OpenChat Raises $5.5 Million in Crowdfunding, Transfers Control to Community
It is reported that OpenChat, an on-chain messaging application, raised $5.5 million in community crowdfunding and transferred control to the community. The Ope
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 raised $5.5 million in community crowdfunding and has decided to hand over control to the community. This means 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 a service nervous system (SNS).
The recent sale of tokens resulted in 2375 participants who formed a decentralized autonomous organization (DAO) by purchasing OpenChat’s native governance tokens. The OpenChat team has stated that the on-chain messaging platform will no longer be a centralized technology company. Instead, OpenChat users can become consumers, shareholders and decision makers, and actively determine the future direction of the platform.
This move towards a decentralized, community-based model is becoming increasingly popular in the blockchain space. This governance system of token holders voting on proposals is not unique to OpenChat, but rather a growing trend in the creation and management of decentralized autonomous organizations through the use of blockchain technology.
The benefits of a community-owned platform are vast. It provides developers with a wider array of voices and opinions to help guide future developments, which ultimately should result in creating a better product overall. Furthermore, the platform’s users will feel greater ownership and responsibility toward maintaining the platform’s integrity and success.
Through the SNS, the community will be able to bypass the centralized decision-making structure, and proposals that are accepted by the community will be implemented automatically. By committing to a decentralized approach, OpenChat has taken an important step towards true autonomy and transparency, ensuring a platform made for the community, by the community.
In conclusion, OpenChat’s decision to become a decentralized autonomous organization is not only a step forward for the on-chain messaging space, but also for the blockchain industry as a whole. The community-driven approach creates a more transparent and democratic way of developing and managing technology. As blockchain technology continues to evolve, we can expect to see more of these decentralized models emerge in industries where transparency and decentralization are key.
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