https://steemitimages.com/DQmajWZo7M3uWN5ku1jJsF3RndzTfzZwpYKiTpXQFuVCwxA/GRCHorizontal_Purple%26Purple_Solid.png


A bit of exciting news for those in the Gridcoin community: The Gridcoin Foundation wallet, which is used for Gridcoin expenses (developer compensation, advertising, marketing, server costs, etc.) has now been transferred to a multi-sig wallet under the control of three of our core team members.  This is a change from the previous situation, where the wallet was held by 1 person, Rob Halford, the creator of Gridcoin.

The series of transactions took place between 9 AM UDT on August 31st and concluded at 2 PM UDT on September 1st.  The new multi-sig address for the Foundation wallet is `bc3NA8e8E3EoTL1qhRmeprbjWcmuoZ26A2`.  You can view it on Gridcoinstats [here](https://gridcoinstats.eu/address/bc3NA8e8E3EoTL1qhRmeprbjWcmuoZ26A2#.)  Note that the Foundation wallet currently contains 32,387,888.8796 Gridcoin at the time of writing.  

*Going forward, the balance of the Foundation will always be in that address.*

The current holders of the multi-sig keys are long-standing respected members of our community.  Currently 2 of 3 keys is needed to unlock (and send funds from) the wallet.  The 3 keyholders are presently @ifoggz, @ravonn, and @quezacoatl1.  For more information on how multi-sig wallets work, please see this [Wikipedia article](https://en.wikipedia.org/wiki/Multisignature).  Note that most of Bitcoin's documentation on multi-sig wallets applies here as well.

Along with the new Foundation wallet, there will be a new process for Developer Compensation:

- Developer invoices should be posted to CCT (CryptoCurrency Talk forum) 7 days before the last day of the month
- Payments will be sent out on the last day of the month

This change should make our Foundation funds more secure by reducing the risk inherent in having only 1 person retaining control and also allow for more oversight in the spending of funds.  If anyone has any questions about the process of the fund transfer or how the new Foundation wallet will function, feel free to comment below.