The Connext Foundation is a Cayman Islands foundation company dedicated to supporting the Connext ecosystem.
The Connext Foundation, a shareholderless legal entity that is, by its constitutional documents, mission aligned with the Connext ecosystem, takes any actions that it feels will benefit the Connext ecosystem. These may include:
- Entering into agreements with partners and third parties for the benefit of the Connext ecosystem.
- Owning and administering intellectual property rights on behalf of the Connext ecosystem.
- Administering grants of NEXT tokens to projects that will advance the Connext ecosystem.
- Coordinating and funding research and development related to the Connext ecosystem.
- Creating and administering the Connext Improvement Proposal (CIP) process - an open process (similar to the EIP process) by which Core Contributors and other community members can propose and discuss improvements to the Connext protocol.
- Hosting and moderating a user interface for the DAO Governance Process.
- Providing transparency and reporting to the DAO on the efficacy of Core Contributor work to provide accountability for NEXT resource allocation.
- Communicating updates about the protocol and DAO to the broader Connext community.
- Promoting decentralization of the Connext protocol.
The Connext Foundation is made up of a board of directors, officers, consultants, and service providers. The initial directors of the foundation are Robert Drost, Glen Kennedy, and Arjun Bhuptani.
The Connext Foundation is funded initially by an allocation of 10.8% of the supply of NEXT tokens as well as a grant from Proxima Labs (formerly known as Connext Labs), the original development company behind the Connext protocol.