- The developers of shiba inu coin are launching a decentralized autonomous organization called Doggy DAO.
- The first phase, called DAO 1, allows users to vote on crypto projects and trading pairs.
- The guardians 6/9 wallet will keep crypto whales from taking advantage of the system.
Shiba inu coin is launching the Doggy DAO to give users more power over the cryptocurrency.
In a blog post on ShibaSwap, the coin's developers said they're launching a decentralized autonomous organization — like the one that tried to buy the US Constitution — in order to give shiba inu holders voting rights over crypto projects and trading pairs, and how to distribute awards called $BONE.
The DAO will be launched in phases, with the beta version, dubbed DAO 1, launching in a few days. A DAO allows online communities, like the one behind shiba inu coin, to pool resources and coordinate around common goals. Its rules and voting initiatives are implemented via blockchain technology.
"This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #ShibArmy from such pairs, and welcoming new investors to use the platform," the blog post said. Trading pairs refers to crypto assets that can only be bough and sold with other cryptocurrencies.
In the next phase of the DAO, community members will be able to make generic proposals for consideration.
The shiba inu developers said the "guardians 6/9 wallet" would have the final call over new pairs in order to prevent people, like crypto whales who tend to buy large sums of tokens all at once, from "gaming the system."
Shiba inu coin, the rival to its predecessor dogecoin, has been on an epic run this year, powered by crypto whales and an avid community that calls itself the SHIB Army. On December 22, the coin spiked after one whale bought up 4 trillion shiba inu tokens for about $136 million. According to data from crypto.com, the coin has rallied about 42 million% in one year.