future of the project.<\/p>\n