aelf blockchain declared that it has founded aelf DAO to bring more decentralization to the ecosystem growth and governance structure of the platform. This indicates another landmark in aelf’s progress toward becoming the top institution to provide Web3 DApps-related one-stop solution. The hackathon participants and block producers of aelf promoted the endeavour of establishing aelf DAO.
aelf Unveils aelf DAO to Offer More Decentralized Governance
This DAO will contain the stakeholders of aelf. More specifically, the roles take into account the holders of Mainnet ELF tokens, the ecosystem projects, and block producers (BPs). The respective members will assist each other to enhance the growth of the ecosystem as well as the governance mechanism. When it comes to governance, a couple of prominent roles include the BPs and voters. Those holders of Mainnet ELF tokens have the right to vote and specify the votes thereof for nodes.
The voters elect BPs by voting to create blocks as well as make the network more secure. BPs, Voters, and candidate nodes (which can potentially become block producers) play an important role in aelf network’s governance and get rewards accordingly for their contribution. The structure of demarcating roles decreases the extent of participation and ensures that the whole community operates the system in a considerably decentralized manner.
Mainnet ELF Holders Can Take Part in DAO Decisions
In the case of ecosystem advancement, the proposals focused on benefiting the platform are invited and filed by any holders of Mainnet ELF tokens. The holders can propose things related to integration, deployment, upgrades, and so on. After authorization from block producers, the execution of the proposals takes place. Thus, the decisions are made by the ecosystem of aelf while keeping in view the preferences determined by the stakeholders.
The relationship between the consumers and developers gets stronger in this way. aelf DAO endeavours to support the advancement of aelf in general. Apart from the network’s maintenance, aelf additionally has the strategy to expand the influence of the platform as well as its user base while seeking assistance from diverse programs.
The platform additionally plans to release a formal web portal of its DAO where the consumers will have straight access to the decision-making procedure aelf. Hackathons and grants will be conducted by the relevant DAOs. In addition to this, the developers are allowed to request a unique SideChain to develop their projects separately.
