Trust Stamp, a venture capital funded, Identity & Trust as a Service enterprise has founded DAOTRUST which is an Ethereum domiciled DAO.
Talking about the new DAO, CEO of Trust Stamp Andrew Gowasack said, “Given our innovative use of the Ethereum Blockchain in a number of our verticals, we have been asked why we did not structure Trust Stamp as a DAO and the reason is that our core business will be seeking banking and other licenses and needs to meet existing regulatory norms.”
Gowasack further added, “The use of a DAO as a charitable administrator is, however, a perfect use for such a transparent, democratic and incorruptible entity."
According to the press release, DAOTRUST will administer a charitable endowment representing an initial 10% ownership stake in Trust Stamp. Decisions relating to the application of DAOTRUST’s assets will be made through an automated and democratic voting mechanism administered by DAOTRUST with voting rights granted to the DAOTRUST founders and future users and strategic partners of Trust Stamp.
DAOTRUST will distribute to charity its share of dividends that are paid by Trust Stamp and it's share of any future sale or IPO with all voting members of the DAO being able to participate in the selection of the charitable beneficiaries, said the release.
“While there should be no doubt that the Trust Stamp founders are committed to the creation of significant wealth for the company’s participants, we also believe that strategic philanthropy is an appropriate and prudent element of long-term planning,” said Gowasack.
Trust Stamp uses social media and other publicly available data to verify identity. It provides a unique FICO-like trust score. The company maintains minimal information on secure servers and use SSLsecurity to protect users data. Trust Stamp is also implementing blockchain verification using the Ethereum distributed ledger.
