Popular meme crypto project Shiba Inu (SHIB) is set to launch its very own decentralized autonomous organization (DAO).

In a new blog post, Shiba Inu developers say they are going to release DOGGY DAO, SHIB’s new governance protocol, in two separate phases.

The first phase, which is set to launch in the coming days, will include provisions for users to decide which crypto projects and trading pairs will be included on ShibaSwap, SHIB’s decentralized exchange (DEX).

“DAO 1 is focused on providing immediate power to the community in order to decide which crypto projects and pairs on the ShibaSwap WOOF Pools will be and how the BONE rewards (allocation points) are to be distributed amongst them.”

BONE is the governance token of the ShibaSwap protocol. Its staked version, tBONE, will be used to vote within DOGGY DAO.

“In order to cast a vote to list projects, users must stake their BONE (to get tBONE), also distributing their amount of choice to weigh-in and provide to that very pair. The more they weigh in, the more votes a project achieves, the more added pairing (AP) it will have.

What happens next? On the following Monday, after launch, APs and pairs will be determined depending on the results of the voting process…

The executed pairs will be showcased for a period of 14 days, and their APs will remain there until the next voting occurs and finishes. The week, before the expiry date, voting will begin once again. A batch of new pairs or rewards will be decided and selected by the community.”

The second phase of the DAO will implement a system that allows users to send generic proposals to be considered.

Shiba Inu is exchanging hands at $0.000034 at time of writing, a 13% decrease from its seven-day peak of $0.000039

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Featured Image: Shutterstock/Tithi Luadthong/WindAwake

The decentralized organization, ConstitutionDAO has successfully raised over $40 million US Dollars in ETH to bid for a copy of the US Constitution that is going up for auction on Sotheby’s platform. ConstitutionDAO is running with the tagline, “We’re buying the constitution and it will be governed by the people”, given that if they win the bid, then everyone who donated will acquire a governance token providing them with the ability to advise on where the Constitution should be displayed, how it should be exhibited, and the mission and values of ConstitutionDAO. However, it does not imply a fractionalized ownership, rather the ownership of the constitution’s copy with remain with the decentralized organization itself.

“Decentralization and cryptocurrency (web3) have created structures that allow people to self-govern with unparalleled levels of autonomy and freedom. It’s fitting that we use this technology to honor and protect the greatest historical tool for human governance: the U.S. Constitution.”

ConstitutionDAO addresses Security & Compensation concerns

Given the trending ‘hack-a-thon’, ConsititutionDAO mentioned that they are using a Gnosis Safe wallet with 13 signers to securely deposit incoming and past funds. The platform added that the identities of the signers can be viewed on the same page, listed at the end, noting that “this multi-sig is only going to be used to submit the funds to Sotheby’s, or return the funds to Juicebox for refunds should we lose.”

Furthermore, on the issue of how the platform employees will get compensated and whether they will receive any token in return, the platform explained that their core team did not pre-mint any tokens, and following the purchase of the Constitution, ConsitutionDAO plans on submitting a proposal to be voted on by the community determining compensation. Additionally, the funding platform noted that it is for the first time in thirty-three years, that one of thirteen surviving copies of the Official Edition from the Constitutional Convention is going up for a public auction by Sotheby’s.