The second meeting of the Fenomy Foundation co-founders

The second co-founders meeting was held on February 9th, 2023, and the following topics were discussed:

• Fenomy Foundation and cryptocurrency
  
• main goals of the Fenomy Foundation
• Founders and members of the Fenomy Foundation
• primary benefits for Founders
• hidden benefits
• current status
• decision-making procedures
• partnership development
• Fenomy system project development

Fenomy Foundation and cryptocurrency

The Fenomy Foundation is unrelated to cryptocurrency and makes no use of it. The development or promotion of tokens or coins is not a priority for the Fenomy Foundation. The Fenomy Foundation is a traditional revenue-generating organization that will be recognized in the vast majority of countries around the world.

Main goals of the Fenomy Foundation

We are devoting significant effort, time, and resources to organizing and implementing this endeavour to ensure transparent decentralized management and reporting, allowing anyone to participate in development, influence progress, and use the ecosystem for personal and corporate goals.

The main task of the Fenomy Foundation is to own the project and promote system development, as well as to ensure that everyone has equal access to the development process, technologies, tools, and opportunities to participate in development.

Founders and members of the Fenomy Foundation

The Foundation is already in place and operational. All the rules are in effect. The process of legalizing and configuring the foundation's work is currently underway; this requires strength, time, intelligence, the work of many people, and patience.
The Fenomy Foundation will only have few founders:

• The project team that has been working on the project since day one
• Early-stage investors in FNM 2021 – 2022
• the organization's contractors

Around 30 people and organizations will oversee establishing a legal entity and laying the groundwork for the project's future development. These are individuals who have advantages that may have been attained previously but will no longer be attainable in the future.

Individuals and organizations may join the Fenomy Foundation in an unlimited number. To become a member, you must deposit any amount of money into the Foundation's official bank account.

Primary benefits for Founders include

• To be one of the few people who were involved in the project before it was open to the public.
• Be the owner of a legal business.
• Having an impact on the development process in the interests of your own company and being the project's owner.
• Participation in management and decision-making.
• Participation in the allocation of Foundation funding.
  

Hidden benefits

• Revenue from the project's current assets is one of the project's hidden benefits. A small number of people have a significant amount of FNM, and even fewer have NFTs. FNM is no longer available as a profit instrument. The system will not create NFTs, either. Only the previously minted coins remain. Only 11 will be available for purchase, with the remainder being distributed as gifts to Foundation investors.
• Having a future share of income from commercial tools of the system related to the blockchain.
  
  The limited number of instruments is due to the requirement to pay owners over the course of ownership. The funds available for this are limited.

Current status

The process of establishing an international organization is difficult and time-consuming. The legal team is currently working on all matters, but we expect the work to be completed in the near future. The Foundation's jurisdiction has been determined.

Decision-making Procedures

All Foundation participants (founders and non-founders) with the necessary reputation and balance on their accounts, as well as major direct investors to the Foundation, will be able to participate in decision-making.

Founders have a minimum of one vote by default, and they can vote regardless of their original balance. Furthermore, the founders already have the necessary reputation.

If several conditions are met, any system participant can participate in management.

Some requirements for gaining one vote, in addition to a high reputation and account age, would be to have and keep sufficient funds on your balance. The cost of a vote is dynamic and is determined by a variety of factors. 
The management procedures will be linked to the Fenomy Blockchain's launch.

1. The Blockchain stores all questions, statements, proposals, and draft documents. Each request type necessitates a different level of power. Not every participant will be able to upload all types of requests. Default founders can handle any type of request. All requests are automated and do not necessitate direct contact with the technical departme.
2. Anyone with sufficient voting power can vote on open-to-vote issues. Votes are visible in the Blockchain and are accessible to all.
3. A decision is considered approved if a sufficient number of votes are cast. The minimum number of votes required for different types of queries may vary. Voting and solution approval are automated and do not require direct contact with the technical department.

The organization's documentation flow and financial statements are linked to the Blockchain. Everything will be open to the public.

Decisions, documents, and reports cannot be approved unless the necessary number of votes are cast.

The management system will serve as the foundation for the Fenomy ecosystem's future CRM system. We are literally building our organization's management system, working on components that will be used in the future ecosystem.

Partnership Development

We are constantly in contact with potential partners from all over the world. We are establishing relationships with partners with a focus on the three main use cases described in the partner tab.

The current policy is not to waste time on advertising, but rather to develop productive collaboration with organizations that are most interested in the system's development.

Our primary goal at this point is development. All efforts and funds are directed toward the creation of a product. For us, a strategic partnership is the best way to accelerate team processes and save time.

What it provides:

• all described use cases necessitate the maximum readiness of all basic tools. We will achieve high product readiness as well as commercial uses while preparing industry solutions and implementing them to a large audience.
• When developing the first industry solutions, we consider our partners' needs and improve our system for real-world tasks and people.
• We will have a large audience from our partners during the implementation stage. People will use the system for what it was designed for.

The expansion of the audience as a result of the product's harmonious development leads to an increase in the demand for and value of what we create.

Development

We are now following our road map exactly. All the components that we will need at the start of the summer for high-quality implementation at one of our partners' events are being worked on intensively. We will tell you more about it in a publication and will be ready for the public live on February 24.