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Jul 5, 2019The Big Deal about the PIVX Foundation

Here’s the big deal.

For over a year we’ve had 43,200PIV each month generated by the chain to be available to help sustain, grow and market PIVX. It typically gets used up, but some months PIV is left “on the table.” The way the treasury works are coins not collected as part of a winning proposal are not minted.  Poof. Gone. So that’s one issue. The other is more and more amazing projects are being proposed, Master-nodes are voting YES for them to PASS, but due to others that get more YES than NO votes, the treasury can ONLY support paying out 43,200 PIV.  So those projects don’t get funded and the work never starts. 

Now, enters the PIVX Foundation… 

The PIVX Foundation is a sub-component of the SDG Impact Fund, a 501c3 non-profit. Although funds donated to the PIVX Foundation are not part of the PIVX treasury system, the current design is to take full advantage of the PIVX voting DAO mechanism and blend that with the funding capabilities of the PIVX Foundation.  As mentioned above, PIVX proposals are voted on by the Masternode network. For a proposal to pass, 50% of active voters must submit a vote on the proposal. From this, yes votes minus no votes must exceed 10% of total masternodes in order for the proposal to pass. Those projects that pass, but are not funded by the PIVX treasury, would now be considered for funding through the PIVX Foundation.  

Donations to the PIVX Foundation may also be capital gains exempt and tax deductible! (Varies depending on tax authority.) Previously, generous PIVians would just donate to see these un-funded projects, funded.  So now there is a greater incentive to give as you potentially get a tax break and knowing the funds are rolled over each month. 

Global PIVX Ambassador, Bryan “Snappy” Doreian states in this article,  PF was created “to connect business development and global impact…”

The PIVX Foundation’s mission is to use innovation to create impact. As an official registered charity, it acts as an extension of the PIVX community that focuses on providing financial, human and social capital to 1) fuel blockchain education at leading international schools, 2) grow cryptocurrency awareness and adoption in developing countries, 3) developing blockchain tech that facilitates cross-border philanthropic giving and volunteerism.”

We see 5 major wins with this new relationship.

1. Funds donated via the PIVX Foundation, do not disappear each month, rather accumulate if not claimed. 

2. This new funding model increases the opportunity for more projects and more talent to pour in the PIVX ecosystem. 

3. Donations are potentially tax deductible.

4. The PF is a legal entity and therefore also creates a more familiar interface and bridge to businesses that want to work with PIVX, but are restricted by the structure of the PIVX DAO.

5.  With this setup, donors can actually state where they’d like the funds to go to or write there own proposal and fund it. (New Wallet, Merchant tools, etc). Whereas before, all projects were proposed and Masternode owners voted. This way, donors can now present a project and the funds and individuals could then be selected to accomplish the funded project.  At the end of the day, the Directors and Signatories of the Foundation make the final decisions.

The impact beyond the PIVX core projects also extend to things like the partnership with the UN’s SDG Fund projects, the opportunity to support other organizations and charities and continues to express something the community has been saying since the birth of the project; PIVX is more than a currency, it’s an engine for positive impact around the world.  

KYC and your Data
Some PIvians were surprised to hear that in order to donate to The PIVX Foundation or receive funds, some form of information about you was required.  This is because the PIVX Foundation is a Charity and thus has to comply with KYC laws as it related to giving and receiving.  PIVX and the PIVX Foundation, although they share the name, are two separately governed organizations.  PF has a board of Directors and SIgnitories and will vet all requests for donation and/or funding to ensure no nefarious activity is in play.  One key element and difference between this Foundation and others, is that your data is not stored on public databases, rather in cold storage and ONLY accessed as requested by government agencies needing to audit, or in need of certain data for tax purposes.  Your information is not collected for sharing with anyone.   But as an official public charity, we have to make sure the money being sent is not to a criminal or a politically exposed person.

How to Donate to the Fund
The first step to donating is to reach out to a member of the PIVX Foundation.  This can be done via the website or join their Discord. You’ll receive the necessary forms (especially if you are interested in receiving a charitable contribution receipt).  Once completed, a donation address will be issued, and you will be able to send your donation in. 

Remember, the PIVX Foundation is able to accept all forms of assets – not just PIVX!

How to Receive Funding
The PIVX Foundation disburses funds in three ways:

  • Investments
  • Grants
  • Contracted work

For eligible projects and proposals, once the superblocks of the PIVX treasury have closed, the PIVX Foundation makes its decisions about the utilization of the donated assets, and they will reach out to the individual(s) whose proposals passed the PIVX Treasury, were not funded, but have been approved for funding by the PIVX Foundation.  

Once the appropriate documentation is completed, the funds will be disbursed to the appropriate recipients.

The PIVX Foundation connects generous, innovation-focused philanthropists from the PIVX community to blockchain-focused impact projects for the U.N.’s sustainable development goals. The PIVX Foundation is a component fund of a Public Charity, The SDG Impact Fund, (Tax ID# 46-2368538).

John M gives a brief overview of The PIVX Foundation in one of our Community Chat

governancePIVX Foundation