Grant Update Governance & Legal Review

Hi @Tor Paulsen
Go Immutable was not the grant recipient, we just drive much of the day-to-day. @DBGrow was grant recipient, so they handle the funds. There are still funds left, and projects are still being executed (like GDPR), so the grant is not finished. Once the grant is complete, I am sure DBGrow would be happy to provide a final report.
Thanks - great!

I asked you as you had responded to the last 4-5 questions.

@DBGrow, please provide updates as necessary and inform the standing parties when the grant is deemed complete.
Thanks Tor. Like with the other thread, control over the functions of this grant are also decentralized ;)

Updates to this grant come in the form of all of the LRWG posts on here, they just aren't posted only in this thread because the work has become extensive enough to warrant individual threads. I should probably post links to those threads within here for audit trail purposes though ... Thanks!
@Matt Osborne
Is this grant deemed finished?
Have you spent the funds or are there still funds left?
Will you provide a "final report" summarizing how the funds have been spent and provide a list of what you achieved?


This grant isn't really finished per se until the funds are fully used, which is not the case yet. In truth the reason this grant hasn't finished yet is due to a far over achievement of what this grant represented and stretching of available funds. I don't think anyone working on this expected this amount of work over the past year. It's been more than impressive to see the work done from the LRWG.

Yes, we will have a Final Report summarizing this entire endeavor.
Hi everyone. Here is the Q3 LRWG update:

Note: I need to speak from a high-level here due to confidentiality requirements.
  • LRWG has been working on a near-daily basis (weekends and holidays also) to overcome the exchange challenges we are facing.
  • The LRWG has been working closely with the Exchange Committee over the last two months. Additionally, @Julian Fletcher-Taylor , the receiver of the legal grant (technically, DBGrow), has stepped-up and is now the Chair of the Exchange Committee.
  • LRWG has engaged with outside counsel from a very respected law firm. The attorney is experienced in securities law, works in the crypto/blockchain industry, and has some extremely strong contacts.
  • The LRWG has crafted 100+ pages of documents pertaining to Finhub requirements, SEC statements, Howey analysis, token comparison analysis (e.g., ETH vs. FCT), and exchange questionnaire answers. This has been a monumental task. Enormous thanks to @Shuang Leng and @Julian Fletcher-Taylor . Due to the current regulatory environment, all of this work is necessary for exchange listing.
  • LRWG will not be able to provide any timelines or detailed status updates about specific exchanges, our apologies.

  • Great progress has been made, but one big hurdle outside of our control was encountered (more on this below). Big thanks to @Matthias Fortin once again for leading this project.
  • @Steven Masley provided a lot of help on the technical end, answering some very deep technical questions about the code that the GDPR attorney requested.
  • Thanks also to @Alex , @Valentin Ganev , and the rest of the LRWG for helping to put the foundation of this project in place.
  • As a result of the exchange challenges we are facing, GDPR has been forced to take back seat due to LRWG funding running low. To be blunt, we do not have the funds to pay for the GDPR study. LRWG views the exchange issue as a higher priority than GDPR, hence the pivot.
  • The scope of the GDPR research project has been fully-defined and the attorney has everything she needs to get started (except payment). As soon as the funding issue is solved, we expect this project to continue.
  • Here is the GDPR thread

  • The bylaws were given to the WY attorney, who edited them in order to make sure they are WY compliant
  • The bylaws were then voted on and approved by the standing parties. Big thanks to @Nikola Nikolov for leading the charge on the non-profit front.
  • The next step is to get an insurance quote for our future Directors. Once we have that, we can proceed with the election of Directors. As previously mentioned, getting insurance quotes for anything related to decentralized projects is very time consuming and tends to take a while. The initial request has been made. We are waiting to hear back.
  • Once Directors have been elected, we will officially create the non-profit.

  • Prior to shifting all focus to exchanges, the LRWG had begun analysis of all the IP issues surrounding the Factom protocol (TM, logos, code license, etc.). We have an engagement with an outside attorney to assist with this matter. This has work has been put on the back burner though.