Overstock’s Medici Partner Counterparty Announces Counterparty Foundation

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counterparty foundationFresh off the announcement of a new partnership with Overstock, Counterparty is announcing the founding of the Counterparty Foundation, a new non-profit organization. The Counterparty Foundation will be established with the help of Perkins Coie, a law firm that advises many cryptocurrency companies. The Counterparty Foundation will provide enhanced structure and services to the growing Counterparty ecosystem; something that Counterparty founders say has been a much-demanded feature.

Also read: Medici Will Be a Real Bitcoin 2.0 Stock Exchange

Counterparty was founded by Robby Dermody, Evan Wagner, and Adam Krellenstein in 2013. The Counterparty founding was famously marked by a “burning” of over 2000 bitcoins in January of 2014. The never-before-seen method of “cutting the red ribbon” has even inspired, as most things do, a Dogecoin mini-me: Dogeparty. The Counterparty founders commented:

While Counterparty has been funded out of our savings up to this point, many of these businesses are willing to contribute funds that would allow for the long-term sustainability of the project, along with a more democratic and inclusive process moving forward.

Counterparty Foundation Founding

Along with potentially raising funds to further the Counterparty vision without straining the pockets of founders, the new Counterparty Foundation will continue the original goals of Counterparty as best it can. Counterparty told CCN:

The foundation’s main goal will be to ensure the long-term viability of the protocol, preserve its open and community-driven nature, and encourage further development of its already growing ecosystem. Law firm Perkins Coie, a leader in cryptocurrency, will be assisting in the foundation’s creation.

Once created, all Counterparty-related intellectual property rights will be assigned to the foundation. The board will include elected representatives from both the Counterparty community and the businesses which are rapidly organizing around the platform. The bylaws and management structure will be publically available. Revenue will be generated through consulting services and an industry partner membership program.

The Counterparty Foundation, and Counterparty, are also looking for a back-end developer to help with their projects. Counterparty, the protocol, remains open source and even the Counterparty Foundation announcement comes with an “About Counterparty” section that clarifies the relationship between Counterparty and the “Counterparty Foundation:”

Counterparty is a peer-to-peer financial platform built on the Bitcoin blockchain. It has no formal corporate structure, but rather consists of a core team which handles the vast majority of technical and business development. The project is not dependent upon any foundation nor other formal body and therefore is decentralized and robust in a way that would not otherwise be possible. For more information, please visit http://counterparty.io.

What do you think of the Counterparty Foundation? Commen below!

Images from Shutterstock.

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