DAO Proposals Are Being Voted On

The newly created DAO Hub project is a fascinating beast that became the largest crowdfund to date according to Wiki sources. What is interesting about decentralized autonomous organizations is that its focus business operations are controlled by a blockchain and a set of smart contracts. With the Ethereum version of the DAO, the main objective is to fund proposals that coincide with the Ether-ecosystem helping it flourish.

Currently, the token sale of the DAO Hub created for Ethereum and started by the Slock.it team is over, and trading has begun. Not only is the token available for trade via Kraken, Poloniex, and other exchanges, the DAO is also hearing proposals. Individual proposals are being voted on at the moment, and it’s interesting to see the content being displayed.

The first proposal is for a Moratorium on proposals so the DAO code and infrastructure can be mended. On May 28th, a group of researchers unveiled a set of seven weaknesses that could cause the decentralized organization and its investors many issues. In addition to the paper released by the three researchers and other post called “Using “Wait for Quiet” voting in The DAO” was written by Dominic Williams proposing some solutions. Alongside these proposed solutions the Slock.it team has revealed a security watchdog idea to help alleviate attack concerns. Voting is currently open for this request, and the proposal has over 7 million “YES” votes that represents 0.67% of 20.00% needed to be accepted, and about 800 thousand “NO” votes against it. The proposal states:

“Moratorium on proposals until the DAO contract is upgraded (via new Contract proposal), fixing most serious issues with voting and splitting. Funds can be moved to the new contract gradually, via multiple proposals.”     

The second proposal seems to be a joke as it’s called “Do You Believe in God?” However it is a request to be voted on, and the current stats are 677 thousand “YES” votes, and 1.4 million voting “No.” The third voting agenda is called “Should curators only whitelist projects that are related to DAO security for the next four weeks?” which has a majority of “NO” votes within the proposal. There’s a total of 14 current proposals on the table according to the DAO’s statistics and many of them concern changes to the project and governance infrastructure.

The DAO is currently one of the most watched projects in the cryptocurrency space, and many wonder how the project will pan out. The community seems to be taking care of issues, and it seems the moratorium or temporarily suspending the DAO may take effect. There is an overwhelming majority of those voting yes to the moratorium proposal as many seem to want it tended to immediately. 

Source: DAO proposals

About Jamie Redman

Jamie Redman is a financial tech journalist from Florida thats been entrenched in the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written hundreds of articles about the disruptive protocols emerging today.