The Foundation will continue to contribute to development and adoption of the decentralized VeriBlock network and its Proof-of-Proof (“PoP”) security technology.
Today, the team behind the VeriBlock® Blockchain project, which extends Bitcoin’s Proof-of-Work (“PoW”) security to the world’s blockchains in an entirely Decentralized, Trustless, Transparent, and Permissionless (“DTTP®”) manner, announced the official launch of the nonprofit VeriBlock Foundation in the Cayman Islands.
Xenios SEZC, the former official sponsor of the VeriBlock Blockchain Project, will provide funding and technical advisement to the Foundation, which will continue to contribute to the development and adoption of the decentralized VeriBlock network and its Proof-of-Proof (“PoP”) security technology. During the transition period, the Foundation will be coordinating with the community on rebranding VeriBlock’s online presence to reflect the project’s new initiatives and provide resources for community members and other blockchain projects that want to get involved.
“The VeriBlock Foundation will further the project as a natural next step in achieving an ever-increasing level of decentralization and autonomy,” VeriBlock Co-Founder and CEO Justin Fisher commented.
The Foundation will be led by the VeriBlock community, including members of the original VeriBlock team, and will provide a grant program to fund third-party initiatives which benefit the VeriBlock ecosystem.
“We chose Cayman as home for the Foundation as their government has worked closely with industry experts to foster innovation in FinTech, welcoming decentralized technologies with friendly and effective regulations that ensure compliance with international financial regulations without stifling innovation,” explained Fisher.
Justin Fisher also serves as a member of the Steering Committee for Digital Cayman, an independent industry consortium for the digital sector which works closely with Cayman regulators on legislation and best practices guidelines to ensure a healthy and productive regulatory environment for tech companies in the Cayman Islands.
“Part of the Foundation’s mission is to educate the blockchain ecosystem on the benefits of Proof-of-Proof and how it can be used to secure any blockchain in a truly DTTP fashion while positioning Bitcoin as the security backbone of the entire decentralized digital economy,” commented VeriBlock Co-Founder and CTO Maxwell Sanchez.