This AELIP proposes to create a foundation with the assistance of legal counsel.
To prepare for future growth and adoption, Aelin engaged legal counsel to perform a risk assessment and make a recommendation of steps that can be taken to protect Aelin’s DAO members, users, council, and core contributors. One recommendation from legal counsel has been to create an offshore foundation.
Currently Aelin’s entity structure can be optimized to better protect all participants in the ecosystem. With the upcoming release of Vest AMM, Aelin needs to be prepared for the future growth and attention Aelin hopes to receive. This is one step that we can take in advance of this new product so our momentum is not hindered when it is live.
This AELIP will authorize the Aelin council and core contributors to proceed with legal counsel in forming an offshore foundation. Once the foundation is formed, the Aelin council and core contributors will work with legal counsel to manage intellectual property, employment agreements, system for expense payments, etc. related to the foundation.
Establishing an offshore foundation is an important step to ensuring the continuity of the protocol by creating a structure that protects the DAO members, core contributors, users, and Aelin council.
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