aelf Blockchain Launches aelf DAO, improves decentralization

aelf, a decentralized network and ecosystem that includes a new blockchain, browser extension, explorer, wallet and SDKs, is hitting a major milestone in the decentralization roadmap. aelf Decentralized Autonomous Organization (DAO) is launched as a new design of decentralization for the Web3 and metaverse era.

aelf DAO goes live to improve chain governance in aelf

According to the official announcement shared by aelf ecosystem representatives, the aelf DAO is launched to transform the governance structure of this decentralized network. aelf DAO’s start-up is of the greatest importance to aelf as a platform for DApps of various types.

The initiative to establish the aelf DAO was introduced by the council of aelf block producers (BPs) and participants of hackathons. aelf’s stakeholders will be the first participants in the newly launched DAO. Thus, Mainnet ELF token holders, block producers and ecosystem projects will contribute to the voting procedures of the ecosystem.

Technically, Mainnet ELF token holders will vote using their tokens to elect block producers. The BPs chosen by the voters must produce blocks and secure the network. As such, various parties have the right to contribute to decentralized governance in aelf.

The roles in the design of aelf governance are separated: no one party will be able to dominate the entire block validation process. These participants will be assigned various tasks and will receive rewards for their own contributions. The requirements for voters are the lowest, as anyone who has Mainnet ELF can bet and vote. While the role of block producers is more suitable for those who are willing to run a node and are able to stake at least 100,000 Mainnet ELF. By separating roles and requirements, aelf wants to make it possible for everyone to join this DAO and have a position that best matches his expectations.

Grants and hackathons to be announced in 2023

The new governance design is expected to have better effects through a friendly proposal procedure. Mainnet ELF holders will be able to propose proposals, including such as upgrades, deployments, integrations and so on.

Once approved by block producers, the proposals will be implemented in the technical architecture of aelf, or wherever it is intended to take place. As such, the direction of aelf’s development and progress will be envisioned by the community of developers, users and validators. These parties must work closely together to steer the organization towards a common goal.

aelf DAO will support the progress and promotion of aelf blockchain ecosystem. In addition to a DAO launch, the aelf community is starting new incubation programs. Proposals for building Web3 applications of all kinds are welcome, and the aelf community is committed to perfecting the very ecosystem they use and interact with. Such community led programs should attract more developers and users to aelf where there are the best services for all crypto believers.

aelf DAO will offer grants and hackathons to developers interested in building on the aelf blockchain. Developers can also apply for their own SideChain to build mainstream applications. In the future, aelf DAO is set to evolve into the launchpad for DAOs.