SubQuery Network, the leading data indexing solution on Polkadot, is pleased to announce the launch of The SubQuery Foundation. The SubQuery Foundation has been established to manage and develop the SubQuery Network and its ecosystem after the launch of the mainnet, which is about to undergo the third and the final phase of testing.
The Foundation is set up to promote and proliferate the use of the SubQuery Network and to develop its ecosystem and community. The Foundation will foster the growth of the SubQuery Network and provide support for users and developers to build their own SubQuery Projects.
In the coming days we will be launching more information on Foundation's website, which will also host the SQT Public Sale page with guides and walkthroughs.
Key Functions of the SubQuery Foundation:
- Promote the SubQuery Network;
- Ensure the SubQuery Network's sustainability and manage the Foundation's Treasury;
- Manage the grants programmes to stimulate the use of the SubQuery Network;
- Develop the SubQuery Network ecosystem of partners and user community (including hackathons and the Ambassador Programme);
- Drive educational programmes through the Academy ; and
- Decentralise the SubQuery Network.
The formation of the SubQuery Foundation is the first step in the journey towards decentralising the SubQuery Network and eventually evolve into a DAO, once a sufficient degree of decentralisation is achieved.
The SubQuery Foundation will be looked after by the SubQuery Council that consists of 5 members, with an additional seat reserved for the Chair. At inception, the council members will be chosen from the SubQuery team with 1-2 key members from the community. Post inception, at a suitable time when the community is sufficiently large, the Council will work on a preliminary Constitution that will govern the election and rotation of members, and division of powers, management etc. The Constitution will be a public document, designed to provide clarity.
We envision that SQT token holders will be able to inform the SubQuery Foundation about their vision for the overall direction of SubQuery as our network increasingly incorporates qualities of a DAO. As the legal landscape surrounding blockchain governance is evolving, we will keep a keen lookout to what is the best structure to evolve into the DAO. Our ultimate aim is to implement fully decentralised on-chain governance over the network and treasury, in a manner that is legally compliant and responsible.
Path to Decentralisation
Below is a visualisation of how we envision the decentralisation to be achieved. The exact design and execution plan will be developed by the Foundation with the input from the community.
For further information or if you have any questions, please contact us in our Discord.
SubQuery is a blockchain developer toolkit enabling others to build Web3 applications of the future. A SubQuery project is a complete API to organise and query data from Layer-1 chains. Currently servicing Polkadot, Substrate, Avalanche, Terra, Cosmos (starting with Juno) projects, this data-as-a-service allows developers to focus on their core use case and front-end, without needing to waste time on building a custom backend for data processing. The SubQuery Network proposes to enable this same scalable and reliable solution, but in a completely decentralised way.