What does the foundation of a blockchain company mean (legitimacy of blockchain foundation)?

What does the foundation of a blockchain company mean? According to Coindesk, the foundation of a blockchain company is a form of organization. It can be decentralized and legally binding; it can also be an open system and a platform operated by the community. However, in traditional finance, due to uncertainties and lack of regulatory agencies, people fail to understand or recognize the utility and value proposition of this technology. Therefore, a very complex idea arises, which is that if someone wants to use a technology that cannot be adopted by another technology, they need to create their own fund to manage this project and receive rewards.

Legitimacy of blockchain foundation

According to reports, the legitimacy of blockchain foundations is an important legal issue. In the past few years, due to the lack of regulatory guidance and supervision, blockchain foundations have been facing new challenges from governments, businesses, and other institutions. Although most foundation members are individuals rather than legal entities, their organizational structure still has many unique features: they can be initiated and managed by anyone, and they can also be called companies, so they need one or more teams to operate their own projects.

According to Article 11, Section 3(a) of the United States Federal Constitution: “Any group or individual must govern on behalf of a specific community.” The law also states that “if an entity has more than 100 employees or billions of dollars in funds, its board should be under comprehensive control to ensure no major misconduct occurs.”