Non-profit Blockchain Organization PraSaga to Operate as a Foundation
PraSaga, the non-profit organization building the next generation of Layer One blockchain, today announced its official designation as a Swiss Foundation. This critical step caps off a busy first half of 2022 for PraSaga, which also included attending the Chamber of Digital Commerce’s Blockchain Summit in Washington D.C., to help define the future of the crypto industry, and attending Consensus 2022 in Austin, Texas, to introduce SagaPython, a new extension of the popular coding language Python, with an integration into PraSaga’s blockchain.
Recognition as a Swiss Foundation means that the PraSaga ecosystem will be governed by majority rule moving forward. Decisions will be based on the authority of majority or super-majority votes, meaning that no single entity will have the ability to gain control. This will help to ensure that PraSaga realizes its goal of creating a blockchain that delivers a better future, with transparent government, efficient markets, and real threat protection.
Michael Holdmann, Founder and CEO of PraSaga stated, “We understand the responsibility that comes with creating a Layer One blockchain and cryptocurrency. Being constrained by profit margins and controlled by a centralized authority are simply not compatible with the goals we are aiming to achieve at PraSaga. Operating as a foundation allows us to pursue our ultimate goal of improving the quality of life for people around the world. By placing control of data in the hands of every individual, and in areas such as creating transparency in tracking carbon emissions and addressing flaws in the global supply chain”.
To gain designation as a Swiss foundation, the organization had to comply with government regulations. However, it was a worthwhile journey as Switzerland’s legal and political stability, along with its focus on innovation, make the country a unique financial center. The Swiss finance industry is known globally for its banking legacy. Yet, its constant drive to broaden its horizons, and ready adoption of innovations like fintech and sustainable finance, make it the ideal location for a future-facing foundation like PraSaga to base itself.