OpenChat Transfers Control to Community: A Step Towards Decentralization
It is reported that OpenChat, an on-chain messaging application, raised $5.5 million in community crowdfunding and transferred control to the community. The Op…
It is reported that OpenChat, an on-chain messaging application, raised $5.5 million in community crowdfunding and transferred control to the community. The OpenChat team said that the project will now be controlled by its chat token holder community, and will soon transfer control of the messaging application to a decentralized, token-based governance system through the service nervous system (SNS). The recent token sales totaled 2375 participants, and formed a decentralized autonomous organization (DAO) by purchasing OpenChat’s native governance tokens. After the sale, the OpenChat team said that the on-chain messaging platform would no longer be a centralized technology company. OpenChat users can become consumers, shareholders and decision makers, and actively determine the future of the platform. For example, if the community accepts a proposal, including a code update, it will be implemented automatically by SNS, rather than by a single entity. （the block）
OpenChat raised $5.5 million in community crowdfunding and transferred control to the community
Analysis based on this information:
OpenChat, an on-chain messaging application, has recently undergone a significant transformation by raising $5.5 million in community crowdfunding and transferring ownership and control to its chat token holder community. The project’s team announced that the messaging application would soon function on a decentralized, token-based governance system through the service nervous system (SNS), effectively becoming a decentralized autonomous organization (DAO).
The move to a DAO represents a significant step towards decentralization, allowing OpenChat to operate with a new level of transparency and community involvement. With the recent token sales bringing in 2375 participants, the OpenChat community now encompasses consumers, shareholders, and decision-makers, which will enable them to actively participate and determine the platform’s future course.
Through the SNS, OpenChat token holders will have the ability to vote on proposals, such as updates to the code, which will be automatically implemented by the system, rather than a centralized entity. This shift towards community-driven decision-making and decentralized control has the potential to bring innovation and a new level of user empowerment to the messaging industry.
Opportunities for users to take part in the decision-making process are not limited to voting on proposed updates. OpenChat’s chat token holders can also suggest ideas and initiatives for future development, including but not limited to new features, marketing efforts, or even partnerships.
Overall, OpenChat’s transferal of control and ownership to the community marks a significant change in the company’s direction and operating philosophy. By becoming a DAO, the platform is aiming to create a more transparent, scalable, and democratic system than traditional hierarchical organizational structures, achieving new levels of innovation and engagement.
In conclusion, OpenChat’s transfer of control to its community heralds a new era in messaging app development, with a decentralized autonomous organization operating on a token-based governance system. This innovative approach enables efficient decision-making and user empowerment, paving the way for a more democratic messaging industry.
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