The Loki Foundation¶
The Loki Foundation is a registered non-profit organisation based in Australia. This central legal entity exists to allow the Loki Project to operate within a well defined legal framework and to give those working on the project legal protections and obligations. The Loki Foundation was incorporated in Australia, in 2018, and uses the same constitution as the example provided by the Australian Charities and Not-for-profits Commission (ACNC). This constitution gives the Foundation the same corporate governance structure as many other non-profit organisations, where the company has no shareholders or beneficiaries, the governing board members each have seats with term limits, and conduct actions by voting on resolutions put forward by their fellow members. The Loki Foundation is structured to achieve registered charity status in Australia.
This organisation is constitutionally bound to spend any income (including the governance block reward) on the furthering of the project and aligned initiatives. As an externally audited organisation, transparency is critical to maintaining any registered charity status the Loki Foundation receives, and to assure the general public that the Loki Foundation remains honest and keeps spending within reasonable bounds. The Loki Foundation is accountable both to the community and its auditors. Should this system ultimately fail to serve Loki and its surrounding projects, hard protections exist. Should a hard for with enough network consensus arise, there exists an opportunity to remove or replace the Loki Foundation as the recipient of this block reward.