Following the incorporation of the Gearbox Foundation as a company in the Cayman Islands, Gearbox DAO has approved a proposal outlining the long and short-term tasks of the Foundation. Voting on GIP-46 ended on Saturday night, with a whopping 100% support from community members.
In order for the Foundation to operate in the best possible way, the DAO has to decide on the major short-term and long-term assignments that will be given to the Foundation, allocation of resources.
Some of the long-term assignments of the Foundation will include holding and managing IP rights and domain names relating to the Gearbox protocol, facilitating public access to the source code of the Gearbox protocol V2, facilitating the operation of the web-hosted interface to the Gearbox protocol as needed, as well as creating and managing new online accounts with web solutions, online platforms, and service providers.
As for its short-term functions, the Foundation will open and facilitate accounts with banks, payment system providers, and other financial institutions as needed, create crypto wallets for its operations as needed, allocate 20,000 USDC to fund the Foundation's expenses over the next ten months.
Gearbox Foundation was established as a foundation company in the Cayman Islands in February. The general idea behind the entity is to “promote, support, and facilitate the growth and development of the Gearbox blockchain protocol.”
That said, the Foundation is currently being managed by DAObox, a company that specializes in Caymanian jurisdiction for DAO Projects. The terms of engagements will last for two years, expiring on February 2, 2025. As managers, DAObox is responsible for the day-to-day operations of the Foundation.