June 13, 2016
Trust Stamp, the VC-funded Identity & Trust as a Service enterprise that recently came out of stealth mode at Atlanta Technology Village, has announced the founding of DAOTRUST, an Ethereum domiciled DAO (distributed autonomous organization) that will administer a charitable endowment representing an initial 10% ownership stake in Trust Stamp.
A DAO is simply described as a digital corporation, domiciled in the blockchain, independent of any territorial jurisdiction and entirely governed by its community. The initial voting members of DAOTRUST are the Trust Stamp founders with future voting rights accruing to strategic partners and individual Trust Stamp users. DAOTRUST will distribute to charity its share of dividends that are paid by Trust Stamp and its 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.
Andrew Gowasack, CEO of Trust Stamp, 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. The use of a DAO as a charitable administrator is however a perfect use for such a transparent, democratic and incorruptible entity.
Andrew went on to say, 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.
The application of Trust Stamp's leading edge technology to philanthropy is not surprising given the role of Hanna Capital as the lead investor behind the company. Frank J. Hanna III, Hanna Capital CEO, was awarded the William E. Simon Prize for Philanthropic Leadership by Philanthropy Roundtable. Frank J. Hanna III was one of three entrepreneurs profiled in the Acton Institute’s The Call of the Entrepreneur documentary and is the author of the book What Your Money Means (And How to Use It Well), which lays out paradigms for ethical engagement with wealth and delineates prudent, efficient philanthropic strategies.
Trust Stamp launched into Beta on June 1, 2016, at the Next Bank USA conference in Charlotte, North Carolina and is a participant in the QC FinTech Incubator and the National Association of Realtors® REach® accelerator program. Trust Stamp is on the final-30 shortlist for Let’s Talk Payments’ Top 21 Blockchain Startups in the World and is a finalist for the Public90 awards.