The Shiba Inu team launched a beta version of Doggy DAO that prevents developers from wielding authority over certain areas and eventually transferring power to the community so let’s read more in today’s altcoin news.
The Shiba Inu team announced the launch of the first phase of Doggy DAO beta with a goal to accelerate the growth of the token while staying true to the ethos of decentralization. According to the official blog post, the main focus of DAO 1 is to bestow the community members with the power to decide on the crypto projects and pairs on the platform. The community will also have a say on how the BONE rewards will be distributed amongst them. ShibaSwap is the native DEX of the Shiba Inu crypto proejct. This Doggy DAO on teh another hand will be a decentralized organization that will be steered y the SHIB community and will control the future of the meme coins ecosystem.
With the help of the new community voting system, the users will be able to allocate their voting power when they hold a staked form of BONE into the proejct if they wish to work on other aspects. The Liquidity pools will be picked by the users and the developers will not be able to influence or exert authority in any way with the end goal being that the latest beta launch will lead to decentralization. It also makes a huge step for decentralized exchange. The developers believe that the first phase release will attract other investors to use the platform as well. The Shib aInu developers team expects that the tool will motivate and facilitate external projects and their developers to provide more liquidity for their pairs. In turn, this should boost the utility and volume of the Shiba Swap platform. Having selected the phased approach, the team anticipates encountering proper community feedback once the beta version starts running. It will observe the workflow to ensure that the community finds the system secure and fair.
Moving forward, the more complex version dubbed DAO 2 will involve enhanced use-cases of BONE and the new phases of the same system will be introduced via the same screen at the same time. DAO 2 will also enable the community members to make generic proposals to be considered by the team.
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