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    ..::[ THE BITCOIN FOUNDATION: CHARTER ]::..

0x0] INTRODUCTION

    THE BITCOIN FOUNDATION      

    ESTABLISHED: OCTOBER 22, 2014 

    CO-CHAIRS: 
        Shane ``mod6'' Kinney 
            (identified by GPG fingerprint):
            027A 8D7C 0FB8 A166 4372 0F40 7217 05A8 B71E ADAF

        Ben ``ben_vulpes'' Vulpes
            (identified by GPG fingerprint):
            4F79 0794 2CA8 B89B 01E2 5A76 2AFA 1A9F D2D0 31DA

    This charter establishes the existence of a virtual organization whose
    mission is to maintain the Bitcoin reference implementation.

0x1] BACKGROUND ; SCOPE ; OBJECTIVES

    Bitcoin is a far reaching innovation with effects unknown and unknowable.

    It is altogether probable that its effects will conflict with all currently
    established human conventions.
 
    Maintaining the core values as established by the original author in the
    form of a reference implementation that is lightweight, coherent and
    cruft-free in face of this conflict requires deliberate effort involving
    multiple people, which in turn require management and guidance.

    ``THE BITCOIN FOUNDATION'' will endeavour to provide these, while fostering
    community growth and development, under the general principle that if and
    when any other thing conflicts with Bitcoin, that other thing must either be
    discontinued or amended in such a way as to no longer conflict with Bitcoin.
    
0x2] GOVERNANCE

    ``THE BITCOIN FOUNDATION'' is governed by unanimous decision of its two
    co-chairs. 

    At any point during the lifetime of the foundation, either co-chair may
    announce his decision to step down, through the publication of a GPG signed
    document to that effect. It is the responsibility of the outgoing chair to
    announce his retirement at least six months in advance of circumstances that
    make his continuation as chair unfeasible.

    Consequently, the two co-chairs will unanimously appoint a third, and for a
    period of six months the newly appointed chair and the remaining chair will
    govern through unanimous voting, except should they be unable to reach
    agreement the remaining chair together with the outgoing chair may decide.

0x3] ACCOUNTING ; DONATIONS ; EXPENDITURES

    ``THE BITCOIN FOUNDATION'' will accept anonymous Bitcoin donations
    only. ``THE BITCOIN FOUNDATION'' will publish monthly reports detailing its
    intake and expenditure. Donations collected are to be spent as decided by
    the co-chairs.

    The co-chairs promise and warrant to only expend the Foundation's Bitcoins
    on that which is necessary to achieve its objectives.

    The Foundation's chairs shall retain the services of a Treasurer to issue
    monthly statements and secure Foundation assets. The Foundation shall
    publish an address under that Treasurer's exclusive control to which
    interested parties may donate Bitcoin.

    In the event of expenditure, the co-chairs shall instruct the Treasurer as
    to the quantity of Bitcoin to send, the address to which the Bitcoins shall
    be sent, and a description of the foundations goals in expending said funds.
    Every month, from these authorizing notes and transactions inbound to the
    Foundation address, the Treasurer shall generate a Statement of Account
    detailing receipts and expenditures.
   
0x4] LIMITATIONS OF LIABILITY

     Neither ``THE BITCOIN FOUNDATION'', the present or any future co-chairs, or
     any other person or entity in any way associated with ``THE BITCOIN
     FOUNDATION'' assume any liability for any losses suffered or alleged to
     have been suffered by any third party as a result of the execution of this
     Agreement.
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