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The founders philosophy is (and always has been) to decentralize everything critical to the functionality of the network. A roadmap will need to be developed to achieve full decentralization.
The present structure has been created to facilitate an expedited delivery of the components without, as far as possible, precluding decentralization. Each company responds to different regulators and has different legal, regulatory, tax, and accounting considerations.
There is much work still to do, and the precise form, structure, regulation, and governance of these undertakings will depend on legal, tax, and accounting advice and, of course, input from the community.
Radix Foundation Ltd Group
Radix Foundation Ltd. This is a not-for-profit holding company limited by guarantee. Board-level decisions are a simple majority (both must agree), there are no shareholders.
The articles preclude any director or guarantor (present or future) receiving assets of the Foundation or benefitting from those assets should the company be dissolved.
It is intended that some time after the launch of the Babylon mainnet upgrade, this company, or another formed for the purpose, will be the representative vehicle for providing governance for the community.
As the stakeholders of a network are broader than just token holders, whoever participates in governance must be impartial and serve the interests of everyone in the network. There is a great deal of thought, legal advice, and consultation to be undertaken before the long-term future of a foundation is settled.
Radix Tokens (Jersey) Ltd. Radix Tokens (Jersey) is wholly owned by the Radix Foundation.
This company is responsible for the issue of the Tokens, which must be approved by JFSC, and conducted in accordance with the JFSC requirements for the issuance of tokens, including conducting due diligence on the purchasers of tokens from the Company
Under Jersey regulatory rules, this company must be administered by a regulated trust company, and the Jersey regulator approves any board appointments. Its operation is therefore constrained to those activities and matters which are approved by the JFSC.
Andy Jarrett also serves as CEO of Radix Tokens Jersey and works closely with both compliance and the local regulator to make sure Radix Tokens Jersey is in compliance with the relevant local and EU regulations.
Radix Publishing Limited. This is the company responsible for the publication of the “canonical version” of the Radix open-source ledger code, controls the public Radix GitHub repo, and publishes the Radix DLT website, social media channels e.g. Twitter, and all other public-facing communications attributed to Radix DLT. Established as independent of the commercial operation and not subject to regulatory oversight, it is incorporated in Jersey (Channel Islands) as a wholly-owned limited liability subsidiary of the Radix Foundation.
Any new independent code will, in due course, be submitted to Radix Publishing for consideration and incorporation into the canonical code to be published to Github. As set out above, it is possible that in the future, Radix Publishing may form part of the community governance architecture when this is created.
As a clearly defined separate entity, it is envisaged that control of this publishing vehicle may pass to any entity of the foundation which becomes responsible for the governance of the ledger in the future.
Radix Publishing (UK) Ltd. This is a UK subsidiary of Radix Publishing Ltd.
Archetype Ltd. This company holds non-open source IP.
