As a researcher who has been closely monitoring the XRP ecosystem for quite some time now, this latest development regarding the XRPL DAO is nothing short of exhilarating. The impending decentralization of governance processes and increased community participation are long-awaited changes that will undoubtedly breathe new life into the XRP Ledger’s ecosystem.
As a researcher delving into the XRP Ledger (XRPL), I’m excited about its imminent leap towards a significant governance transformation. Officially, it’s moving towards a Decentralized Autonomous Organization (DAO) model. This transition promises to disperse decision-making authority and boost community involvement, signifying a crucial step forward in our ecosystem’s governance structure evolution.
XRP Ledger DAO Confirmed
Community leader Crypto Eri (@sentosumosaba) boosted the news by posting a brief clip from an interview with David Bchiri, CEO of XRPL Commons, conducted by Web3 Deep Dive. In her analysis about X, Eri highlighted the sequence of governance modifications, stating, “The governance of the XRP Ledger is evolving. We first became aware of this through a post by XRPL Labs on September 6th. Then, there was a mention of DAO on the XRPL Foundation’s GitHub Blog on September 19th. Now, we are expecting an official announcement and confirmation about the DAO.
The origins of this governance revamp can be traced back to September 6, when XRPL Labs disclosed collaborative initiatives with XRPL Commons, Ripple, and the Australian non-profit Wave of Innovation. XRPL Labs made it clear that these talks were merely the start, hinting at more developments in the coming months as they delve deeper into this fresh phase and adventure.
On September 19th, the XRPL Foundation announced updates via their GitHub blog. They shared their intention to set up an initial board with significant members from XRPL Labs, XRPL Commons, Ripple, and community representatives. This setup might be supported by the recently proposed DAO structure.
In a conversation with “Web3 Deep Dive,” David Bchiri discussed the connection between Ripple and XRPL Commons and offered fresh insights on the prospect of establishing a Decentralized Autonomous Organization (DAO). He explained that, although Ripple was the one who started the XRP Ledger protocol twelve years back and still offers support to XRPL Commons, this organization functions as an independent non-profit entity in its own right.
Bchiri clarified, “We’re associated with Ripple, collaborating extensively with the RippleX team. However, we maintain a high degree of autonomy. Our board operates independently, without any representation from Ripple. As partners, Ripple will increasingly concentrate on their own products, continuing to back the XRP Ledger.
Bchiri presented an initial comprehensive examination of the organizational structure of the upcoming Decentralized Autonomous Organization (DAO). He explained that this new DAO will include a self-governing board of directors, initially consisting of XRPL Commons, XRPL Labs, and the DAO itself. Over time, there are intentions to add more community members and organizations to the board.
Under the fresh governance structure, there will be distinct expert panels overseeing different facets of the XRPL system. Bchiri pointed out that each panel will function autonomously, with separate groups dedicated to core development, XRPL node listing (UNL publishing), and compliance regulations.
Additionally, Bchiri underscored the significance of acknowledging and structuring the efforts of community contributors, remarking, “We’re establishing a structure so that those who are already engaged in the work can be acknowledged and build a robust nonprofit organization. With everyone’s collaboration, we aim for this organization to grow progressively.
Bchiri emphasized the openness and community involvement in the procedure, stating, “This is a process we aim to make accessible to all… We’ve been working on determining where this project will be implemented, selecting the initial members, and figuring out how to bring new members aboard. Our goal for this new organization is that it will be entirely managed by the community; right now, we’re simply initiating the first steps, so it can eventually run independently.
At press time, XRP traded at $0.5075.
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2024-11-04 15:12