Announcement Electronic Gulden Foundation (foundation being established)

Esteemed members of the Electronic Gulden community / dear EFL fanatics,

The establishment of a Foundation which would be tasked to take over the distribution of the pre-
mine EFL from the founding developers has been repeatedly mentioned in the e-Gulden forum. The
decision to establish such a foundation was taken made at a meeting held in Amsterdam on May
20th, 2014. For details please refer to the state of affairs message, hereafter. We have provisionally
chosen a name for this, community-driven initiative, namely the Electronic Gulden Foundation. The
Foundations goal is to introduce the EFL as a full-fledged, widely accepted, Alt coin in The
Netherlands and beyond and to safeguard the integrity of the coin. We aim to attain this goal by
managing the orderly distribution of the content of the pre-mine wallets, promoting the (use of) the
EFL and assisting in the further development of the EFL.
First we would like to introduce ourselves, as members of the Board to be of the Foundation being
established. We are:
Gerrit Oerlemans, known as bitwise-shifted at the e-Gulden forum. I have an
academic background and I am the proprietor of a software company. I am
fascinated by Bitcoin and Alt coins, especially what these could mean for all of us
in the near future. I have made myself available as Treasurer of the Foundation.

Niels Harmsen, one of the moderators of the forum, known under the alias Nelis. I
was born and raised in the city of Breda and I am the founder of the Brabant
Regional Currency Coperative (BRCC). Having a financial background I have been
involved with Bitcoin and Alt coins for some time, now. I am also providing honest
information to the general public about the challenges and threats todays
currency (euro and other fiat currencies) pose. I am the intended Secretary of
the Foundation.

Henk Compier, Hman in e-Gulden forum speak. I am a commercial and general
management professional in publishing ICT. For me it is obvious that the current
system of fiat currency, such as the euro, no longer functions and that we are on
the verge of a monetary collapse. We need to take control of our financial future
ourselves, without the involvement of governmental bodies or murky financial
conglomerates. I feel we (the people!) can, at least partially, achieve this goal by
supporting and accepting the EFL. I am the designated Chairperson of the
Foundation.

It is obvious that, after this Aprils introduction of the EFL, a numbers of issues have arisen.
Communication with the founding developers of the Electronic Gulden can be typified as being
awkward and tedious. A number of issues and questions from the community are yet to be
addressed by them. You will appreciate that we will only start establishing the Foundation after a
correct transfer of the EFL from the developers to the Board to be has taken place and not before.
We hope to conclude this process shortly so that the Gulden can again take its rightful (electronic)
place in the heart of The Netherlands.
According to Dutch law, the Board of a Foundation has to consist of at least three persons. As the
composition of the Board is not yet chiselled in stone we would certainly welcome members of the
EFL community to join, especially those who are willing to invest a great deal of their time and
energy. Please note that being a member of the Board does not carry any form of financial
recompense, other than a reasonable reimbursement of travel expenses. We love to hear from you!
---- second part ----
Message from the Board (to be) State of Affairs till now
On May 20th a meeting was held at the Bastion Deluxe Hotel in Amsterdam, by initiative of a number
of members from the e-Gulden forum. The aim of the meeting was to explore how to propel the EFL
after launch further, possibly by establishing a foundation. This was to happen together with the
developers and community manager of e-Gulden.com and some enthusiasts from the forum, who
had stated their interest in getting the EFL back on track. Five people, amongst whom the co-
signatories of this message, attended the meeting. Unfortunately there were no attendants from the
side of the founding developers of the Electronic Gulden. Those present at the meeting agreed that
the establishment of a foundation to assist the EFL in its early days, would be a good idea, anyway.
Please note that we are aware that the EFL is, in principle, a modified version of Bitcoin and as such
any form of centralized control is unwanted. However, until the EFL reaches maturity, we feel that a
level of assistance is required, especially since the EFL has a substantial pre-mine component, with
the inherent risk that this might disrupt the market. Assistance is also required in terms of the
software environment, until such a time that the community is convinced that the EFL can be safely
used and is backed by a solid development group. Naturally, guidance is an option, not a definitive
need but we feel this could positively contribute to lowering the threshold to the acceptance of the
EFL.
At this moment the state of the pre-mine is our main concern. As long as there is no clear and open
accounting system available and as long as the bookkeeping is not released to the general audience,
the EFL has a shaky base. Even if we believe that a healthy market can absorb an uncontrolled
release of 50%of the pre-mine, the foundation cannot take responsibility for this. So far, the
foundation - to be- has worked very hard to get a clear picture of the current state of affairs. Almost
half of the pre-mine is now controlled by the Board of the Foundation: public address
LZQnw2pCvnTKVbYuuB7UcfnPGVKjfRVLTi (balance 5,039,340.10 EFL). The accountability of the
remainder is still the responsibility of the founding developers of the EFL.
Our greatest challenge is the communication with the founding developers. They cloak themselves
in anonymity in their behaviour towards the community including the undersigned. Communications
is awkward at best. Although their anonymity is no longer completely intact we would, of course,
respect their wishes for continued anonymity, if our goal can be attained. That goal is complete
transparency over the remainder of the pre-mine. The founders of the EFL have communicated their
WILLINGNESS to transfer, but accountability over 5,460,660 EFL of the pre-mine is still lacking.
Until recently, the e-Gulden.com website stated that 17.4%of the pre-mine had already been
distributed. If that meant that distribution had taken place in the form of packages of 50 gratis EFL
to the Dutch households we ascertained, by researching the blockchain, that this is not correct. If
rewards for the development of EFL tools, as stated elsewhere on the e-Gulden.com website, are
included in this percentage we certainly have mixed feelings about this. The whole of the pre-mine
was meant for distribution to Dutch households, and any EFL development was to be funded
through donations.
On the website page Beloningen (Rewards) an amount of almost 2,000,000 EFL has been
accounted for. That, in itself, is already more than the previously stated 17.4%distributed and still
leaves us with 3,500,000 EFL that yet needs to be accounted for.
Such ambiguities are currently hovering above the EFL market. We assume the good will of the
founders and accept that they may currently working on their administration. We also assume that
they, too, will benefit from an orderly transfer of the EFL pre-mine. It is therefore that we would like
to call upon the community to constructively and positively contribute to the process. Likewise we
call upon the developers/founders of the EFL to complete, a properly accounted for, transfer on a
very short notice.
The founders of the EFL cannot continue to keep the community in the dark, in perpetuity. As they
already ignored deadlines and past agreements we are investigating the possibilities to break an
impasse. Any and all suggestions towards doing this are indeed very welcome and you are warmly
invited to contribute, preferably by sending your suggestions to our temporary email address:
foundation@efl.nl
Signed:
Henk Compier, Niels Harmsen en Gerrit Oerlemans