Thursday, October 5, 2023

DeFiChain Becomes DAO


DeFiChain (DFI) is becoming a fully decentralized autonomous organization (DAO), July 8, 2021.

It is possible to provide decentralized financial services using the DeFiChain platform, which is blockchain technology. The DeFiChain Foundation’s goal is to incorporate DeFi into the Bitcoin ecosystem. DeFiChain uses Bitcoin security by anchoring Bitcoin via the Merkle root every few minutes.

DeFiChain can deliver fast transaction throughput, reduce error risk. As well as build intelligent features by focusing on blockchain technology for decentralized finance.

So that DFI can become a DAO, a British Virgin Islands (BVI) non-profit foundation will hold current and future Intellectual Property (IP), such as trademarks. The Foundation’s creation ensures proper management and administration of DeFiChain’s assets. The company does not have stockholders or owners and limits by a guarantee.

There was no clear direction in what projects the people were seeking to establish. And how they would go about reaching their goals in the early days at the start of the blockchain development. Furthermore, the people behind projects are often anonymous and do not reveal their underlying principles and reason for creating them. Transparency and communication emphasize rarely, resulting in more questions than answers concerning specific projects.

At present, there is now more attention to transparency and honesty. DeFiChain, for example, has a higher standard. Transparency is not just necessary; it is a need, and it defines what constitutes a successful or unsuccessful enterprise.

Due to this, DeFiChain devotes itself entirely to offering and preserving transparency, as well as open communication. Taking transparency seriously for DeFiChain means being as transparent and honest with the community as possible. Especially when it comes to critical projects that drive greater decentralization of the DefiChain project.

Transparency and communication have led to DeFiChain becoming a DAO.

Daniel Zirkel will serve as the new Foundation’s primary mediator and communicator with the more extensive DeFiChain community. This facilitator role will be cycled every two years to another community member through voting to ensure democratic decision-making. Daniel Zirkel proposed a Community Fund Proposal to fund the costs of incorporation and administration for the next two years. The whole sum of 21,000 DFI must translate into US dollars and transfer to BVI’s administering law firm following the proposal’s approval. Funds left over will be utilized to cover the Foundation’s running costs.

Julian Hosp and U-Zyn Chua will not have a natural or formal position in the new Foundation. They will, however, continue to promote and support the project’s growth, as well as its various endeavors to become the world’s most renowned blockchain in the decentralized finance field.

Julian Hosp and U-Zyn Chua are primary contributors to the project.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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