The Worldcoin Foundation is an exempted limited guarantee foundation company, which is a type of non-profit, incorporated in the Cayman Islands. To learn more about this type of entity, check out this Guide to the Cayman Islands Foundation Company from the Foundation’s outside counsel at the law firm Ogier.
The aim of the Foundation is both philosophical and political: to realize more inclusive, fair, and just institutions of governance and of the global digital economy, including by helping achieve certain targets of U.N. Sustainable Development Goal 16 (namely, 16.4, 16.5, 16.6, 16.7, and 16.9). To that end, it serves as the steward of the Worldcoin protocol, supporting and growing the ecosystem until it becomes self-sufficient.
Today, the Worldcoin Foundation is “memberless”; it has no owners or shareholders. It is governed by a Board with three Directors, Chris “W” Waclawek, Phillip Sippl, and another Cayman Islands based professional director.
The Foundation’s founding documents specifically contemplate DAO-driven governance. The documents make it possible, through a prescribed process, for the 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.
Here you can review the Foundation’s key documents:
- Worldcoin Foundation Memorandum of Association;
- Worldcoin Foundation Articles of Association; and
- Worldcoin Foundation Certificate of Incorporation.
World Assets Limited
World Assets Limited is a business company incorporated in the British Virgin Islands. The Worldcoin Foundation is the sole member and sole director of World Assets Ltd.
World Assets Ltd. is the entity responsible for issuing the 75% of all Worldcoin tokens (WLD) that have been allocated to the Worldcoin community. As such, it is solely responsible for the content of the Worldcoin documentation located at whitepaper.worldcoin.org. The content there has not been reviewed or approved by any competent authority in the BVI, the EU, or elsewhere.
Here you can review World Assets Ltd.’s key documents: