XAO DAO is a decentralized autonomous organization aimed at shifting power to XRP Ledger users and providing governance levers.
Overview of XAO DAO
Announced on June 17, XAO DAO aims to become the governance backbone of XRPL. This organization is built on a utility-first model designed to support proposals and fund development entirely on-chain.
Voting Mechanism and Its Features
Voting in XAO DAO is unique in that the weight of votes is based on the amount of XRP held by users during a defined snapshot window. This prevents whales from dominating the process and creates equitable opportunities for all participants.
Goals and Significance of the DAO for the XRPL Community
XAO DAO intends to provide grants for various sectors, including developers of dApps, validators, and researchers. This funding mechanism creates a cyclical process, allowing the community to effectively engage in XRPL's development and actively influence its future.
The launch of XAO DAO addresses the need for more decentralized governance in XRPL and empowers participants with the ability to shape the ecosystem's development. This is a significant step towards expanding community influence.
