The main purpose behind Doggy DAO is to prevent developers from exercising authority over certain areas and ultimately transfer power to the community.
The team behind Shiba Inu (SHIB) has announced the release of the first phase of Doggy DAO – dubbed DAO 1 (Beta). Its aim is to accelerate the growth of the token while staying true to the ethos of decentralization.
According to the post from the official blog, the main focus of DAO 1 is to grant community members “immediate power” to decide on cryptocurrency projects and peers on the ShibaSwap platform. The community will also have a say in how BONE rewards are distributed among them.
ShibaSwap is the native DEX of the Shiba Inu cryptocurrency project. SHIB Doggy DAO, on the other hand, aims to be a decentralized organization run by the SHIB community that will control the future of the meme coin ecosystem.
With the help of the new community voting system, users will be able to allocate their voting power by holding the staked shape of BONE, also called –tBone, on the projects they want to work on and monitor various aspects.
Liquidity Pools will be chosen by users, and developers will not be able to influence or exercise authority in any way. The ultimate goal of the latest beta release is decentralization.
It also marks an important step towards its decentralized exchange. The developers believe that the launch of the first phase will attract new investors to use the platform.
What’s in store for DAO 2?
The Shiba Inu developer team hopes that the tool “motive” and facilitate external projects and their developers to provide liquidity for their tokens/pairs. This, in turn, should increase the utility and bulk of the ShibaSwap platform.
Having selected a phased approach, the team hopes to find adequate feedback from the community once the beta goes live. He will also watch the workflow closely to ensure that the community considers the system to be perfect, safe and fair.
Moving forward, the newer and more complex version dubbed –DAO 2 will involve improved and improved use cases of BONE/tBONE tokens. New stages of the same system will be introduced by the same screen simultaneously. In addition, DAO 2 will also allow community members to submit generic proposals to be considered or reviewed by the SHIB Multisig-Team and Races.