To truly transform the crypto space and align it with its intended purpose, we must actively involve the community in decision-m
01 May 2023, 07:51
To truly transform the crypto space and align it with its intended purpose, we must actively involve the community in decision-making processes. The traditional methods of crowdfunding, which merely utilize crypto as a form of payment, fall short in this regard. We require a more inclusive approach that holds the community accountable for the decisions it makes.
The current crowdfunding model lacks a comprehensive feedback mechanism that would enable us to select projects that can benefit the community the most. However, utilizing skin-in-the-game models can prove to be more effective. By involving community members in decentralized autonomous organization (DAO) decision-making, establishing clear objectives, tracking key performance indicators (KPIs), and selecting competent decision-makers throughout the DAO's operation, we can create an ecosystem where the community itself becomes the primary beneficiary of collective governance.
Naturally, this transition is an iterative process that requires time to unfold. Yet, by carefully balancing incentives and implementing slashing mechanisms, we can develop a well-defined roadmap for future community governance models that serve the true purpose of blockchain technology—reshaping the fabric of society.
Exciting news awaits the community as Power DAO prepares to launch, with Waves DAO being the first child DAO to operate on its platform. The operation of Waves DAO will deeply engage the community, fostering meaningful participation and impact. Over the next week, we will unveil our comprehensive plan and make several important announcements regarding Waves DAO's operation.
Power to the people!