Blockstack will hand over 100 million STX tokens to the Stacks Foundation to decentralize its network

The distributed computing network Blockstack (STX) submits a project progress update form to the US Securities and Exchange Commission (SEC). Blockstack pointed out that on August 4 this year, Blockstack signed an agreement with the non-profit organization Stacks Open Internet Foundation (Stacks Foundation for short) that manages the network. According to the terms of the agreement, Blockstack agreed to transfer some assets to the Stacks Foundation, including the company’s The intellectual property in Stacks 2.0 blockchain software and 100 million Stack (STX) tokens. The Stacks Foundation will fully control these assets and have full decision-making power for subsequent management, development or deployment. In addition, the company will provide the Stacks Foundation with a loan line of up to US$950,000 with a fixed annual interest rate of 0.17%. Chain Wen noted that these 100 million STXs are all the funds raised by Blockstack through the SEC-certified ICO plan in 2019. The non-profit organization Stack Foundation was established in April 2020, dedicated to supporting the Stack blockchain and the Stack ecosystem.