This week we are happy to announce a major initiative in governance and transparency for the Bitcoin Foundation.

In recent discussions with members, corporations and the community, transparency was the most commonly mentioned item discussed by people seeking improvement at the foundation.

What does transparency mean?

The term mess different things to different people. For some it relates to financial measurements for others it relates to openness about how decisions are made.

In reviewing best practices for foundations in transparency, The National Council of Non-Profits Lists 10 Items:

Release of IRS 990 forms
Published Executive compensation
published Travel Policy
Published conflicts of Interest Policy
Accurate solicitation materials
Financial management policies
Clear expense policies
Identities of Board Members
Info about the tax exempt status of the organization
Ensure board reviews financial records

We can take these and add to them some more member specific and Bitcoin specific additions:

Hash financial data on the blockchain in a permanent record using Factom
Member Inclusion in decisions
Use Swarm for blockchain voting
Use Coinsider-It for open discussion and review of plans
Member Forums and interaction with open access
ED access for Q&A or email comments
Published Bylaws on GitHub
100% Member Elected Board (Now in place)

I’m pleased to announce that EVERY ONE of these governance and transparency items will be implemented by the Bitcoin Foundation as soon as possible.

  • Bruce Fenton, ED