The Secret Network is a layer-1 blockchain focused on privacy-preserving technology. After a tumultuous few months, the Secret Network’s community today passed a proposal to restructure the Secret Foundation, with Secret Foundation’s founder and CEO, Tor Bair, committing his support.
Bair was accused by members of the community of financial mishandling along with calls for greater transparency. Members also demanded the Foundation become a non-profit organization (NPO) to be governed by a community-elected board.
Bair had originally set up the Secret Foundation as a for-profit business and confirmed to Decrypt that he was the sole shareholder of the company. Though Bair adamantly denies any financial impropriety, he signaled his support for change in the Foundation’s structure to bring about “Secret 2.0.”
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