KIP-9: Kapital Foundation Directive Amendment

Summary

The holders of KAP Games tokens, $KAP (the “Tokenholders”), as a decentralized autonomous organization (“DAO”), continuously seek to empower the $KAP ecosystem to adeptly respond to shifting market forces, consumer sentiment, and regulatory demands.

To that end, and to maintain the status of the $KAP token as a utility token within the $KAP ecosystem, the Tokenholders jointly propose that the Kapital Foundation (the “Foundation”) be empowered to act of its own accord to carry out operations best befitting the growth of the ecosystem, without seeking the express consent of the Tokenholders for each activity. Additionally, the Tokenholders will not be able to appoint or remove Directors from the Foundation.

As a result of this proposal, the Foundation’s mandate will remain to act in the best interest of the $KAP tokenholders and carefully consider the motions brought forth in this forum, but, critically, the Foundation will not be required to obtain tokenholder approval for individual actions.

This will substantially improve operational efficiency of the Foundation, and free resources to be allocated towards faster-moving growth mechanisms, inclusive of marketing and grant underwriting, both of which should serve to expand the $KAP ecosystem.

The Foundation is ownerless, but acts as the legal personality for the DAO. To that end, the Foundation requires director(s) and supervisor(s) to act with the best interests of the $KAP ecosystem in mind while interacting with third-parties and complying with applicable regulations. Director(s) and supervisor(s) receive remuneration for their administrative services.

Abstract

This proposal entails the ratification of newly proposed bylaws that enable the Foundation to act without the express consent of the Tokenholders, and enables the Foundation to nominate new Directors as necessary.

Rationale

Ratification of these new bylaws will enable the Foundation to act with less operational friction and commit more resources towards ecosystem growth, such as marketing and grant underwriting.

Implications

  • The Foundation’s bylaws will be amended to allow the Foundation to act without the express consent of the Tokenholders.

  • The Foundation’s bylaws will be amended to allow the Foundation to nominate new Directors.

Test Cases

n/a

Discussion

Whitepaper

Copyright

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