{"id":449180,"date":"2022-05-18T20:00:00","date_gmt":"2022-05-18T17:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/shapeshift-creates-fox-foundation-as-intermediary-for-successful-dao-transition\/"},"modified":"2022-05-18T20:00:00","modified_gmt":"2022-05-18T17:00:00","slug":"shapeshift-creates-fox-foundation-as-intermediary-for-successful-dao-transition","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/shapeshift-creates-fox-foundation-as-intermediary-for-successful-dao-transition\/","title":{"rendered":"# ShapeShift creates FOX Foundation as intermediary for successful DAO transition"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2599197d0d6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2599197d0d6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/shapeshift-creates-fox-foundation-as-intermediary-for-successful-dao-transition\/#%E2%80%9D_ShapeShift_creates_FOX_Foundation_as_intermediary_for_successful_DAO_transition_%E2%80%9C\" >&#8221; ShapeShift creates FOX Foundation as intermediary for successful DAO transition &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_ShapeShift_creates_FOX_Foundation_as_intermediary_for_successful_DAO_transition_%E2%80%9C\"><\/span>&#8221; ShapeShift creates FOX Foundation as intermediary for successful DAO transition &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZTgyNWMzYjctZGZmZi00MjBjLTgzNDUtYTBjMTUyYWFjMTJjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>On Wednesday, ShapeShift \u2014 a Swiss decentralized autonomous organization (DAO) hosting a cryptocurrency trading ecosystem \u2014 announced that its centralized corporate brand, ShapeShift AG, has formed the FOX Foundation. The nonprofit organization&#8217;s stated purpose is to oversee the decentralization of its namesake trading platform and assets.<\/p>\n<p>The FOX Foundation\u2019s charter includes handling tasks such as paying bills in fiat currency, hosting servers, maintaining the platform\u2019s centralized infrastructure until the transition completes, and replacing ShapeShift\u2019s backend node with decentralized infrastructure FOXChain, developed in conjunction with Coinbase Cloud.<\/p>\n<p>According to the company, ShapeShift became the first in the space to fully decentralize its corporate structure and open its source code when it did so in July 2021. Because the move was somewhat unprecedented, the establishment of the FOX Foundation serves as a solution to ensure the neutrality of the ecosystem. FOX Foundation is neither led by ShapeShift AG nor ShapeShift DAO and has the singular charter of decentralizing the platform\u2019s assets as efficiently as possible. Once the task is complete, the foundation will dissolve and distribute the remaining funds to the ShapeShift DAO Treasury.<\/p>\n<p>Regarding the development, Willy Ogorzaly, head of decentralization for the FOX Foundation, said:<\/p>\n<blockquote><p>\u201cWhile the necessary tooling and infrastructure are maturing rapidly, it will take time for the DAO to achieve its final, fully autonomous form. The FOX Foundation exists as a stepping stone in this journey, fulfilling the centralized legacy\u2019s responsibilities while supporting the DAO in implementing sustainable, decentralized alternatives.\u201d<\/p><\/blockquote>\n<p>ShapeShift is unique among cryptocurrency trading platforms in that it neither collects users\u2019 funds into company accounts,\u00a0requires registration nor gathers any of its users\u2019 personal data. The company keeps customers\u2019 assets only in case of a failed exchange. The exchange only operates with cryptocurrencies, meaning only coin-to-coin swaps are possible.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/shapeshift-creates-fox-foundation-as-intermediary-for-successful-dao-transition\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; ShapeShift creates FOX Foundation as intermediary for successful DAO transition &#8220; On Wednesday, ShapeShift \u2014 a Swiss decentralized autonomous organization (DAO) hosting a cryptocurrency trading ecosystem \u2014 announced that its centralized corporate brand, ShapeShift AG, has formed the FOX Foundation. The nonprofit organization&#8217;s stated purpose is to oversee the decentralization of its namesake trading&#8230;<\/p>\n","protected":false},"author":1,"featured_media":449181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZTgyNWMzYjctZGZmZi00MjBjLTgzNDUtYTBjMTUyYWFjMTJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,75186,79800,74355,117],"class_list":["post-449180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-dao","tag-shapeshift","tag-adoption","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/449180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=449180"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/449180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/449181"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=449180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=449180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=449180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}