Non-profit blockchain organization PraSaga will function as a foundation
ZUG, Switzerland, July 12, 2022 / PRNewswire / – PraSaga – the non-profit organization building the next generation of Layer One blockchain – today announced its official designation as a Swiss foundation. This critical step concludes a busy first half of 2022 for PraSaga, which also included attending the Chamber of Digital Commerce’s Blockchain Summit in Washington DCto help define the future of the crypto industry, and participate in Consensus 2022 in Austin, Texasto introduce SagaPython, a new extension of the popular code language Python, with an integration into PraSaga’s blockchain.
Recognition as a Swiss foundation means that the PraSaga ecosystem will be governed by a majority board in the future. Decisions will be based on the authority of majority or over-majority votes, which means that no single entity will have the opportunity to gain control. This will help ensure that PraSaga realizes its goal of creating a blockchain that provides a better future, with transparent authorities, efficient markets and real threat protection.
Michael HoldmannFounder and CEO of PraSaga stated, “We understand the responsibilities that come with creating a Layer One blockchain and cryptocurrency. Being limited by profit margins and controlled by a centralized authority is simply not compatible with the goals we aim to achieve at PraSaga. Operating as a foundation does “that we can pursue our ultimate goal of improving the quality of life of people around the world. By placing control over data in the hands of each individual, and in areas such as creating transparency in carbon emissions tracking and addressing failures in the global supply chain”.
In order to be classified as a Swiss foundation, the organization had to comply with government regulations. However, it was a worthy journey that Switzerland legal and political stability, together with a focus on innovation, make the country a unique financial center. The Swiss financial industry is known globally for its banking heritage. Still, its constant drive to expand the horizons, and the clear adoption of innovations such as fintech and sustainable finance, make it the ideal place for a forward-looking foundation like PraSaga to rely on.
About PraSaga
PraSaga is a Swiss foundation building the next generation of Layer One blockchain. PraSaga’s technology solution addresses many of the limitations that plague first-generation Layer One blockchains. The saga chain™ succeed in reducing transaction fees, expanding supply chain opportunities, and significantly reducing development costs.
SOURCE PraSaga
