aelf, a decentralized network and ecosystem that includes a novel blockchain, browser extension, explorer, wallet and SDKs, smashes through a major milestone in its decentralization roadmap. aelf decentralized autonomous organization (DAO) launches as a new design of decentralization for the Web3 and metaverse era.
aelf DAO goes live to enhance on-chain governance in aelf
According to the official announcement shared by aelf ecosystem representatives, aelf DAO is launched to transform the governance structure of this decentralized network. aelf DAO’s inception is of paramount importance to aelf as a platform for DApps of various types.
The initiative to establish aelf DAO was introduced by the council of aelf's block producers (BPs) and attendees of its hackathons. aelf’s stakeholders will be the first participants of the newly launched DAO. Thus, Mainnet ELF token holders, block producers and ecosystem projects will contribute to the voting procedures of the ecosystem.
Technically, Mainnet ELF tokenholders will vote using their tokens to elect block producers. The BPs elected by voters will need to produce blocks and secure the network. As such, various parties are entitled to contribute to decentralized governance in aelf.
The roles in aelf governance’s design are separated: no party will be able to dominate the whole block validation process. These participants are assigned different tasks and will receive rewards for their own contributions. The requirements for voters are the lowest, as anyone holding Mainnet ELF can stake and vote. While the role of block producers are more suitable for those willing to run a node and able to stake at least 100,000 Mainnet ELF. By separating roles and requirements, aelf wants to make it possible that everyone can join this DAO and have a position that best matches his expectation.
Grants and hackathons to be announced in 2023
The new governance design are expected to have better effects with the help of a friendly proposal procedure. Mainnet ELF holders will be able to propose suggestions, including the likes of upgrades, deployment, integrations and so on.
Once approved by block producers, the proposals will be implemented into the technical architecture of aelf, or anywhere it’s meant to take place. As such, the direction of aelf’s development and progress will be envisaged by the community of its developers, users and validators. These parties will need to collaborate closely to steer the organization towards a common goal.
aelf DAO will support the progress and promotion of aelf blockchain ecosystem. Besides a DAO launch, the community of aelf starts new incubation programs. Proposals to build Web3 applications of all kinds are welcome and the aelf community is commiting itself to perfect the very ecosystem that they use and interact with. Such community-led programs shall attract more developers and users to aelf where there are the best services for all crypto believers.
aelf DAO will offer grants and hackathons to developers interested in building on aelf blockchain. Also, developers can apply for their own SideChain to build mainstream applications. In the future, aelf DAO is set to evolve into the launchpad for DAOs.