The XRP Ledger has come up with XAO DAO to give control to its diverse user base.
XAO DAO is leveraging XRPL's robust infrastructure to build a transparent and inclusive governance model.
XRP price has gone up by 0.51% following the XAO DAO announcement.
Layer-1 blockchain network XRP Ledger (XRPL) has introduced its Decentralized Autonomous Organization (DAO). Dubbed XAO DAO, this protocol is touted as a platform that puts control in the hands of members of its community. According to WrathofKahneman on X, the XAO DAO is more than another Decentralized Finance (DeFi) project.
Presenting the Core Values of XAO DAO
With the introduction of this XAO DAO, the XRPL ecosystem is entering a new transformative era of decentralized governance. It marks a significant step towards user empowerment and further aligns with the principles of Web3. For this newly introduced protocol, user participation plays a crucial role, from voting on proposals to fuelling onchain progress.
Invariably, XAO DAO is seeking to revolutionize how members of the XRPL community engage with the ecosystem. This includes the decision-making and the process of integrating on-chain innovation with real-world accountability. It is taking power from centralized authorities and putting it in the hands of the XRP Ledger community.
XAO DAO is leveraging XRPL’s robust infrastructure to build a transparent and inclusive governance model.
By design, it has a hybrid structure that combines on-chain voting and proposal systems with off-chain legal frameworks, as highlighted by WrathofKahneman. These features effectively address one of the critical gaps in traditional DAOs: the lack of enforceable accountability.
XAODAO is not just another DeFi project! It will officially govern XRPL Funds, affecting the ledger your #XRP sits on! You should know what's coming and get involved. Here is the publicly available info I have. 🧵/5 pic.twitter.com/JKKWNbHlkd
Apart from making this DAO unique, this innovative approach positions XRPL as a pioneer in the next generation of blockchain governance. In an X post, XAO DAO listed a few of its core values, including its decentralized nature. As a member-participation driven protocol, users can freely propose ideas, vote on decisions, and collaboratively steer development in the XRPL ecosystem.
What is XAO DAO?
XAO DAO is a decentralized organization designed to put power where it belongs – in the hands of its members.
It intends to uphold transparency in governance and profits by ensuring that all processes and financial outcomes are openly accessible. This singular action will help in building trust and clarity within the ecosystem and its community members. The DAO platform encourages collective efforts to push the boundaries of XRPL’s capabilities.
XRPL intends to ensure all its users have equal voting power and economic opportunities.
Voting power is a function of the XRP holdings held by a user during snapshot periods. By insisting on fair and inclusive participation, the network may successfully balance influence and prevent domination by large holders.
XRP Price Outlook and Ripple-SEC Lawsuit Conclusion
Following the announcement of the DAO, the price of XRP has spiked by 0.56% and is currently trading at $2.15. While this shows that the coin is in the “green,” XRP remains almost 5% down over the last seven days.
The coin was previously caught up in the wave of liquidations that hit the crypto industry a few days ago, but it is obviously recovering.
Meanwhile, Ripple and the US Securities and Exchange Commission (SEC) recently decided to hold off on their lawsuit appeals. At this rate, a conclusion is expected in a few weeks, and should this happen, it could catalyze an XRP price boost.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.