The Pacio entities are:
- Pacio Core Ltd as the initial company and core developer.
- Pacio Foundation to provide ongoing governance of the Pacio Blockchain and nurture the Pacio ecosystem.
Pacio Core Ltd
Pacio Core Ltd is a St Lucia International Business Corporation (IBC) which will:
- run the presale.
- start expanding the team and building the software after the presale
- establish the Pacio Foundation
- run the ICO
- continue development of Pacio and the Pacio API under contract to the Foundation
- help launch the Pacio blockchain when development permits
- be one of the initial Pacio blockchain producers – though Pacio Core could be voted out of this role!
The jurisdiction and structure of the Foundation will be decided post presale as part of the process of finalising the Pacio Constitution, when presale token holders can be consulted. For the purposes of the following discussion a Foundation Council is assumed as the main governing body of the Foundation.
The roles of the Foundation are to be defined in the Pacio Constitution, but are expected to include:
- market and build Pacio and its ecosystem in a broad sense, to deliver the Pacio Vision
- continue development of the Pacio blockchain and the Pacio API indefinitely, using the contracted services of Pacio Core, and by co-ordinating the efforts of open source contributors, but also possibly via other paid developers in conjunction with Pacio Core, or even instead of Pacio Core if so decided by the Foundation Council and confirmed by an AGM/EGM.
- launch the Pacio blockchain with Pacio Core help when the software is ready
- provide ongoing governance of the Pacio Blockchain and the Pacio cryptocurrency:
- set the annual issuance rate up to the Constitution maximum, expected to be 5%
- decide if issuance of more than the Constitution maximum is appropriate in any given year due to growth in use of PIO as a world currency, with the recommendation to be put to a Pacio AGM (Annual General Meeting) or EGM (Extraordinary General Meeting)
- define the rewards to block producers in terms of newly minted PIOs, initially proposed to be 75% for block producers and 25% for PIO holders
- manage a monthly distribution of newly minted PIO issuance rewards to PIO holders
- set fees for Pacio API use, with the fee income to be shared between Pacio Core and the Foundation 50/50
- propose/approve protocol upgrades/changes with membership voting for non-routine or bug fix changes
- establish and run upgrade and request proposal mechanisms, like Ethereum’s ERC Ethereum Request for Comments and EIP Ethereum Improvement Proposal
- partake in the role of setting standards for the accounting world whether overtly or in a defacto manner by achieving market adoption of SEA, PIM, and TARI®
- manage the operation, tokens, fiat money, and income of the Foundation, with the objective of covering costs and maintaining reserves for five years’ budgeted expenses, with fees or newly minted PIO rewards to be reduced if reserves should increase to more than that
- pay staff, contractors, and suppliers on an arm’s length market rate basis in PIOs, with all Council member and executive appointments and packages to be subject to AGM approval
- hold a virtual AGM and virtual EGMs in the event of emergencies requiring Pacio member input