Many of you (including myself) during the crowdsale last August endowed the MSC Foundation with the support needed to build out the open source features of the MSC Protocol. We have come a long way since then, seeing token creation, distributed crowdsales, decentralized exchange and many amazing projects become reality on top of the protocol we envisioned together last year.
Today though, I’m here to tell you of a great transition that is coming.
Many in the community are asking: What will happen when the funds originally contributed to develop the MSC protocol are all spent? Its an important question and rather than leave people guessing, here I will outline the plan moving forward.
A Community Driven Model
The crowdsale was a great way to spark off development and get the original vision of the protocol implemented and operational. However, now that there are many projects operational on top of the protocol, it is that community which should be the one taking the lead.
The best way to accomplish this is through a model very similar to the Bitcoin Foundation, where support is gathered from those projects and community members using the protocol in their technology stacks. While this model is imperfect, it remains the best we have available for aligning the support of those using the protocol and those working to develop it.
Already some of the largest projects in our MSC eco-system have stepped up to say they want to sponsor the core developers in their work, by becoming members of a community driven Foundation. These community sponsorships will make it possible for the core developers of Omni Wallet and the Omni Core implementations to continue and expand their work on these open source projects.
New Entity New Branding – From Master to Omni
In order to fully embrace this vision of a community driven model, there has been a planned election of new board members for the MSC Foundation. However, I believe that an even further step is required. An entirely new entity. One that reflects the international nature of many of the projects building on top of the protocol. Along with this new entity comes the opportunity to move beyond the initial branding of Mastercoin / Master Protocol to a new brand that reflects the broad and inclusive goals of the new community driven Foundation. I propose that this new Foundation adopt the Omni brand. A new Omni Foundation.
Already users are associating with the Omni Wallet as there primary interface to all of their digital tokens. Lets extend that to an Omni Core, Omni Protocol, so on and so forth. Of course the ownership of the tokens (previously called MSC) will remain the same, and the objective of building great open source software on top of the existing protocol will continue.
Its worth noting this transition will take time. The websites will be updated, the international entity has to be formed, the sponsorships and new community members formalized. My expectation is this transformation will take the rest of 2014.
My goal is to launch January 1st 2015 with a new entity and a clear path forward for the community. That way there is a smooth transition from the existing Foundation to the new Omni Foundation.
I’ll be making more posts in the near future about the sponsors of the new Omni Foundation, filling in details and answering community questions on a Reddit AMA.
However this direction should give the community, the confidence they need to know, there is long and sustainable road ahead for them to build amazing project on.
Thanks for being part of this community, which at its heart is moving such important decentralized technology forward.
David A. Johnston
Chairman of the MSC Foundation Board of Directors