By Alicia Maher
Popular meme cryptocurrency and Dogecoin rival, Shiba Inu, has kickstarted the new year with news of an intended launch of its decentralized autonomous organization. According to reports, the new crypto project, known as Doggy DAO will be unveiled in two phases – DAO 1 and DAO 2 within the first quarter of 2022.
Decentralized autonomous organization alias DAOs, is an organization based on an infrastructure that has no central authority or leadership. DAOs are represented by rules embedded in a smart contract that’s transparent and controlled by members of the organization or stakeholders.
DAOs are structured to automate decisions to eliminate human error,while facilitating transactions. It’s a true definition of decentralization, which cryptocurrencies have been preaching about since their emergence. Launching a DAO has gotten the Shiba Inu community excited and hopeful of great projects to come in the new year.
First Phase Empowers Stakeholders To Make Decisions and Vote
With the proposed launch coming soon, the inaugural phase of the new project will allow users to exercise their voting rights by concluding on which DeFi project and exchange pairs to be added to the meme currency’s decentralized exchange ShibaSwap. Additionally, the first phase will also dictate how Bone, the digital currency of the decentralized exchange will be given to the stakeholders as rewards.
According to the protocol’s team, members are mandated to stake their BONE token and provide for that particular trading pair to increase their weigh-in before they can vote on listing a crypto project. A project is granted permission to be listed based on the weigh-in.
After the unveiling, the team reveals that Added Pairings (APs) and currency pairs on the exchange will be based on the total votes cast. However, the pairs will be available for fourteen days and their added pairings will also remain until the next scheduled voting. Seven days before the expiration, members will have to vote again and new digital currency pairs will be decided by them.
Second Phase Will Focus On Generic Proposals
The next phase, coming after the inaugural phase, will focus on generic proposals. It will enable users to send anonymous proposals regarding the improvement of the DAO, funding a crypto project, or verifying the authenticity of the project.
According to WhaleStats, Shiba Inu remains the biggest holding amongst whales, with over a million holders and $1.8B held in various whale addresses entering the new year. Despite the holding, some market experts have predicted that the meme crypto may not rally in 2022, unless its cheerleader Elon Musk advocates for it on Twitter.
SHIB is trading at $0.000034 at press time, posting a 13% decline from $0.000039 it peaked a week ago.