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.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.