Gavin Andresen, lead developer for the Bitcoin open source distributed currency, has announced the formation of the Bitcoin Foundation. The group says it is "modelled on the Linux Foundation," with a goal of the non-profit entity being to encourage "the use of the core technology for a wide range of applications". While the board members have already been announced, Andresen says that the governance of the foundation can be changed at any time in the future by a vote of its members.

Currently, board members serve for a two-year term, with the five board seats being divided into two individual seats, two corporate seats and a founder's seat. Current board members include Andresen, Mark Karpeles, and economist and Forbes contributor Jon Matonis. Karpeles is the CEO of Mt.Gox, one of the biggest Bitcoin exchanges. Several other founders of Bitcoin-related startups also hold a seat on the board. According to the foundation's web site, an important goal of the organisation is "bringing legitimacy to the Bitcoin currency".

The foundation is accepting donations (naturally in the form of Bitcoins) and different membership levels are also available, ranging from Individual Membership for 2.5 Bitcoins annually or 25 Bitcoins for lifetime membership to a Premier Industry Membership which costs 10,000 Bitcoins annually. Currently, Bitcoins are traded at approximately £7.50 according to the Bitcoin Charts trading monitor. Membership of the foundation includes one vote in the corresponding membership class.

(fab)