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DAOFIN - New DAO Framework for Decentralised Network by XDC Network

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Tue, 21/02/2023 - 7:25
DAOFIN - New DAO Framework for Decentralised Network by XDC Network
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XDC Network, a high-performance programmable blockchain compatible with Ethereum Virtual Machine (EVM), introduces a new framework for decentralized autonomous organization, DAOFIN.

XDC Network unveils decentralized governance framework DAOFIN

According to the statement shared by the XDC Network team, it rolls out DAOFIN, a DAO framework designed to move the blockchain to fully decentralized governance. The framework will help XDC Network’s community to manage all critical updates to the protocol’s design, including network upgrades, integration of dApps, payment methods, improvements and so on.

As a universal and flexible framework, DAOFIN is designed to meet all the growing requirements of a scaling technical design and a thriving ecosystem. Per industry experts, the solution is adjustable and technically advanced.

With the release of DAOFIN framework, all stakeholders of XDC Network will be authorized to vote on every major addition and expansion of the protocol. Just like in all advanced decentralized systems, participants of XDC Network will be both available to propose and approve upgrades to the protocol's design.

Technically, the launch of DAOFIN is the next step in the roadmap of technical and ecosystem upgrades of XDC Network protocol.

XDC Network welcomes community feedback

Compared to other similar decentralized governance systems, XDC Network’s DAOFIN operates in a more modular and flexible manner. DAOFIN can be customized to meet the requirements of specific use cases, while the DAO-centric products of XDC Network's competitors are rigid and problem-specific.

As a result, XDC Network attempts to become more decentralized, transparent and community-driven than ever before. This, in turn, will make it more attractive to developers, entrepreneurs and researchers.

To ensure that the new instrument is 100% secure and resource-efficient, the team of XDC Network launches a feedback campaign: all testers should send their impressions to the testing page. Once the feedback campaign is over, the team will review the suggestions for 30 days. Then, with all fixes, the full-fledged version of DAOFIN will be integrated into the protocol's governance module.

Related

As covered by U.Today previously, in 2022, XDC Network's team released its proprietary solutions for blockchain oracles and digital banking segments.

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