Blockchain Startup Blockstack on the Path to Decentralization
Blockstack has announced its plan to decentralize its structure, as it is building a new network for decentralized apps. Decentralized apps developed using Blockstack’s open-source developer platform store data with the user without centralized databases or servers, and our decentralized network aims not to have any single points of failure or control. What Blockstack is building does not look like a platform backed by a single company, but a decentralized ecosystem; this is a new type of enterprise with no blueprint.
The next big challenge for projects like Blockstack, that started with a single corporation, pertains to corporate governance. The Blockstack network and blockchain uses open-source software and has an open membership and consensus mechanism. The network is decentralized by design, and the plan aims for decentralization of corporate governance.
Co-founders Ryan Shea and Muneeb Ali said “We’re determined to forge new paths and put in place governance structures that accomplish the goal of a robust and decentralized ecosystem. This won’t happen in one fell swoop, but rather over time, through careful consideration and execution.”
Blockstack’s founders will start by creating a non-profit foundation, a U.S.-based entity and a Hong Kong-based entity, to begin contributing to the ecosystem with the existing Blockstack PBC and its venture capital wing, the Signature Fund.
Each new entity will remain independent of the others. Shea will leave Blockstack PBC to run the U.S. entity, while Larry Salibra will launch the Hong Kong company. Ali will remain in charge of the existing company.
They explained “Our goal with all the above entities is to not have any overlap in control and to ensure that each entity can have its independent management and voice. The upcoming Stacks blockchain connects the entire ecosystem with individuals and entities having a shared interest in the success of the ecosystem.”
They added that decentralization is not a binary step, as it is rather a journey that needs to be carefully planned and executed.
