Ripple’s backed developer group, RippleX, hasunveiledXRPL Foundation 2.0. This new outfit is touted as the latest governance team to promote enhanced collaboration between community members. Organizations, includingRipple, XRPL Commons, XRPL Labs, and XAO DAO, joined forces to launch the new XRPL Foundation.
Objectives and Structure of XRPL Foundation 2.0
For context, the XRPL Foundation is a nonprofit organization that supports theXRP Ledger(XRPL), an open-source distributed ledger. The Foundation’s sole purpose is to promote a secure, inclusive, and thriving XRPL community.
CNFreportedin August that the Foundation will transition into a new organization. The new entity will seek to promote the uptake of decentralized financial services on multiple ledgers besides XRPL. At the time, the announcement confused the community, with some raising concerns that it could lead to centralization.
Ripple has issued a detailed explanation of the new Foundation, its mandate, governance, and structure. According to the details, the new XRPL Foundation filed incorporation documents in France on Tuesday, November 26, 2024. Accordingly, XRPL Foundation 2.0 will function under French laws, with conflicts resolved exclusively by the Paris Court of Appeals.
The new XRPL Foundation, in collaboration with@XRPLLabs, Ripple,@xrpl_commons, & XAO DAO (@Wave_of_Innov), is now officially incorporated.
Check out the Foundation’s new governance, objectives and how to get involved in the future:https://t.co/oi899mWbq6
— RippleX (@RippleXDev)November 27, 2024
The new XRPL Foundation aims to promote and facilitate a secure, resilient, inclusive, and thriving XRPL community. This would empower users and developers to build decentralized applications, financial tools, and infrastructure confidently.
To fulfill its purpose and meet its objectives, the Foundation will focus on core areas like enhancing the security and stability of XRPL. Key areas include promoting XPL technology adoption, building transparent governance structures, and forging strategic partnerships to expand the community.
The Foundation will also educate the community, support sustainable development practices, safeguard XRPL’s intellectual property, and engage in regulatory advocacy.
Furthermore, the Foundation will measure its success based on certain indices. These yardsticks will include the establishment of new partnerships and an increase in developer engagement. Other key indicators include regulatory advancements, community adoption rates, and membership growth.
XRPL Foundation 2.0 Governance
Meanwhile, XRPL Commons, XRPL Labs, Ripple, and XAO DAO will continue to play an important role on the Board of Directors. Their involvement is critical to the new Foundation’s strong governance structure.
The Board of Directors will consist of the four core Founding Members and additional rotating Directors. The latter will be shortlisted based on their expertise and elected by a majority vote of the four Founding Members.
The Board will elect a President, Secretary, and Treasurer for two-year terms. The President must come from among the Founding Members. The Board maintains primary decision-making authority.
However, a General Assembly will serve as a democratic forum where Associate Members can provide advisory input on strategic decisions.
The Board is expected to make key decisions on strategic direction, budget plans, membership criteria, and major organizational changes. The General Assembly will ensure that a broad community perspective informs these decisions.