We Choose The DAO
Today, we are happy to announce the formation of the Conflux DAO. 👏
To achieve decentralized governance and healthier development of the Conflux Network, we believe that the formation of the DAO is critical not only for the future of the network but also for the benefit of every staking member in the community.
Along with the community, the Conflux Foundation will continue to explore the governance methods of the DAO. Conflux is prepared for its first vote on governance which includes but is not limited to improving user experience, enhancing network efficiency, and modulating CFX circulation. Every CFX or FC holder has the right to vote, and the vote weight depends on the duration of their pledges.
Based on the outcomes of the vote, Conflux Network will release an upgrade which will also be an experiment to ensure that every CFX or FC holder is entitled to give suggestions on the future iteration and upgrading of the Conflux Network without the participation of the Conflux team. As a result, more people will get to participate in the Conflux governance.
The calculation rules are not one-size-fits-all rules, and wholly automatic governance cannot lead to a healthy mechanism. We believe that certain institutionalization methods and some concepts in social science can assist us with establishing and managing a well-grown DAO and Conflux Network.
About Conflux Network
The only state-endorsed public, permissionless blockchain project in China, Conflux Network is an open-source, layer-1 blockchain protocol delivering heightened scalability, security, and extensibility for the next generation of open commerce, decentralized applications, financial services, and Web 3.0. Conflux Network is overseen by a global team of world-class engineers and innovative computer scientists, led by Turing Award recipient Dr. Andrew Yao. Fostering entrepreneurship and innovation, Conflux elevates startups and organizations across industries and continents to generate decentralized marketplaces and digital assets for meaningful business and social impact. Founded in 2018, Conflux has raised $35 million in capital from prominent investors including Sequoia China, Metastable, Baidu Ventures, F2Pool, Huobi, IMO Ventures, and the Shanghai Municipal Science and Technology Commission.