[PROPOSAL][ABANDONED] Disband the ICF - Buy and burn ATOM with all-non ATOM assets, Burn ATOM holdings
9-Apr-25: The ICF Is under new leadership, and given the positive developments of this leadership change, am abandoning this proposal. The objective of this thread is to solicit feedback, which is to disband the Interchain Foundation (ICF) and re-purpose all funds to buying and burning ATOM on the open market, burning ATOM, and an education campaign regarding the volunteer-only effort to maintain the Interchain stack going forward. Specifically, voting yes on this proposal entails: • Complete dissolution of ICF • Utilizing all non-ATOM denominated assets post-dissolution to buy and burn ATOM on the open market • Burning all ATOM assets • Re-assignment of all Core Cosmos Hub development and maintenance to the Cosmos Hub Community Pool • Education campaign of the new Volunteer-only basis of all Interchain software As of the latest transparency report from 2022 located here: ICF_AnnualReport_2022.pdf - Google Drive , the ICF had $304M USD in total assets, of which: • 38% Fiat • 4% BTC • 15% ETH • 43% ATOM Of the $48.1M spent in 2022, the breakdown of expenditures is as follows: • 16.2% Cosmos Hub • 23.9% Cross Product Work • 9.6% Consensus • 26.2%…
Excerpt (1191 of 2108 characters). Read the whole post on the forum ↗
I would rather support the idea of redirecting everything to the community pool and creating a second Dao, with payment by Daodao and therefore an incentive to make a financial return through the use of the cosmos stack at the cosmos hub by new projects entering the aez .
Even though we value every community input and everyone’s point of view, this one seems pretty extreme to us. We definitely agree to say that the ICF has lot’s of issues to resolve, potentially skeletons in the closet. But dismantling seems like an easy solution to an infinitely more complex situation. At Govmos, we value simple solutions to simple problems, but calling the ICF a simple problem couldn’t be further from the truth.
Nevertheless, we agree that a community input is more than appropriate, and necessary to define what the ICF should be in the future. The most urgent concern appears to be a lack of transparency. Clarifying the situation may be our best opportunity to pursue a successful restructuring. At present, we also want express our full support to this historic institution within the Cosmos Ecosystem.
This is still on the table
yeah let’s delete entirely the ICF and its Atoms and let’s give full power on the hub to a for profit org (AiB) which has contributed 0 since 2020.
ps: why do people supportive of the fork still have a say on Atom’s future?
I agree with the sentiment of this post. I have been following and investing in Cosmos since it started trading on Coinbase in 2019. It was minor investment for me earlier on and I became more interested in it and invested more money once Ethan outlined the shared security vision. That vision is coming to fruition now. But outside of the efforts of Informal systems (Ethan, Jehan) and few other guys like Jack Zampolin, Zaki and Sunny (and the teams they lead of course) to create some value accrual for the token, the rest of the community is very actively draining the resources that were invested in this project. I have no idea what ICF does other than dump ATOMs and pay themselves and their cronies fat salaries for doing nothing. The management of the community pool funds is an ad-hoc clusterfuck without any purpose or vision, again the primary purpose is for some dudes write some stupid forum posts and get paid hundreds of thousands for it. The way see it, there is a couple of communities in Cosmos - some of them super woke around Ethan and the other super conservative around Jae that are kind of engaged in some form of battle over their social values. Both Ethan and Jae are…
Excerpt (1195 of 3264 characters). Read the whole post on the forum ↗
You can’t just disband the ICF via a Cosmos Hub community proposal.
The legal personality of a Swiss Stiftungs are very specific, and very specific conditions need to be met to dissolve Swiss foundations.
Please see my post here:
[Proposal 952][PASSED] Declaration of No Confidence in ICF Leadership & Call to Action Signaling/Text
I’m seeing a lot of comments on CT asking why not just disband the foundation? You can’t just disband bc the foundation is a pain in the ass to manage. Swiss foundations were designed to be persistent and sovereign. Can be good or a very bad bad thing. Legal grounds for dissolution are specific for Swiss Stiftungs. The foundation’s purpose has been fulfilled or can no longer be fulfilled. The foundation’s assets are no longer sufficient to pursue its purpose. The foundation’s purpose …