Minutes of The Bitcoin Foundation Board Meeting held on February 28, 2017

Present:

Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Bobby Lee

Vinny Lingham

Elizabeth McCauley

Michael Perklin

Francis Pouliot

Approval of the agenda

The agenda for the meeting was approved by the Board.

Approval of the minutes

The minutes of the meeting held on January 17, 2017,were approved by all present, except Michael Perklin who had not yet had sight of the minutes and instead approved the minutes via email after the meeting adjourned.

January 2017 operational & financial update

Revenue from any sources included donations of $40 and no new membership revenue.

The Foundation had $3,493 in USD and BTC at the end of January 2017. Operating expenses were $6,502 (predominantly accruals for ED & assistant costs and financial controller expenses).

The Executive director attended Bitcoin North America in Miami, Satoshi Roundtable in Cancun & Construct in San Francisco during Jan 2017. Events were excellent for further increasing network. Everyone he spoke with was interested to

hear about the foundation’s plans, no serious potential funders wanted the brand association. Under these circumstances, the foundation will need to be funded by individual membership contributions, at least in the short term.

John Carvalho aka Bitcoin Error Log reviewed all market materials, provided lots of feedback & then made himself unavailable for writing the copy for the website. Llew rewrote all website copy and looking to take website live soonest.

Llew met with Brian Behlendorf (Hyperledger) & Jim Zemlin (Linux Foundation) to discuss how they might assist the Bitcoin Foundation. Jim suggested that Bitcoin Foundation should consider taking responsibility for protecting Bitcoin Core IP, including code, name & marks and Jim suggested that the Linux Foundation could assist with the setup. Llew agreed to explore this further with some of the Core developers.

Llew asked the board if they felt that there was merit in the foundation trying to play a role in resolving the current scaling impasse by engaging with key stakeholders in software & mining & facilitating the creation of a “pledge & review” forum, similar to that currently in use in climate change talks (both cases exhibit” tragedy of the commons” behaviour). The board agreed that the Llew should further explore the creation of such a forum.

The foundation was approached to endorse and/or certify bitcoin training & certification programs. The foundation also requires a Bitcoin curriculum for dev

Workshops and conference sessions. Will Pangman (Airbitz) has offered to volunteer time to the Foundation to head up the initiative and Michael agreed to get onto a call outside of this forum to discuss how C4 might be able to assist with reviewing & endorsing Bitcoin training material?

Llew advised the board that Jody Tief (financial controller) had left the employ of the foundation & her responsibilities were in the process of being handed over to the accountant at Llew’s VC firm, due to the foundation being unable to afford to keep a financial controller. The financial accounts of the foundation have been transferred to Xero.

Any other matters

There being no further matters to discuss, the meeting was adjourned.

xxxxxxxxxxx

02.28.17 Minutes of Regular Meeting of the Board of Directors of The Bitcoin Foundation