One of the major founding principles of cryptocurrencies is decentralization, meaning that no single person or entity is able to control the digital asset fully. In place of a centralized authority, decentralized projects employ various mechanisms like Proof of Stake (PoS), Proof of Work (PoW), and Decentralized Autonomous Organisations (DAO) to achieve true decentralization.
On January 1st, the Dogs of Elon team announced that we would be taking the necessary steps to guide this project toward decentralization. One of the first steps to achieve that goal was renouncing the ownership of multiple smart contracts, such as the staking contract for DOE to DOE, DOE to SHIB, and the NFT Staking pools. The community welcomed and applauded that decision as it provided a layer of protection and security to the token holders. We are now ready to take the next most significant step forward in our path to complete decentralization.
Dogs of Elon is proud to announce that we are building our own governance DAO that will utilize DOE as the governance token, providing the ultimate utility for every DOE holder.
The DAO has been in development for the past two months and features completely custom smart contracts and an innovative front-end design. We are currently in the process of integrating these features with the upcoming website’s design. Another step in the safety and security of the DAO is that the team is in contact with Certik for comprehensive contract audits before launching the DAO.
The launch of the DAO will be in several phases. The primary purpose of the phased release is to ensure the security and integrity of the project.
Dogs of Elon is still a relatively new project, only a few months old, and has less than 7,000 holders. For the project’s governance to be completely decentralized, it will require tens of thousands of new token holders and a wider token distribution among the holders.
The first phase of the DAO will allow DOE holders to create proposals and present them to DOE holders for a community vote. These proposals will be non-binding, meaning the Dogs of Elon team will have VETO power as the final stage of the voting process. This measure is to prevent malicious attacks by small, well-funded groups to overtake the project by creating proposals and overwhelming the decision-making (51% Attacks).
In this first phase of the DAO, the team will also use the platform as a tool to empower the community in some its own decision making as well, here are some of the ways we plan to use it;
- Development Decision Making
- Budget Management
- Charity Donations
- Business Development
- Reward Models (P2E)
The next phase of governance will be creating smart contracts that will be completely controlled by the DAO. These contracts would empower DOE holders to create proposals and campaign for votes to fully pass the proposal, with minimal oversight by the DOE Team. This phase will be launched at the team’s discretion, depending on the project’s status and participation.
Community-led governance is yet another significant step the team is taking towards the long path of complete decentralization. We have one of the best communities on the blockchain with a wide range of knowledge and experience that will elevate the project to meet our mission of becoming one of the most significant blockchain communities. We will soon release more articles with every major development of this decentralization process and explain the upcoming DAO’s critical operational details.
Disclaimer: Please note that we have not launched any other governance tokens, DOE DAO will only utilize our current token contract in a unique mechanism to interact with the DAO. Please do not interact with any other token that has not been officially announced by the Dogs of Elon team.
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