Developers of a blockchain startup with Russian roots SONM and the UniDAO team have proposed transferring control over the project to a decentralized autonomous organization (DAO). This happened after their self-removal from the development of the project and subsequent accusations of exit scam.

Dear SONM community members, UniDAO and SONM teams have prepared the DAO creation plan, which is reflected in this SONM community call, please check it: https://t.co/cvsbX2ZJhr

– SONM (@sonmdevelopment) September 24, 2019

SONM co-founder Andrei Voronkov, who is also a representative of UniDAO, said in a conversation with BlockchainJournal:

“We have a few people on the team who don’t want the [SONM] project to bend.” And we decided to offer the UniDAO service to the community to create a DAO and continue the operation of the project. ”

Implement the transition is proposed using the solution of the project Aragon . According to the roadmap, the creation of a DAO involves three phases. During the first SONM DAO, it will be deployed on the Ethereum Rinkeby test network using the Aragon stack, and participants will test the vote for a proposal.

Then reputation tokens (R) and owner tokens (Q) will be created. The latter will be automatically charged 1: 1 for each SNM token in the account of those who join the DAO. The second type of tokens will give the right to vote.

“The community must vote with tokens. If there will be less than 10% of tokens, then the power of the DAO will not be enough to help the project. The minimum threshold for token holders that must be included in the DAO is 10%. If they don’t come in, UniDAO leaves and the community already understands itself , ”Voronkov explained.

It is noteworthy that against the background of news about a possible transition to the DAO, there was an abnormal jump in the SNM rate on the Binance exchange. Some users have suggested that they manipulated the price.

Data: TradingView

Users in the official chat also expressed doubts about the DAO and stated that the project had died, and the price jumps “could be filed into a criminal case”.

The community cares what happened with the $ 42 million raised by the ICO. The project team has not provided any financial statements.

It is noteworthy that in 2018, SONM co-founder Alexei Antonov said in an interview that “most of the Russian ICOs were arranged to throw everyone away.”

Andrei Voronkov, in turn, claims that he left the project before the start of the pre-ICO and does not have information about the fate of the funds raised.

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