Community Trust ScoreVerified
FLOKI INU is all set to transition to being a DAO for improved growth and adoption. This means there will be no central authority and it will be community-led. This also means that Floki will completely be transparent and autonomous. Everything will work according to the foundational rules and the smart contracts would execute it. Also, the underlying code can be audited publicly.
So, how will the incentives work? Any Decentralized Autonomous Organization will garner more usage if the underlying protocol is robust and the fundamental rules are coded sensibly well. So, when the protocol wins, the token holders will also win.
DAO structure is becoming increasingly interesting to several industrial players.
The pinned tweet from Floki Inu read thus: “Floki TO BEGIN PHASED TRANSITION TO A DAO FOR FASTER ADOPTION AND GROWTH After extensive discussions with key and strategic advisors, as well as after review of data and information from several reliable sources, FLOKI will begin a gradual and phased transition to a DAO.”
Several reasons are cited for this decision: In order to ensure mainstream adoption for Floki, we realize the need to be tradable on as many mainstream CEXs as possible. We’ve had extensive consultations with these CEXs and key advisors familiar with their inner workings.
The need to be further decentralized is one of the key things these exchanges and our strategic advisors have emphasized during our conversations — especially due to FLOKI’s unique history and early struggles.
This phased transition to a DAO makes FLOKI more decentralized and secure. It also eases the process of FLOKI being listed on key exchanges.
Data shows clearly that being a DAO is the way forward. This has been reinforced by key decisions made by several key industry players including:
Floki Inu has also considered the recent tweets from major players in the cryptocurrency industry about their decisions towards a DAO, which further encourages Floki to go DAO.
CZ Binance has recently expressed, “A big step for #BNB moving closer to a DAO structure than an “exchange” coin. Open transparent burn algorithm based on the blockchain activities that you can calculate in real-time.”
Further Johnny Kucoin, CEO at Kucoin expressed: “DAO will continue to be an interesting topic in 2022. Companies will be more like DAOs, and DAOs will also learn from traditional companies.”
The move to DAO by Floki is considered to be a transformational moment. However, they have made it very clear that this move is going to be clearly phased. The Floki team is continuing to put in their efforts in terms of marketing, development, and more and it is not going to change. So, good for Floki.
More updates are expected when the transition process begins. They have also made it clear that they have communicated to all major exchanges about their transition to DAO and the exchanges would be supporting the transition to DAO.
Those who were holding Floki were curious about what they needed to do during the DAO transition and were left asking: “So do we have to do anything with the coins we already have?” The Answer: “No, you don’t have to. Simply hold your tokens and the transition will be handled seamlessly by our dev.”
In terms of price, just like many tokens in the market, the price of Floki is also going down. It is important to wait for a market turn.
The FLOKI INU team is the strongest, smartest, and fastest team in development. It is a team that possesses all the ingredients for success and its tools. And, if their support continues after the transition to DAO – Floki is sure to shine.
