SHIB, the popular meme-based altcoin, has announced a major development, the integration of a Decentralized Autonomous Organization (DAO) in its system. The ‘Shiba Inu Plan’ is another step towards decentralisation, allowing for wider involvement in the community decisions.
SHIB token holders who own LEASH and BONE will get to participate in voting for key proposals within the ecosystem, like development projects, partnerships, and funding. This plan will focus on increasing community engagement so that Shiba Inu’s future development is in accordance with token holders.
The entry to the DAO is a significant move for Shiba Inu, which is now a part of the more substantial trend across the cryptocurrency industry to decentralize community control.
Unlike other tokens, where the team behind the project controls all the major decisions, Shiba Inu gives token holders the authority to vote.
This may also bring more investors interested in community-driven projects, boost the adoption of the SHIB ecosystem even more, and establish its roots in the market.
Speculation project has unveiled what it dubs the ‘Shiba Inu Plan’ to stress its dedication to growing the project beyond the meme coin industry.
DAO will help in achieving direct community control of the project where users can make most decisions regarding the future of the project. This way, this initiative not only strengthens the project and adds credibility to the undertaken work but also makes Shiba Inu a precedent for other projects in the sphere of DeFi.
The DAO’s entrance as an organization is a movement towards decentralization, the key concept in several cryptocurrencies.
Instead of making decisions behind the scenes for the project’s success, the Shiba Inu team will open the doors to the community, enabling the community to make decisions for the project and its stakeholders.
Described as the Decentralised Autonomous Organisation, it will allow users to have their say on various issues and matters, such as which projects to fund or what features to add or change in the ecosystem of the Shiba Inu.
This also stresses the current self-evolution of many Crypto projects to devolve power from the core teams to decentralized communities.
Possible consequences of the Shiba Inu DAO
Thus, despite specific positive effects, the Shiba Inu Plan has a high potential to change the future project’s sustainability and development significantly.
Therefore, with the help of a DAO, more investors could be attracted due to an increase in the level of democratization of the decision-making process.
Further, the opportunity to decide on certain proposals might introduce more diverse developments in the ecosystem, making Shiba Inu even more entrenched in the cryptocurrency market.
Long anticipated by the Shiba Inu community, this new governance model will prove how well the DAO can be managed and whether it will positively change the project’s progress. It can pave the way for other cryptocurrency projects and strengthen the cornerstone of decentralization.
