Gridcoin Foundation Wallet is now Multi-Sig!

in gridcoin •  2 months ago

A bit of exciting news for those in the Gridcoin community: The Gridcoin Foundation wallet, which is used for Gridcoin expenses (developer compensation, advertising, marketing, server costs, etc.) has now been transferred to a multi-sig wallet under the control of three of our core team members. This is a change from the previous situation, where the wallet was held by 1 person, Rob Halford, the creator of Gridcoin.

The series of transactions took place between 9 AM UDT on August 31st and concluded at 2 PM UDT on September 1st. The new multi-sig address for the Foundation wallet is bc3NA8e8E3EoTL1qhRmeprbjWcmuoZ26A2. You can view it on Gridcoinstats here Note that the Foundation wallet currently contains 32,387,888.8796 Gridcoin at the time of writing.

Going forward, the balance of the Foundation will always be in that address.

The current holders of the multi-sig keys are long-standing respected members of our community. Currently 2 of 3 keys is needed to unlock (and send funds from) the wallet. The 3 keyholders are presently @ifoggz, @ravonn, and @quezacoatl1. For more information on how multi-sig wallets work, please see this Wikipedia article. Note that most of Bitcoin's documentation on multi-sig wallets applies here as well.

Along with the new Foundation wallet, there will be a new process for Developer Compensation:

  • Developer invoices should be posted to CCT (CryptoCurrency Talk forum) 7 days before the last day of the month
  • Payments will be sent out on the last day of the month

This change should make our Foundation funds more secure by reducing the risk inherent in having only 1 person retaining control and also allow for more oversight in the spending of funds. If anyone has any questions about the process of the fund transfer or how the new Foundation wallet will function, feel free to comment below.

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I am extremely happy to hear this. It was one of the only things about Gridcoin that made me uncomfortable when I talked about it to other people, so this is an amazing and very welcome improvement that I honestly wasn't sure would ever happen. :)

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I hope it brings new confidence to those people "sitting on the fence"! Great work guys :)

May the project and community continue to move forward into the future with confidence.

This post received a courtesy vote from @gridcoin-booster! Thank you for your contribution to the #gridcoin community!

Congrats to new keyholders. Much responsibility and much respect.

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thank you and thanks for your continued support in the community as a long time community member

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Your followers must reach a total trading volume of $32.5 Million (in any trading pair).

That's not exactly free...

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Nothing is 🤷‍♂️
Atleast your not paying more than 5 btc to get listed.

Few quick questions:

  1. Will the funds or part of it help to secure the network or will it be in a cold storage?
  2. Shall we use it for donations? Or to use it to “burn” some coins?
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  1. No a multisig address cannot stake as a single client cannot sign for staking. the 3 multisig keys are separate and neither of the other multisig key holders know each others keys. Essentially in a cold storage without cold storage. needs 2 of 3 signers for a transaction to leave the foundation multisig address

  2. The funds are used for various tasks and some of the funds can be used based on community votes as well.

Good news.

A strategy should be in place if one of the keyholders can no longer perform their function though.

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If that becomes the case the remaining 2 of 3 can opt for a new 3rd multisig user and move the foundation to a new address with a 3rd new key.

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Yeah I know just saying to be prepared to move quickly, cos it only takes one of the two to also vanish unexpectedly and the funds are locked.

I know you know this, just saying having a plan of what to do is helpful.

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very intiristing

Interesting, so Rob isn't one of the key holders?

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From what I understand, Rob has more or less moved on to his new BiblePay project and doesn't have anything to do with Gridcoin at this point really. So he's not one of the key holders, and overall Gridcoin is much healthier now in the hands of multiple developers and foundation funds in a multisig address not controlled by him.:)

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So Rob is no longer involved...interesting.

Congrats keyholders !

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Happy to hear the Gridcoin devs and gatekeepers are continuing to move forward. Thanks!!