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Dogecoin Rival Shiba Inu Launches Beta Version Of DAO

Memecoin project Shiba Inu endeavors to provide its users with more control over digital asset projects and pairs on the ShibaSwap platform.

Interestingly, Shiba Inu has launched a beta version of a DAO to give users more authority to decide on virtual currency projects and pairs on the ShibaSwap platform, as per a blog post.

Shiba DAO And WooF Pools

As per the aforementioned post, the Dogecoin competitor will let out Doggy Dao in a stage-by-stage manner and phased approach. The 1st juncture called “DAO 1″ will be put into practice within the next couple of days.

The meme coin project’s team mentioned that the DAO 1 phase will be catered towards “providing immediate power to the community to decide which crypto projects and pairs on the ShibaSwap WOOF Pools will be, and how the $BONE rewards (Allocation Points) are to be distributed amongst them.”

Bone, Leash, Shiba And tBone

Notably, the DAO will use $tBONE for voting rights, which is a new staking contract, in order to lock $BONE for a prolonged period of time prior to the beginning of voting.

As per the blog post, once the 1st phase is out-and-out, using community feedback, Shiba Inu will release a state-of-the-art version, dubbed “DAO 2,” to permit the community to make generic proposals for deliberation or review by a “Multisig-Team, and Breeds.”

The Dogecoin competitor mentioned that to avoid the realization of whales controlling the voting process, “the guardians (6/9 wallet)” will have final say on whether a pair should be listed or not, to ensure no one is “truly gaming the system.”

At the time of writing, Shiba Inu is changing hands at a price of 0.000034 USD a pop, with a market cap of over 18 Billion USD, as per Coinmarketcap.

What do you think about the aforementioned development in the meme coin space? Let us know in the comments below!

Image by Sergei Tokmakov Terms.Law from Pixabay

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