According to a new blog post, Shiba Inu SHIB/USD developers have launched a beta version of a decentralized autonomous organization (DAO) called Doggy.
The DAO's mission is to give Shiba Inu holders more authority to decide on crypto projects. Doggy DAO will be run and be fully controlled by the SHIB community.
Developers plan to launch the first phase of Doggy called ‘DAO 1’ by Jan. 3.
The DAO 1 phase will focus on providing immediate power to the community to decide which crypto projects and pairs will be available on the ShibaSwap WOOF Pools.
Shiba Inu noted that to avoid possible whales controlling the voting process, the guardians (6/9 wallet) will have final say on whether a pair should be listed or not.
It is also going to focus on how Bone BONE/USD rewards (Allocation Points) will be distributed among users.
Following the first phase, Shiba Inu will release an updated version, called “DAO 2,” to allow the community to make generic proposals for consideration or review by a "Multisig-Team, and Breeds."
The DAO-related announcement is the latest in a series of plans being unveiled by Shiba Inu developers. Ryoshi, the creator of Shiba Inu Coin, has indicated that a layer-2 solution called Shibarium is under development. The project will allow transaction costs to be reduced, which is a key step to the success of the envisioned Shiba Inu ecosystem that includes gaming and non-fungible tokens.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month