Obyte Foundation is Established
We are pleased to announce the establishment of a formal legal entity in Vaduz, Liechtenstein, on March 20th. under the name “Byteball Foundation” by LMG Lighthouse Trust. It is currently in the process of being renamed as the “Obyte Foundation”. We are also completing other registration procedures as required by the authorities.
The sole purpose of the Foundation is to foster the development and adoption of the Obyte DLT protocol and platform. Furthermore, it will work to promote any subsequent technologies directly or indirectly linked to Obyte’s DLT for research, promotion of science and the general public interest. Any contributions and benefits received by the Foundation are to be reinvested in the aforementioned areas.
Obyte FootprintAs you might be aware, Obyte went live on December 25, 2016. Its founder, Tony Churyumoff, was inspired by Bitcoin and driven to develop and further improve the underlying technology. He saw that for the mass adoption of DLT and cryptocurrencies, key elements to the original concept underpinning blockchain needed to be designed in a new way. Specifically:
- Users needed freedom to post transactions directly to the distributed ledger with no gatekeepers (eliminating the need for miners);
- The algorithm for posting transactions needed to be simplified from 2 steps to 1 (eliminating the need for blocks)
With that in mind, a new generation of DAG-based DLT was born.
Here is what our team mates have to say:Steve Safronoff, COO: “Next step in Obyte’s development is another proof of project maturity. It will be challenging but also exciting to operate to scale. Building a strong team is a critical factor at this stage and it will define future success. We have great technology at our disposal and it is a considerable advantage we should fully utilise.”
Luke Angell, Head of Partnerships: ”I’m very excited to have this basic, but critical, issue resolved. Building partnerships is about building relationships, so we have of course been doing that, but at the end of the day for those partnerships to deliver real value to both parties they need to be formalized, and now we have the mechanism to do so.”
Valerius Coppens, Head of Strategy: ”It’s one thing to write a whitepaper, it’s quite another to actually release a working product and get early adopters to try it out. With the establishment of this Foundation a new chapter begins. Obyte is growing up and getting ready to conquer the world.”
Tarmo Annus, Developer: ”I have participated on many hackathons and only very few of them have become actual companies. This project has been like a really long hackathon and establishing a Foundation company is a huge milestone, it’s like a software that comes out of beta.”
Casper Niebe, User Acquisition Manager: ”From the moment I discovered Obyte, I have been convinced of the vast possibilities, the superior technology and the right focus on bridging the gap between the real world and distributed ledgers. Embracing opportunities and utilizing the real world requires a link from the ecosystem to the outside world. The Foundation is a major milestone in enabling use cases in areas such as FinTech, Supply Chain Optimization and IoT projects.”
Tony Churyumoff, Founder: ”This project started as a one-man operation, later became a small group of enthusiasts, and now it is moving to a formal organization. With the Foundation, we now have a more solid foundation, a vehicle for realizing our belief that fully open networks like Obyte are an excellent tool for those who want to make the world a better place.”
Byteball foundation in Liechtenstein company register (in German)
Extract of the commercial register (in German)
Act of formation and Statuses (English translation)
Confirmation that Byteball Foundation is a non-profit common-benefit
foundation and is therefore tax-exempt (in German)