In fulfilment of the ShapeShift decentralization process, the entity will be separated. On Wednesday, ShapeShift AG that hosting a cryptocurrency trading ecosystem the main corporate brand a Swiss decentralized autonomous organization (DAO) announced that ShapeShift AG has created the FOX Foundation. The stated purpose of the non-profit organization is to monitor the decentralization of its brand trading platform and investments/assets.
ShapeShift and FOX Foundation:
The FOX Foundation authority, in conjunction with CoinbaseCloud, tasks include hosting servers, and paying bills in fiat money, until the transition completes it maintains the platform’s core infrastructure and the backend node of shapeshifts returns with the decentralized infrastructure FOXChain has been prepared.
According to the company(ShapeShift), in July 2021 fully decentralize its corporate structure and open its source code ShapeShift became the first in the space.
To confirm the impartiality of the ecosystem Because the initiative was relatively exceptional and the association of the FOX Foundation acts as a solution. The FOX Foundation has the only authority as efficiently as possible to decentralize platform assets and FOX Foundation is not led by ShapeShift AG, nor does ShapeShift DAO. Once the tasks include hosting servers, and paying bills in fiat money, until the transition completes, the FOX foundation will terminate and spread the remaining funds/assets to the ShapeShift DAO revenue.
The head of the decentralized FOX Foundation Willy Ogorzaly said on the development.
While 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’s responsibilities while supporting the DAO in implementing sustainable, decentralized alternatives.
Among cryptocurrency trading platforms ShapeShift is a unique platform in that it does not require registration of its users and does not collect any personal data and neither collects customer assets/funds in company accounts. Only in the event of a failed exchange, the company maintains the customer’s funds/assets. In the exchange platforms, the exchange only works with cryptocurrencies in which only coin to coin (like bitcoin crypto coins) exchange is possible.