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Shiba Inu announces plans to establish its own decentralised DAO

Shiba Inu announces plans to establish its own decentralised DAO

GrafaGrafa2024/08/26 08:45
By:Isaac Francis

Shiba Inu (CRYPTO:SHIB), currently the 13th largest cryptocurrency by market capitalisation, has announced its intention to establish a decentralised autonomous organization (DAO).

This transition aims to further empower the Shiba Inu community by democratising governance and allowing every holder to have a voice in the project's direction. 

The announcement was made by Shiba Inu’s marketing lead, Lucie, on August 25.

The move to a DAO represents a significant evolution for Shiba Inu, which started in 2020 as a community-driven experiment. 

Initially launched without a specific purpose by the pseudonymous founder Ryoshi, Shiba Inu has grown into a globally recognised digital asset under the leadership of Shytoshi Kusama. 

By transitioning to a DAO, Shiba Inu seeks to decentralise its governance further, ensuring that all holders, regardless of the size of their stake, can participate in decision-making processes.

The governance structure of the Shiba Inu DAO will be anchored by two main councils: the Charity Council and the Culture Heritage Council.

The Charity Council will focus on using the cryptocurrency’s resources for philanthropic efforts, while the Culture Heritage Council will work to preserve the unique culture and values of the Shiba Inu community.

In addition to enhancing governance, Shiba Inu plans to integrate more real-world applications to ensure long-term relevance and utility. 

Lucie highlighted that Shiba Inu is already accepted by thousands of merchants worldwide, proving its value beyond just market performance. 

The DAO is expected to further strengthen Shiba Inu’s role in the decentralised finance (DeFi) space, marking a new chapter in its development.

Shiba Inu lead developer Shytoshi Kusama also emphasised the importance of the LEASH token within the ecosystem, noting its role in maintaining order and enabling voting within the DAO. 

Kusama hinted at stepping down from his leadership role by the end of the year, likely making way for the DAO's full implementation.

At the time of reporting, the Shiba Inu (SHIB) price was $0.00001489.

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