Trust Stamp, a venture capitalist enterprise, has just formed a new Ethereum-based DAO they’re calling DAOTRUST, which will administer a charitable endowment representing an initial 10% ownership stake in the company.
Andrew Gowasack, the CEO of Trust Stamp, said in a press release: “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 charity administrator is, however, a perfect use for such a transparent, democratic and incorruptible entity.”
The DAOTRUST will make donations from its share of dividends and also from its share of any future sale or IPO. All voting members of the DAO will be able to select the charities they want to be actively involved in.
According to Gowasack, the Trust Stamp founders are intent on making a profit for the DAO’s stakeholders but are also committed to philanthropy. As a matter of fact, the lead investor behind the company, Frank J. Hanna III, has contributed to a number of charitable causes and has been nationally recognized for his philanthropic work.
Trust Stamp uses social media to provide a trust score similar to FICO’s. It protects user data with minimal information stored on secure servers. Moreover, Trust Stamp utilizes Ethereum’s blockchain for verification. It is considered one of the Top 21 Blockchain startups in the world.