Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => DeFi tokens => Topic started by: Mahindra on July 09, 2021, 04:22:04 AM
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API3, a service that provides data feeds to blockchain-based smart contracts, is becoming a decentralized autonomous organization (DAO), a democratized system of decision-making using cryptocurrency and blockchains.
Announced Thursday, API3’s DAO contains the startup’s treasury worth close to $100 million, gleaned from its token sale at the end of last year, and composed of $23 million of stablecoin USDC and 25 million API3 tokens (valued at $2.75 a piece at time of writing).
Blockchain projects like to espouse some degree of decentralized governance; it’s a good reason to issue a token, for example. But DAOs go the whole hog, handing over the project’s direction and control of treasury holdings to the voting power of token holders, rather than a smaller group of governing individuals.
AIP3’s so-called “Authoritative DAO” has been built using the Aragon DAO creation platform. more info (https://www.coindesk.com/defi-data-feed-service-api3-becomes-a-dao)