Summary:
We propose changing the scope and mission of the Alongside Foundation (“Foundation”) so that it will represent the Alongside protocol and all of the tokens that use the Alongside protocol, rather than just AMKT token-holders and the AMKT DAO. The Alongside protocol was developed to facilitate the issuance of crypto index tokens, and AMKT is one use case of that protocol. Given the relationship between the protocol and tokens that use the protocol, we believe that the interests of the protocol and the tokens that use the protocol are often (although not always) aligned. We also believe that it is more efficient to have one legal entity, like a foundation, to represent all of those interests than to have multiple legal entities. This change signifies an attempt to build out the Alongside network into a full network, rather than just AMKT and AMKT holders.
As part of this change, the Foundation would amend its corporate charter so that the Foundation would represent the interests of the Alongside Network, and would act to support and further those interests. Currently, the Foundation’s corporate charter states that it will act to support and further the interests of the AMKT DAO. In addition, the current AMKT Security Council, which is part of the Foundation, would be enlarged to represent the interests of all protocol users and tokens, not just AMKT.
Risk Factors:
By re–purposing the Foundation in this way, the Foundation will be responsible for acting on behalf of both the Alongside network and the specific token networks that use the Alongside protocol. It is possible that an action may be proposed, either at the protocol level or by a token-level DAO, where the interests of the protocol and the token diverge. While the Foundation represents the interests of both groups, the Foundation would not be responsible for implementing proposals, including conflicting proposals, that are proposed through the governance process.
Conclusion:
We recommend AMKT holders vote FOR our proposal to expand the scope of the Alongside Foundation so that it is representative of the Alongside network as a whole.