Launching the Sia Foundation

This article was first published on Sia Blog - Medium

Sia v1.5.4 was released today, marking an important chapter in Sia’s history. This release incorporates the Foundation subsidy hardfork, which is scheduled to activate around midnight, February 3rd, at block height 298,000. The hardfork introduces a subsidy that will fund the Sia Foundation, a new non-profit entity charged with supporting, developing, and promoting the Sia network.

The Sia Foundation was first proposed in the /r/siacoin subreddit, back in September 2020. In that post, I described who would comprise the Foundation, how it would operate, and what responsibilities it would assume. The proposal was accepted by the community without significant dissent, and work began on implementing the hardfork code.

Since then, things have been fairly quiet. With the hardfork due to activate next month, I wanted to provide an update and a refresher on what to expect from the Foundation in 2021.

First Steps

All hardforks require community approval. Although the hardfork code has been released, we cannot compel anyone to run it. So that’s the first hurdle to clear; even though the Foundation already exists as a legal entity, it won’t really exist until the network has upgraded to v1.5.4 and mined beyond the hardfork height.

In addition to the ongoing block subsidy, the hardfork includes an initial subsidy of approximately 1.57 GS. Thus, our first order of business will be to confirm the receipt of these funds in our multisig wallet, and to begin distributing them in accordance with the Foundation’s budget. For example, we will need to convert a fair number of SC to USD in order to pay for salaries, benefits, fees, equipment, and other startup costs. We will also begin the process of acquiring key IP, such as the Sia trademark and the domain name, from Skynet Labs. Excess funds will be ...

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