With its upcoming DAO launch, Shiba Inu will give all holders the ability to shape the future of the community.
The team behind Shiba Inu (SHIB), a Dogecoin-inspired meme coin, is preparing to launch a decentralized autonomous organization (DAO).
The project’s future direction will be determined by SHIB holders through voting on upcoming initiatives, as announced by Lucie, Shiba Inu’s anonymous marketing lead, via X on August 25.
With the impending launch of its DAO, Shib is poised to become a significant player in decentralized governance, according to Lucie. “This shift will enable all stakeholders, irrespective of their stake size, to actively participate in shaping the community’s future.”
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 24, 2024
In addition, the DAO’s governance will be guided by two primary councils: the “Culture & Heritage Council” and the “Charity Council.”
These councils will direct community projects, Lucie said. Their priorities will include keeping the culture associated with the token’s community alive as well as taking part in charitable endeavors.
Shiba Inu’s Upcoming DAO to Grant Community More Control
“Even though the DAO has not been fully implemented yet, its launch will be a significant turning point, granting Shibizens greater authority over choices that affect the ecosystem,” continued Lucie.
Unlike traditional organizations, DAOs distribute power among their constituents. Thus, group decision-making is made possible. Moreover, smart contracts on the blockchain, which automatically enforce predetermined rules, power DAO operations. This reduces the need for centralized control or oversight.
Shiba Inu wants to give direct control over the project’s direction to its large community through the launch of a DAO. This strategy fits in with the fundamental tenet of many cryptocurrencies, which emphasizes involvement in the community.
Generally speaking, meme coins have trouble being used for anything other than speculative trading. SHIB holders could benefit from practical advantages like voting rights on project proposals through a DAO, which could influence the coin’s development focus, alliances, and direction, increasing its value beyond that of a meme coin.
Shibarmy Alerts Shiba Inu Users to Spike in Scam Attempts
Shibarmy Scam Alerts, Shiba Inu’s official scam alert channel, alerted users earlier this month to the growing number of scams that target the altcoin. This notification came after a recent alert about phony Telegram groups that were trying to take advantage of the community.
“By endorsing phony tokens or promises of rewards, these groups aim to defraud you and empty your wallets,” they stated.