Shiba Inu developers have just dropped the first phase of DAO 1 in the meme coin community’s primary goal of a true decentralized ecosystem.
The SHIB Decentralized Autonomous Organization (DAO) is key to what the ShibaSwap describes as a “true decentralised ecosystem”. DOGGY Decentralized Autonomous Organization (DAO) will be controlled by the Shiba Inu community (ShibArmy) that will have command over the governance of SHIB. This will be the first step in the growth of the decentralized exchange whilst benefitting the SHIB Decentralized Autonomous Organization as a whole and onboarding new investors on the platform.
The Initial Phase of DAO
According to an official blog post, Shiba Inu stated that the DAO 1, which has been just released as a beta version, will prevent developers from exerting authority over certain areas handing power to the community. The goal of DAO 1 is to make it possible for the community to decide which cryptocurrency pairs will be added to liquidity pools on the ShibaSwap decentralized exchange. Holders will also be able to decide how much the BONE liquidity providers will receive.
The post also stated,
“This is a powerful tool, as the rewarded Liquidity Pools will be decided fully by the users. This avoids the Developers from making those very choices. The responsibility falls on the community, and what they want to experience within the platform”
ShibaSwap is a decentralized exchange created for the Shiba Inu community. The community gathers around three main coins: SHIB (the foundational currency of the Shiba Inu community), LEASH (the second token incentivized on ShibaSwap), and BONE (ShibaSwap’s governance token).
The power of BONE
Powered by the BONE token, members of the Doggy DAO will use this as a governance token to vote on proposals. The members will be able to decide on the projects to be available in the official pool and encourage the systematic DAO method to be achieved by the fully decentralized community. Besides, the Doggy DAO will also let members use BONE to vote on future ShibaSwap pairings and decide the number of Bones to be rewarded.
Shib developers have decided to roll out the entire process in a phased manner to observe the implementation meticulously to make sure that the community members find the process easy to use, secure, and fair. The next phase will be the rollout of DAO 2 which will add more complexity to the DAO system with an improved BONE tokens. This system will eventually allow the community to make generic proposals.
