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Shiba Inu is Launching a DAO

Shiba Inu is Launching a DAO

Shiba Inu is known for bringing decentralization to unknown heights. Now the dogecoin killer has announced its plans for a Decentralized Autonomous Organization (DAO)to give voting rights to its community. This concept ensures the participation of the community in its future projects and helps the protocol to avoid wandering away from the actual demands of the investors. This news comes in as the coin is trying to get rid of the meme-coin tag after the forecasts pointed negatively to the volatility of the coin. Click here to learn more about Shiba Inu forecasts.

A DAO is usually an internet community with a wallet shared by the members. The community can come together, raise funds for a cause, and vote on decisions within the community. The DAO wallet is collectively administered, and the transactions happen only after getting the consensus from the members of the community. The decentralization helps the wallet avoid being governed by individuals. The Shiba community has grown to 13 million on Twitter and helped majorly to the success of the coin in 2021. So, it is only natural for SHIB to let its community members vote on how it should proceed.

The DAO would be launched in two phases, with the beta version, known as DAO 1, taking the lead. The subsequent versions will amend and rectify the issues that spring up from the beta version. This project is all about facilitating a platform for Shiba Inu enthusiasts to come together and be organized in their journey towards a common goal. The Shiba Inu online community that is shattered between platforms will now have a common ground to work towards the betterment of the Shiba Inu ecosystem. 

The participants will be able to vote on the future projects from the meme-coin and have a say in how the protocol should proceed. The voting mechanism will be powered by blockchain technology to ensure fairness during polls. According to the reports, Shiba Inu will use the $BONE token for voting rights on the platform. The token would improve as per the feedback received through the beta version of the DAO. The DAO 2 would design a system to help the members send in their propositions to be reviewed by the Multisig-Team.

With all the facts, it is clear that Shiba Inu is answering the criticisms of it being a cheap knockoff by emboldening its community. Seeing as everything unraveled, this year could be yet another good year for the SHIB community.

Carl Newton is a blockchain analyst and has 4 years of experience in bitcoin exchange. He makes people aware about the importance of cryptocurrency trading. He writes latest news contents for our team.