KLC: Blockchain Becomes a DAO
We recently released the public testnet version of Kaiba Lightning Chain and now we have deployed the DAO (Decentralized Autonomous Organization) Governance Reward System within the testnet! Below is a beginners guide to Kaiba Lightning Chain and the DAO governance system. As the weeks and months go by we’ll be publishing more information regarding the methods, systems, and technology behind KLC and the DAO Governance.
What is KLC?
Kaiba Lightning Chain (KLC) is the proprietary blockchain of the Kaiba DeFi company. It is a zero gas fee blockchain based on the security principals and consensus model known as Proof of Reputation. The verification of transactions in the blockchain is conducted by node runners and their reputation. Reputation acquisition can come in various forms, the activity of verifying transactions submitted on the blockchain is the most common and effective method of accruing reputation.
Traditionally blockchains reward node runners with monetary incentives, this method often leads to monopolization of blockchains by those who run nodes, and typically does little to improve the blockchain itself or the users’ experience therein. A great example of this is the Ethereum blockchain and the increasingly damaging gas fees, thanks to monopolization of nodes, and the high computing power required to run the nodes.
With Kaiba Lightning Chain the removal of monetary incentives ensures that a truly democratized and secure blockchain can exist to serve the interests of all users, as well as ensure the existence of a zero gas blockchain! As more nodes are generated the more democratized the blockchain becomes, and nodes can be run by any user with minimal computing power required.
What is a DAO?
A DAO is a system wherein users of a blockchain can participate in a democratized system of governance. With DAOs blockchain technology users can be sure that decisions made by a DAO and its participants are accurate, immutable, and verifiable. Traditionally users hold tokens in order to cast their votes on various issues, and generally these DAOs exist as tokenized smart contracts. With Kaiba DeFi we don’t just use a smart contract, but rather the blockchain itself is a DAO. This is the first of its kind, and we expect Kaiba Lightning Chain (KLC) to revolutionize the way people interact and participate in decentralized finance.
KLC’s DAO Governance Reward Systems
As mentioned above, the DAO system on our blockchain will allow transaction validators who run nodes to receive a share of the blockchain governance. Validators provide security to the blockchain, and so we have taken care to introduce incentives for those parties who validate transactions, and maintain a high level of reputation in their node activity. Receiving a share of governance based on the above factors is granted using algorithms allowing for autonomy and efficiency in distribution of governance shares.
How Far Do Governance Shares Extend?
There will be a continual procedure of adding ways to participate in KLC governance. Currently those holding governances shares will able to:
• Direct deployed services on KLC
• Direct new technologies and their functional elements
• Decide the future of the KLC Ecosystem
• Decide the future of Kaiba works, outside of KLC
Expect more details from us over the coming weeks and months on how governance shares will be expanded and how validators will be incentivised further. We intend to leverage an incentive system based on participation, caring, and actual reputation. This will allow us to refuse gas fees (which we kindly call “miners fee”) and still be appealing to our future validators as KLC grows and aims to become a gold standard in blockchain technology.
Where You Can Find KLC DAO on Testnet?
We have deployed the preliminary contract defining Kaiba Lightning Chain’s DAO.
You can view the contract (and others on KLC testnet) here.
Alternatively you can view the full detailed DAO contract here.
You can also find an API powered system that tracks reputation scores and validator shares reported live here.
Remember you can add testnet to your blockchain wallet today! $KAIBA token holders have already been airdropped their testnet tokens, and we will be publishing a faucet soon for those who want testnet tokens or those who already have token but want more for testing!
Please read the following article for detailed instructions on adding testnet.
You can contact any of the team at any time for inquiries or help by contact us via email using team@kaibadefi.com
Alternatively, you can reach out to any of the team via our social media channels:
Other relevant links:
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