PolyChain partner and Web3 Foundation executive Ryan Zurrer announced he is leaving the platform to take another shot in creating a decentralized company which will also be called the DAO. More about this story we are reading in the coming altcoin news below.
Zurrer was excited back in 2016 when the DAO emerged and lost millions of dollars in the ETH caused fork of the ethereum blockchain. He believes in this concept and will now try to create a huge, non-profit decentralized company. Zurrer stated:
“With the success of the DOT sale, the success of the Web3 Summit and the Web3 Foundation in a strong position organizationally, it’s an appropriate time to step away. I will migrate and go back to what my primary passion is – deploying capital and helping early-stage teams build new concepts in the space.’’
The Web3 Foundation confirmed his departure and stated that they will not be involved with the DAO project. Zurrer said in other announcements that these new partnerships will be made at the Web3 Summit later this month. The Decentralized autonomous organization is able to function without a specific CEO of a leader because the rules are run by codes. The idea of the original DAO is to allow people to contribute funds to the DAO in exchange for voting tokens. They will even then use the tokens to decide how to invest the shared pool of funds. Zurrer noted:
“The original DAO was a clean, pseudonymous capital pool. This is the closest attempt we’ve seen anywhere in the space to the ideals of that original DAO.”
The PolyChain partner even shared a draft of the new DAO’s white paper posted on the GitHub page. The users that will want to join the DAO will be given DAO tokens. They will only have to vote under intervals called mandates. The white paper shows there is a number of principles that will govern the operations. As we can read in the latest cryptocurrency news, the whitepaper also addresses the issue of regulatory compliance:
“At the time of conceptualizing the DAO, most of the authors of this specification are optimistic that work can be done by a well-intentioned competent Compliance League to achieve reasonable compliance without sacrificing the principles above, namely that the DAO remains a ‘clean capital’ pool that participants can freely enter into and leave from reasonably without discrimination.”
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