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By XRPL Foundation, XRPL Labs, XRPL Commons, and Ripple

Earlier this year a transformative evolution of the XRPL Foundation was announced. Organizations including XRPL Commons, XRPL Labs, Ripple, and XAO DAO, a community DAO, have started the process of establishing a new, inclusive, and visible XRPL Foundation to provide long-term security, coordination, and effective, decentralized contributions to the XRPL, while at the same time promoting enhanced collaboration between community members.

Since the initial announcement, the first steps towards the creation of the new XRPL Foundation have commenced. This article delves into the recent developments, exploring the new Foundation's incorporation, objectives, governance, and structure.

A Significant Milestone: The Incorporation of the New Foundation

Today, November 26th, 2024, a milestone has been reached as the incorporation documents for the new XRPL Foundation were filed in France today. This non-profit association, governed by French 1901 law, has been filed under the name 'XRP Ledger Foundation'. The decision to incorporate in France aligns with the original objectives laid out in the XRPL.org post on August 10th, 2024, and marks a new chapter in the Foundation's history. You can access the official filing online.

The XRPL Foundation will operate under French law, with the Paris Court of Appeals having exclusive jurisdiction over disputes. As part of the incorporation of the new Foundation, a comprehensive set of bylaws has been established to ensure effective governance. The bylaws provide a framework for decision-making, member roles, and operational procedures.

The New Foundation’s Purpose

The new XRPL Foundation’s purpose is clear: to promote and facilitate a secure, resilient, inclusive, and thriving XRPL community which empowers users and developers to confidently build decentralized applications, financial tools, and infrastructure.

It will achieve this by focusing on two key objectives:

To promote and facilitate the community and operations of the XRPL.

To support the XRP Ledger, ensuring it functions in an open, decentralized, and transparent manner.

Responsibilities and Areas of Focus

To fulfill its purpose and meet its objectives, the Foundation has outlined an extensive list of areas that it will focus on:

Enhancing security and stability of the XRPL

Promoting the adoption of XRPL technology

Safeguarding the intellectual property of the XRPL

Empowering developers through resources and support

Building transparent governance structures

Forging strategic partnerships to expand the community

Educating and engaging the community

Supporting sustainable development practices

Engaging in regulatory advocacy

Driving interoperability with other blockchain networks

The four Founding Members involved in creating the new Foundation - XRPL Commons, XRPL Labs, Ripple, and XAO DAO - will continue to play a key role on the Board of Directors, a vital element of the new Foundation’s robust governance structure.

In addition to the four core Founding Members, the Board of Directors will comprise additional rotating Directors, who will be shortlisted based on their expertise and elected subject to a majority vote by the four Founding Members. In this way, balanced representation from a broad range of stakeholders will be maintained, underpinning the new Foundation’s ethos of inclusivity and representation from the entire XRPL community.

The membership structure will ensure both institutional continuity through the Founding Members and fresh perspectives through the rotating Directors, with specific provisions for handling changes in control to maintain organizational stability.

What Are the Next Steps?

As the new XRPL Foundation embarks on its journey, several critical steps lie ahead:

Transfer of assets (listed in the earlier blog post) from the previous entity to the new Foundation.

Recruitment of an Executive Director and staff to lead day-to-day operations.

Further building out of relevant committees and establishing processes for efficient governance.

Completing these steps will be crucial in ensuring a smooth transition from the previous entity and setting the stage for the new Foundation's future success.

Encouraging Greater Community Involvement

The new XRPL Foundation has been designed with inclusivity in mind. The Foundation's committee structure will ultimately present exciting opportunities for community involvement, by providing multiple entry points for the wider XRPL community to contribute.

In early 2025 the Committees will be launched, enabling all individuals and organizations to get involved with the new Foundation, firstly by applying for Associate Membership through the Membership Committee, then by participating in the General Assembly and potentially joining specialized Committees based on expertise.