To give cryptocurrency users more control, Shiba inu coin has launched the Doggy DAO.
The developers of ShibaSwap posted a blog on ShibaSwap stating that they are launching a decentralized autonomous organisation — similar to the one that attempted to buy the US Constitution — to grant shiba Inu holders voting rights over crypto projects, trading pairs, as well as how to distribute $BONE awards.
The DAO will launch in phases. DAO 1 (beta version) will launch in a few days. A DAO is a way for online communities like the one behind shiba coin to pool their resources and work together towards common goals. The blockchain technology is used to implement its rules and vote initiatives.
The blog post stated that “This is a critical first step, orienting Our Decentralized Exchange to grow while promoting all of the benefits to #ShibArmy out of such pairs and welcoming new investors into the platform.” Trading pairs is a term that refers to crypto assets which can only be bought and sold with other cryptocurrencies.
Community members will have the opportunity to submit generic proposals for consideration in the next phase.
According to the shiba-inu developers, the “guardians 6/9 wallet”, the final call would be made over any new pairs. This is to stop people like crypto whales, who buy large amounts of tokens at once, “gaming” the system.
The Shiba Inu coin is the new rival to dogecoin. It has enjoyed an incredible run powered by crypto whales, and an enthusiastic community called the SHIB Army. The coin reached a new high on December 22 when a whale purchased 4 trillion shiba-inu tokens for $136 million. The coin rose by 42 million% over a year, according to crypto.com data.