Koris: A Smart Contract-Based Platform

The Web3 firm MetisDAO Foundation is responsible for the introduction of the smart contract-based platform known as Koris. By providing an end-to-end operational infrastructure, it makes it possible for decentralised organisations to manage and govern communities.

Even though DAO platforms already include collective decision-making and operational activities, the group is of the opinion that these platforms have the potential to be improved by the addition of technologies that aid in the expansion of Web3 firms. This is despite the fact that these platforms already include these features.

There is a growing need for decentralised autonomous organisations (DAOs) with greater management transparency, as stated by Chelsea Kubo, co-founder and chief operating officer of Koris.

She went on to say that “These management models and infrastructures are shown inside a DAC, and KORIS serves as a platform to aid companies in thriving in a web3 environment. DACs are used by many organisations.

Having said that, it is only a matter of time until large enterprises and web2 startups begin transitioning in the direction that is being discussed here.”

The project is currently operating in the closed beta phase at this point in time.

On the other side, the company has said that in the not too distant future, any single person will be able to create their very own DAC on Koris.

This comprises both private persons and businesses who have already established themselves as leaders in the Web3 industry and are interested in establishing their own communities.

In recent years, decentralised autonomous organisations (DAOs) have been granted a substantial quantity of aid in order to further their growth.

In addition to Koris, the World Economic Forum (WEF) showed its support for decentralised autonomous organisations on January 17 by releasing a toolkit (DAOs).

The purpose of the paper, which is the result of contributions from more than one hundred individuals, was to serve as a jumping off point for decentralised autonomous organisations (DAOs) as they seek to develop effective solutions to issues of governance, operations, and legal compliance.

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Missing lawsuit response date, Ooki DAO faces default judgment.

shutterstock_1398978947 (1) (1) (1).jpg

El Salvador has recently passed historic legislation that will provide the legal basis for a Bitcoin-backed bond to be issued in the country. This bond, also known as the “Volcano Bond,” will be put toward the reduction of the country’s overall debt as well as the funding of the construction of the “Bitcoin City” that is envisioned for El Salvador.

On January 11, 62 individuals cast their ballots in support of the measure, while 16 individuals cast their ballots against it. When President Bukele gives the bill his stamp of approval, it will be well on its way to being enacted as a statute.

As stated by the cryptocurrency exchange Bitfinex, which is the technology provider for the bonds, the Volcano Bond, which is also known as Volcano Tokens, would make it possible for El Salvador to raise capital to pay down its sovereign debt, fund construction of the Bitcoin City, and create Bitcoin mining infrastructure. All of these goals could be accomplished with the proceeds from the sale of the bonds.

The bonds were given the volcanic description because of the location of the country’s Bitcoin City, which is planned to become a self-sustaining crypto-mining center that will be fueled by hydrothermal energy obtained from the nearby Conchagua volcano. As a direct result of this, the bonds were presented in the form of an active volcano.

According to Bitfinex, the city would function as a special economic zone, analogous to those that can be found in China. Such a zone would offer residents of the city tax breaks, rules that are friendly to cryptocurrencies, and other incentives to encourage them to engage in Bitcoin-related business.

It is anticipated that the issuance of these bonds will bring in one billion dollars for the country, of which half a billion dollars will be allocated to the building of the special economic zone. The first hypothesis suggested that the maturity date of the tokenized bonds would be in ten years, that they would be denominated in U.S. dollars, and that they would bear an annual interest rate of 6.5%.

In addition, the measure creates a legal framework for all digital assets that are not Bitcoin, in addition to those that are issued on Bitcoin, and it also establishes a new regulatory body that will be responsible for administering securities legislation and providing protection from malicious actors.

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Twenty-Two Highlights from TRON’s Historic 2022

Geneva, Switzerland, 5th January, 2023, Chainwire

For TRON DAO, 2022 was a year of historic growth. Here are 22 highlights from the fastest growing public blockchain’s record year:

# 22 possibly the world’s biggest DAO

On January 5, TRON announced its restructuring to become a decentralized autonomous organization (DAO). On April 11, Forbes declared that TRON DAO is probably the world’s biggest DAO, as the TRON blockchain now boasts more than 132 million user accounts.

# 21 APENFT Marketplace

On April 15, the APENFT Marketplace launched on the TRON blockchain.

# 20 over 130 digital asset exchanges

TRX is now supported, listed, and traded on over 130 digital asset exchanges, payment systems, and trading platforms, including Binance.US, Meson, Crypto Finance (member of Deutsche Börse Group), Fireblocks, Bitkub, Bitso, DMM Bitcoin, Kraken (TRX futures contracts), Plisio, BTCBOX, Wirex, OKCoin Japan, BitMEX, Blockchain.com, and Guardarian.

# 19 the Enterprise Ethereum Alliance

TRON joined the Enterprise Ethereum Alliance to advance interoperable blockchain integration into daily business operations, focusing mainly in two working groups: Cross-Chain Interoperability and DeFi Risk Assessment, Management, and Accounting (DRAMA).

# 18 expanded collaboration with Huobi 

In October, the TRON founder and current ambassador H.E. Justin Sun was named to Huobi’s Global Advisory Board, and the TRON ecosystem has started more partnerships with the exchange.

# 17 the Peg Stability Module

On August 3, the Peg Stability Module (PSM) was rolled out, which allows users to swap between USDD and other mainstream stablecoins like USDT and USDC at a 1:1 ratio.

# 16 sponsorships

In 2022, TRON was the major sponsor of Consensus, NFT NYC, Mainnet by Messari, Converge by Circle, Binance Blockchain Week in Paris, Smartcon by Chainlink, Token2049, and more. TRON also hosted several VIP in-person afterparties – TRON Whale Night, at Bitcoin 2022, Consensus, and Mainnet.

# 15 the Binance CMC Crypto Top 10 EWI

On October 17, TRX was listed on the Binance CMC Cryptocurrency Top 10 Equal-Weighted Index, which tracks the performance of the top ten digital assets on CoinMarketCap as ranked by market capitalization.

# 14 feel the burn

In 2022, the total amount of TRX burned from various utilities was 11.74 billion, considerably accelerating its deflation.

# 13 TRON Academy

TRON Academy officially launched November 12, when 270+ students from top-tier university blockchain clubs gathered on the Harvard University campus for the “Hacker House” event.

# 12 Travala.com

On August 10, Travala.com, the world’s leading blockchain-based travel booking platform, announced its adoption of USDD and TRX as means of payment.  

# 11 the 2nd largest stablecoin ecosystem 

TRON now has the second-largest total stablecoin circulation, next to Ethereum, with a market cap of $39.5 billion.

# 10 the TRON DAO Ecosystem Fund

TRON DAO launched their Ecosystem Fund with 8 unique programs for funding, including TRON DAO Ventures, which intends to invest in promising blockchain startups.

# 9 the national blockchain of Dominica

On October 7, the Commonwealth of Dominica announced TRON as its national blockchain and authorized seven TRON-based cryptocurrencies as legal tender for everyday use.

# 8 the TRON DAO Reserve

On April 21, the TRON DAO Reserve was established to safeguard the overall blockchain industry and crypto market.

# 7 greater influence

On August 1, Crypto Daily described H.E. Justin Sun as one of the premier leaders in the Web3 era.

# 6 the stablecoin USDD

In May 2022, TRON launched USDD, the first over-collateralized, decentralized stablecoin, which is now held in more than 130,000 wallets. On November 2, Messari released the report “State of USDD Q3 2022.” USDD finished the year with a circulating supply of over 725 million and a collateral ratio of greater than 200%.

# 5 one of the most eco-friendly blockchains

On August 24, in the report titled “Energy Efficiency and Carbon Footprint of the TRON Blockchain” released by the Crypto Carbon Ratings Institute (CCRI), TRON was rated as one of the most eco-friendly blockchains.

# 4 the 4th anniversary of MainNet independence

On May 31, TRON celebrated the fourth anniversary of its MainNet launch.

# 3 three stellar HackaTRONs

Three Seasons of the TRON Grand Hackathon, a.k.a. “HackaTRON,” took place in 2022, with over 2300 total participants and a combined total prize pool of over $2.7 million.

# 2 TVL

According to DefiLlama, by the end of Q3, the Total Value Locked (TVL) on TRON had reached $6.33 billion, up 61% from Q2, surpassing BSC to become the blockchain network with the second-largest TVL worldwide. Messari released its first ever TRX research report on November 5, titled the “State of TRON Q3 2022.”

# 1 from 69 million total TRON user accounts to 132 million

63 million new TRON user accounts were established in 2022. TRON aims to become the primary settlement layer of the global economy. As the global trend-setter in cryptocurrency, TRON is developing an ecosystem infrastructure that will be able to serve every human on the planet.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of January 2023, it has over 133 million total user accounts on the blockchain, more than 4.5 billion total transactions, and over $9.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

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Hayward Wong
press@tron.network

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TRON Academy Announces 7 New Partners and New Activations

Geneva, Switzerland, 8th December, 2022, Chainwire

TRON DAO recently launched The TRON Academy initiative to empower young blockchain enthusiasts from top-tier universities around the world. Creators are being welcomed to take advantage of early-stage development opportunities in the TRON ecosystem. Partnerships have been developed with existing blockchain clubs, and coaching support is available for students interested in establishing new clubs on their campuses. 

TRON Academy’s industry-leading curriculum provides a comprehensive blockchain education for the next generation of leaders. Students are encouraged to build blockchain solutions that do more than just provide everyday utility. TRON DAO leaders are also challenging university blockchain clubs to recognize the life-changing opportunities decentralized applications could provide. Instruction is provided that equips and enables developer teams to innovate and actualize new technologies. The hope is that resources will be created that are both essential to a decentralized future as well as enjoyable in a blockchain-based, web3 world. 

Blockchain clubs currently partnering with TRON Academy are thriving across seven university campuses:

  • Cornell Blockchain (Cornell University)
  • Blockchain at UCI (University of California at Irvine)
  • Texas Blockchain (University of Texas at Austin)
  • Boston Hacks (Boston University)
  • Princeton Blockchain Club (Princeton University)
  • Dartmouth Blockchain (Dartmouth University)
  • Michigan Cryptocurrency Investment Club (University of Michigan)

TRON Academy officially launched November 12–13, 2022, as part of the TRON Grand Hackathon 2022 “Hacker House” event on the campus of Harvard University. Over 270 university students formed multiple development teams working all weekend to build decentralized applications (dApps) on TRON and BitTorrent Chain. Winners shared a $100K USD prize pool. The ultimate winners, however, were all the teams who returned to their respective campuses to experience an enriching community with their blockchain clubs.  

On November 29, 2022, a TRON Academy workshop was held at the University of Texas at Austin, hosted by the Texas Blockchain club in collaboration with TRON DAO. A mix of non-technical and technical components of the TRON blockchain were discussed. TRON DAO leaders onboarded UT Austin students into the TRON ecosystem, some for the first time and others as a strategic next step. Students were also mentored to build their first smart contract on the TRON Virtual Machine along with deploying their first dApp. 

Workshops like this one will be held on other university campuses as the TRON Academy program grows. It aims to partner with more and more university blockchain clubs around the world via this intentional, four-pronged approach:

  1. Internship and recruitment opportunities will be available, both with projects in the TRON ecosystem as well as with partners connected to the TRON DAO. 
  2. Community co-development will be in focus, as TRON DAO leaders help with meetups, resources, and hackathons so clubs and teams can continue to attract interested innovators. 
  3. Co-development of crypto projects will also be a priority, as the TRON DAO team offers coaching on strategy and development, connections for pre-seed and seed funding, and collaboration on research papers and projects. 
  4. The TRON Academy endowment fund will assist with the funding of research and development as well as scholarships at partnering universities. 

If you’re interested in learning more about TRON Academy, visit trondao.org. If you desire to apply for a TRON Academy partnership to establish a new blockchain club on your university campus or with your existing blockchain club, submit your application via this TRON Academy form.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of December 2022, it has over 126 million total user accounts on the blockchain, more than 4.3 billion total transactions, and over $9.5 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

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Media Contact
Hayward Wong
press@tron.network

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Metacade Presale for Web3’s First-Ever P2E Crypto Arcade Raises Over $670k in Under 2 Weeks

London, United Kingdom, 8th December, 2022, Chainwire

Metacade, the first-ever community-developed play-to-earn (P2E) blockchain arcade, has announced the launch of its highly anticipated $MCADE token presale. 

The sale of Metacade’s native utility token sold over an incredible $670k in under 2 weeks, with their Beta Sale stage now over 60% SOLD OUT.

$MCADE is available to buy on the official Metacade website.

Positioning itself as a Web3 community hub, this gaming-first platform is set to attract gamers, investors, and entrepreneurs alike by offering a multitude of ways to earn, play, and connect. It looks to be a central hangout for all of those interested in GameFi and metaverse. 

To ensure investor confidence, $MCADE has been audited by leading blockchain auditing firm CertiK, a security-focused platform that analyzes and monitors blockchain protocols and DeFi projects. Verification and approval from CertiK mean that the code behind Metacade is highly secure and has been scrutinized for any weak spots. 

Metacade harnesses the power of Web3 to take blockchain gaming to the next level. The project goes beyond play-to-earn and offers a place to discover what games are trending, view leaderboards, publish game reviews, and access the hottest and most advanced GameFi alpha.

Head of Product for Metacade, Russell Bennet said: “The crypto gaming space is crying out for a single destination where we can all go and learn, earn and play games with fellow enthusiasts without having to jump from platform to platform”.

Metacade isn’t out to just improve the existing P2E and metaverse worlds but also to foster the future of this space. The project’s hallmark feature is Metagrants, a source of funding awarded to game developers to bring new games to the Metacade. The Metacade community will vote on which projects get funded to turn the collective vision into a reality on the platform. The first game developed using the first Metagrant will be launched in 2024.

By the end of 2024, the project intends to transform into a DAO, handing over key roles and responsibilities to the Metacade community and achieving a fully community-staffed business. It looks to achieve this by deploying Play2Earn, Create2Earn, and Work2Earn functionalities with each of these initiatives giving a little more control of the project over to the community in the coming years. 

Reflecting on the core ethos of Metacade, Russell said: “We want to create a community that has zero barriers to entry whether you want to work in the space, launch a business or just hang, out, play, and have fun.”

$MCADE has a fixed supply of 2 Billion $MCADE tokens. Seventy percent of these (1.4 billion $MCADE tokens) are being made available during the token’s presale event. The remaining thirty percent will be used on exchange listings, during development, providing liquidity, and funding the competition pool. 

$MCADE is the utility and governance token powering the project. It plays a crucial role in the platform’s functionality as holders can use it to vote on the project’s future direction and new game proposals. It will be the main tool for interacting with the Metacade ecosystem: holders can use it to enter tournaments and exclusive prize draws, purchase merchandise, and many other things as the platform develops. 

Token holders will have plenty of opportunities to earn rewards through the project. $MCADE holders can earn from activities such as contributing content, reviewing and testing games, and generally engaging within the ecosystem. $MCADE holders may also stake their tokens in liquidity pools to earn rewards and APYs based on the amount staked. Staked rewards are paid in a stablecoin amount rather than in $MCADE to protect the value of the funds from inflation and price swings. 

To further promote a deflationary attribute to the token, Metacade plans on introducing a burn mechanism or a buyback scheme. Token burning will help the ecosystem permanently erase a given percentage of supply, thereby lowering the overall supply and boosting the value of $MCADE in the long run.

Right after the $MCADE presale is complete, Metacade will roll out the website and build a founding team. In Q1 2023, the goal is to list the $MCADE token on Uniswap and the top five centralized exchanges, along with popular crypto aggregators. With an ambitious road map, Metacade is on track to revolutionize how a traditional community hub is owned and operated.

The Metacade Beta sale has now sold over $670,000 worth of tokens in under two weeks and at the time of publishing has under 40% remaining. 

To buy $MCADE, visit Metacade.co and join the presale now. 

About GameFi
GameFi, one of the most talked about and promising sectors of Web3, creates a virtual gaming ecosystem that relies on the use of cryptocurrency, non-fungible tokens (NFTs), and blockchain technology. At the core of the GameFi ecosystem is the play-to-earn (P2E) gaming model. Unlike the traditional pay-to-play model, P2E allows gamers to earn financial rewards by participating in challenges and tasks.

About Metacade
Metacade is the premier destination for gaming in the metaverse. As Web3’s first community arcade that allows gamers to hang out, share gaming knowledge and play exclusive P2E games. The platform offers users multiple ways to generate income, build careers in Web3, and connect with the wider gaming community. 

Metacade will be the one-stop destination for users to play, earn, and network with other passionate gamers worldwide. Once the project reaches the end of its roadmap, Metacade will be handed over to the community as a full-fledged DAO. After all, Metacade wants you to have a hand in shaping the GameFi world of tomorrow.

Links

Contact

Head of Product
Russell Bennett
Metacade
pr@metacade.co

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First US DAO to battle SEC without lawyers

Concerning the 2021 token registrations, the first legally recognized decentralized autonomous organization (DAO) in the United States has launched a lawsuit against the Securities and Exchange Commission (SEC).

The Decentralized Autonomous Organization (DAO) registered its native, interdependent tokens in the 2021 filing that it submitted to the SEC. These tokens included the stablecoin Ducat and the governance token Locke. Despite this, the regulatory body has started the legal proceedings necessary to seek a stop order, citing a broad variety of problems with the registration.

In addition to this, American CryptoFed has announced that it would be taking legal action to push out the deadline for the submission of its response to the order that the SEC issued to initiate administrative proceedings.

It will now have a window of opportunity of twenty days during which it may craft its response against the SEC’s request to stop the registration of American CryptoFed because of this development.

In its file dated September 2021, the DAO explains how the Locke and Ducat toks, which are instruments for the DAO’s intended money system headquartered in Wyoming, work together. The month of September 2021 is shown on this paper.

The DAO participants, which may include governments, commercial firms, financial institutions, cryptocurrency exchanges, and other types of organizations, are the intended users of these tokens. If American CryptoFed were to register with the Securities and Exchange Commission (SEC), then it would become a reporting corporation and be required to fulfill its requirements to make periodic reports to the regulatory body. If this registration were to take place, then American CryptoFed would be subject to the obligations outlined in this sentence.

As stated in the company’s white paper, CryptoFed intends for the native ecosystem tokens that it distributes to be put to use in the capacity as utility tokens when they are put into circulation.

The goal of the DAO was to “ensure compliance with the Securities Act and related regulations.” to head off any possible disputes with the Securities and Exchange Commission by registering both Ducat and Locke as securities (SEC).

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ApeCoin DAO Signs Off on a $4.4M Bug Bounty

ApeCoin DAO, the Decentralized Autonomous Organization that is in charge of overseeing the development of APE, the native token of the Bored Ape Yacht Club (BAYC) ecosystem, has approved the allocation of $4.4 million to conduct a bug bounty program on ImmuneFi.

APE2.jpg

According to the snapshot of the votes cast which ended today, as many as 3.9 million APE tokens were cast in favor of the proposal, dubbed AIP-134.

The votes in favor ended at 57.92% as compared to 42.08% for those who committed 2.9 million APE against the proposal. 

The essence of the bug bounty is to carve out an extra security layer for the much anticipated ApeCoin staking service that is billed to go live in December. The ApeCoin DAO wants experienced hackers to help search out the loopholes or any porous avenues in the staking smart contract that may cause headaches later on.

The bounty, now that it has been approved can be launched on ImmuneFi with the 1 million APE tokens earmarked for the bounty set to be drafted from the protocol’s treasury.

“As we near the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22, we propose taking additional measures to ensure the DAO is following smart contract security best practices. This proposal uses treasury assets to fund a 1 million $APE bug bounty program with Immunefi, and partners with Llama to help design, implement, and run operations of these initiatives,” a snapshot from the proposal reads.

The DeFi ecosystem has not been spared from the wranglings and inconveniences caused by hackers this year. That there is a security loophole in most emerging smart contracts is not a question up for debate, whether founding teams have the right model to prevent exploitation remains a major bone of contention.

As one of the most prestigious NFT collections, Bored Ape users have been a major target of cybercriminals, and hopefully, the bug bounty will help tighten all loose ends ahead of the launch of the staking product.

Image source: Shutterstock

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Shapeshift Migrate Users to Open-Source Mobile App Boosting Decentralization

Shapeshift has now created a new open-source app to which users will have to migrate, to take additional steps into complete decentralization. 

Shapeshift_1200.jpg

On Wednesday, noncustodial crypto exchange and decentralized autonomous organization (DAO), Shapeshift, announced the launch of its new open-source mobile application to move fully into decentralization.

According to Shapeshift, this new move would enhance user mobility, and in addition, provide an authentic DeFi universe experience for its users, as well as also offer additional flexibility, mobility, and features when interacting through the wallet and trading crypto on the platform.

Willy Orgorzaly, head administrator for Fox Foundation, stated that the mobile app is fully ‘’open source’’ and that the only backend is ‘’blockchain data,” — which is also advancing into the process of being truly decentralized.

In addition, to go fully decentralized, Shapeshift has provided users with more options for crypto asset services such as investing and managing crypto assets. It has also vowed that it will permanently erase all users’ data once the company’s centralized infrastructure has completely worn out.  

Notably, this news comes after the organization transitioned into a DAO last year as a part of a broader assurance of its aims to decentralize its operations.

Founded in 2014, Shapeshift started as a DAO and eventually evolved into a community-owned and governed crypto platform. The platform aims to be the pathway into a borderless financial system, and an open-source self-custody crypto platform that will enable individuals to achieve financial sovereignty.

Speaking of DAO, Binance is now ranked as the second largest voting power in Uniswap DAO (after mega Venture capital firm Andreessen Horowitz 16z) with its latest delegation of 13 million UNI tokens to Uniswap DAO. As reported by Blockchain.News, Binance holds 5.9% voting power against the 6.7% commanded by a16z.

Image source: Shutterstock

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Shapeshift Migrate Users to Open-Source Mobile App to Boost Decentralization

Shapeshift has now created a new open-source app to which users will have to migrate, to take additional steps into complete decentralization. 

Shapeshift_1200.jpg

On Wednesday, noncustodial crypto exchange and decentralized autonomous organization (DAO), Shapeshift, announced the launch of its new open-source mobile application to move fully into decentralization.

According to Shapeshift, this new move would enhance user mobility, and in addition, provide an authentic DeFi universe experience for its users, as well as also offer additional flexibility, mobility, and features when interacting through the wallet and trading crypto on the platform.

Willy Orgorzaly, head administrator for Fox Foundation, stated that the mobile app is fully ‘’open source’’ and that the only backend is ‘’blockchain data,” — which is also advancing into the process of being truly decentralized.

In addition, to go fully decentralized, Shapeshift has provided users with more options for crypto asset services such as investing and managing crypto assets. It has also vowed that it will permanently erase all users’ data once the company’s centralized infrastructure has completely worn out.  

Notably, this news comes after the organization transitioned into a DAO last year as a part of a broader assurance of its aims to decentralize its operations.

Founded in 2014, Shapeshift started as a DAO and eventually evolved into a community-owned and governed crypto platform. The platform aims to be the pathway into a borderless financial system, and an open-source self-custody crypto platform that will enable individuals to achieve financial sovereignty.

Speaking of DAO, Binance is now ranked as the second largest voting power in Uniswap DAO (after mega Venture capital firm Andreessen Horowitz 16z) with its latest delegation of 13 million UNI tokens to Uniswap DAO. As reported by Blockchain.News, Binance holds 5.9% voting power against the 6.7% commanded by a16z.

Image source: Shutterstock

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