Crypti was started by a small core team of developers and designers with the simple goal of creating a better crypto-currency for commerce. By designing Crypti from the ground up to benefit both consumers and merchants alike, the concept of Crypti caught fire within the community. What started as a small core team with modest goals, has turned into a groundswell of support and ideas that is revolutionizing the crypto space.

As with any young startup or company, for true success, Crypti will need concise leadership and an organized community. The Crypti Foundation exists to provide that leadership and to bring supporters, investors, and developers together around a common goal; to make Crypti the de facto global currency for commerce.

The Crypti Foundation is built around a structure combining those with member status and a Board of Directors.

Member Status

Members of the Crypti Foundation are granted membership status by signing up through the membership website. While many crypto-currency supporters tend to shy away from centralization and often don’t want to offer personal information such as emails, the registration is necessary to ensure the legitimacy and accountability of membership votes in regards to important items of business.

The membership application is free and grants a lifetime membership to anyone signing up within 30 days from Crypti distribution and mainnet launch. This allows all early adopters a chance to become lifetime members in return for their early support and importance to the community.

After the 30 day deadline, options for membership dues for new members are a yearly fee and a lifetime membership fee, as determined by the Board of Directors.

In return for their support as members of the Crypti Foundation, members receive weekly email updates, early access to test new applications and features, and also first priority and preference for all job postings and openings on the development team. Final selection of job applicants for open positions is based on qualifications and experience.

In addition, there is a private section for members in the Crypti forums to give members a sneak peek at what is in the development pipeline. Members also receive access to the developer Trello board, as well as interaction with the Board of Directors and Development team through weekly chat sessions.

The Board of Directors also provides a weekly review of member nominated projects for bounty consideration from Foundation funds. This is a unique opportunity for members to pitch their ideas and show in-development projects to possibly earn additional seed funding from the Foundation.

Members of the Crypti Foundation are also eligible to be nominated for openings on the Board of Directors. Nominations to the board can be made by any member in good standing. The voting process is initiated by the Board of Directors when an opening exists and is organized using the members mailing list and an election announcement on the private members forum.

Members of the Foundation can nominate themselves or other prominent members as candidates for an open seat on the Board of Directors. Nominations are made within the election announcement thread in the private members forum. Open nominations are accepted for a period of one week after the initiation of an election. Nominees are required to submit a resume, relevant work examples, and a contact method to be used for a voice interview (Skype preferred). The final decision is made in a private vote of the Board of Directors and will take into account public support, experience, relevant skills, and ability to fill the needs of the Board.

Elected members of the Board can be removed from their seats by a majority vote of the Board of Directors. A review of an elected Board member may also be initiated by a public vote of no confidence. If two-thirds of the members of the Foundation bring forward a unified representation of their desire to pursue re-election of a seat, the Board of Directors reviews the claims and votes on vacating the seat in question.

Any vacant seat initiates an election process as described above within a 3 day period from the date of vacancy.

The Board of Directors

The Board of Directors of the Crypti Foundation is the top level of leadership in the organization. The Board is responsible for approving all decisions and direction for the Foundation as well as expenditure of funds.

The Board of Directors consists of ten members in total.

Five Founders Seats (Controlled by the Crypti creators)

• Boris Povod (Crypti)
• A.M.
• SyRenity
• Bitseed
• Matthew DC (GreXX)

Five Members Seats (Elected members of the Board)

• TBD
• TBD
• TBD
• TBD
• TBD

The Board of Directors is responsible for all hiring and has the final say in all employee actions. This includes salary negotiations, bounty awards, and confirmation of all new Board members. Issues resulting in a split vote of the Board of Directors are decided by a tie-breaking vote of the Chairman of the Board.

The Chairman of the Board and all other administrative positions on the Board are appointed by an internal vote of the Board of Directors.

Internal rules for the Board of Directors are set in the Bylaws. These Bylaws determine the Board structure and positions, compensation, and other issues pertinent to the functions of the Board of Directors.

Funding

The Crypti Foundation is funded by the proceeds from the Crypti pre-sale period. This equates to 750 BTC on the date that funds are released from escrow (10 August 2014).

Funds are be maintained in a public wallet and all expenses openly managed in a public expense ledger.

Development Team Funds

The development team behind the creation of Crypti has been awarded 15% of the genesis block of the currency. These funds are being escrowed by the Foundation in a form of vesting that will see periodic release of funds to the pre-assigned members. All funds are distributed in total over a 12 month period, broken down as follows:

An initial payment of 25% of total share is awarded at the launch of the mainnet and creation of the genesis block. The remaining 75% of each team members share is awarded in three subsequent payments that occur at three month intervals from the date of the first payment. These funds are guaranteed and are only held by the Foundation as a form of vesting, not a form of control. These funds may under no circumstances be spent by the Foundation and are transferred to the appropriate team members on the pre-arranged schedule.

Our Goals & Vision

Crypti has the potential to revolutionize the crypto-currency industry. With a strong core of developers and advisors to design and build it’s future, a passionate and loyal supporter base to help spur on new ideas and adoption in the community, and a custom blockchain feature that will allow us to quickly and efficiently create new and innovative uses of the technology, Crypti has a bright and exciting future.

The goal of the Crypti Foundation will be to secure that future by being lean and nimble, able to quickly adapt to developments in the crypto-currency space, and by utilizing the expansive knowledge base of our developers and community to take crypto-currencies to an entirely different level.