Results In: Shiba Inu Community Concludes Vote On 37.5 ETH Use

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In the first person, I find the Shiba Inu community’s decision to escrow 37.5 Ethereum (ETH) into a new multisignature wallet is a significant step towards the evolution of their decentralized autonomous organization (DAO system, particularly in terms of fund management and project development and project development and project development and project development.

According to the results of the recent community vote which ended on September 4, 2024, the Shiba Inu community has made a significant decision by collectively choosing to store 37.5 Ethereum (ETH) in a new multi-signature wallet. This move signifies an important milestone in the development of Shiba Inu’s decentralized autonomous organization (DAO), particularly in aspects related to fund management and project advancement

Shiba Inu Community Rejects Burning The SHIB Tokens

The vote offered four choices to the community on how to handle the funds provided by Welly’s, a partner project. The most favored option, choice 1, secured 84.95% of the vote, equivalent to 78 billion SHIB tokens.

This option involved creating a multisig wallet controlled by selected signers including notable community figures such as lead developer Shytoshi Kusama, LC, GOSSIP Shib, core developer Kaal Dhairya, and an additional signer to be chosen by the community. Later, these “funds will go to a secondary vote for what can be done where the community can submit choices therein, and then the signers agree to execute as decided upon without regard to decision,” the proposal outlined.

2 out of the total choices received approximately 15.05% (or around 14 billion SHIB tokens) of the votes. This implies that a considerable group within the community favors deflationary strategies, but a more significant portion seems to favor investing in community initiatives instead. The remaining proposals, which would have either granted unlimited power to community projects or allowed wallet holders to keep their funds while ceasing critical comments about the ecosystem, garnered minimal support

Shytoshi Kusama, in a blog post leading up to the vote, laid out the rationale behind this strategic approach to fund management within the DAO. Kusama highlighted past challenges and the need for a structure that not only mitigates potential abuses but also aligns with the long-term vision of the Shiba Inu project.

Kusama underscored, “Not often do I delve into the reasoning behind our actions, but when misunderstandings arise, it’s crucial to correct misconceptions, shed light on past uncertainties, and demonstrate the path ahead that has consistently been illuminated by the truth of decentralization.”

Kusama’s post also outlined strategies for upgrading Shib DAO from version 1 to version 2, which encompasses the introduction of a Karma, Reputation, and Competency (KRC) system. This system is developed to work seamlessly with technologies such as Self-Sovereign Identity and Fully Homomorphic Encryption, primarily for safeguarding user data and improving the integrity of the ecosystem. The ultimate goal is to strengthen the DAO against fraudulent activities and create a secure, decentralized platform that benefits both users and developers

At press time, SHIB traded at $0.00001311.

Results In: Shiba Inu Community Concludes Vote On 37.5 ETH Use

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2024-09-05 11:42