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Nomic is a decentralised network run by nodes, validators, contributors and the community. The Nomic DAO is represented in ‘the real world’ by the Nomic DAO Foundation. Having a legal entity helps protect the members of the DAO and allows the DAO to contract with other entities in ‘the real world’.
The Nomic DAO Foundation is a non-profit dedicated to the growth and integration of the Nomic ecosystem. The Foundation supports the goals and objectives of the Nomic DAO (decentralized autonomous organization), is the initial steward of the Nomic blockchain, and will support and grow the Nomic DAO until it becomes self-sufficient.
The Nomic DAO Foundation is an exempted limited guarantee foundation company, which is a type of non-profit, incorporated in the Cayman Islands. The Nomic DAO Foundation has no share capital, therefore no shareholders or owners, it is memberless. It is governed by a board of directors.
The Foundation’s incorporation and governing documents specifically contemplate DAO-governance and outline the process for DAO to make recommendations to the Foundation’s Board of Directors. The Board is then bound to “observe, implement, carry out, action and execute with best efforts any and all DAO Recommendations,” subject to directors’ fiduciary duties and legal requirements.
Nomic DAO Ltd. is a business company incorporated in the British Virgin Islands. It is a wholly-owned subsidiary of the Nomic DAO Foundation and the Foundation is the sole member and sole director.
Nomic DAO Ltd. is the entity responsible for issuing the NOM tokens as described here.