FIO Foundation
Page Spec
Item | Content |
|---|---|
Page URL | /discover/foundation |
Page Title | FIO Protocol - FIO Foundation |
Design | https://www.figma.com/file/n33HwJfIuwy068A7G0Bdpg/FIO-Website?type=design&node-id=689-6702 |
Section Content
The FIO Foundation
Non-profit organization formed to facilitate the growth and adoption of the FIO Protocol, but not to run, manage, or otherwise control the protocol.
Mission
“Facilitate an adoption explosion for blockchain through a decentralized, industry standard, industry governed, cross platform, chain agnostic usability protocol.”
The charter of the Foundation is as follows:
Manage Foundation treasury
Promote awareness and education of the FIO Protocol
Provide support to Full FIO Members in integrating the FIO Protocol
Develop tools enabling easier integration
Manage the structure and submission process as well as provide an impact statement on FIO Improvements Proposals (FIPs)
Create and fund original code enhancements for the FIO Protocol and submit them as FIPs
Fund other projects and bug bounties benefiting the ecosystem
Governance
Board of Directors
FIO Foundation is a Cayman non-profit foundation managed by a Board consisting of up to 9 members elected by FIO Token Holders.
Next election day: August 16th, 2023
See Board Candidates and how to vote
Steering Committee
The Board appoints a Steering Committee which is tasked with defining and funding specific tasks to further the Foundation’s mission.
FIO Contributor Decentralized Autonomous Organization (DAO)
The Steering Committee organizes as a DAO to coordinate and fund the work.
Funding
The Foundation has received FIO Tokens at Mainnet launch of FIO Chain to seed its operations and continues to earn revenue from a variety of sources.
Revenue stream | Description | Amount | Expiration |
|---|---|---|---|
Foundation Reserves | At Mainnet launch 181,253,654 FIO Tokens were not minted and reserved for the Foundation to be minted and paid out at a rate of 150,000 per day. Programmatically, this limit will be reached in July 2023. | 150,000 FIO tokens per day | July 2023 |
Portion of every transaction | 5% of every transaction is paid out to the Foundation. | 5% of fee amount | Does not expire |
Primary TPID Reward | The Foundation may build products or services and offer those directly to users, e.g. FIO Dashboard. When it does that, it inserts its own TPID and 10% of every transaction can be paid to the Foundation. | 10% of fee amount | Does not expire |
New User Bounties | Similarly to Primary TPID Rewards, if the Foundation inserts its own TPID, 40% of every transaction is paid to the Foundation. | 40% of fee amount | Expires once 125M FIO Tokens are minted. As of 2/6/2023: 9.5M (~7.5%) FIO Tokens were minted. See counter updated daily. |
Staking TPID reward | Similarly to Primary TPID Rewards, if the Foundation inserts its own TPID for unstaking, 11% of staking rewards paid to users are paid to the Foundation. | 11% of staking reward | Does not expire |
Use of Funds
The FIO Foundation spends its treasury on the following.
FIO Foundation Operations
Development of proposed FIO Protocol enhancements.
Activities to build awareness and promote education about the FIO Protocol.
Business development activities to accelerate adoption of the FIO Protocol.
Corporate, general, administrative and legal expenses.
FIO Handle Giveaways
Promotional campaigns to pay for FIO Handle for early adopters.
Funded from special 125M FIO Handle Giveaway locked token allocation at Mainnet.
FIO Integration Incentives
28 companies received an integration airdrop of FIO Tokens at Mainnet launch.
The FIO Foundation may continue to offer integration incentives to additional partners at its discretion.
Explicitly Excluded Use of Funds
The Foundation will explicitly not use its treasury for the following purposes.
Voting or proxying, including voting for Block Producers, FIO Foundation Board, or any other governance vote.
Staking of FIO Tokens.