SINGAPORE, Dec. 27, 2022 /PRNewswire/ — aelf blockchain announced that aelf DAO was founded, transforming aelf’s governance structure and future ecosystem growth towards deeper decentralization. This marks a key milestone on aelf’s road towards serving as an excellent one-stop solution for Web3 DApps.

The initiative to establish aelf DAO was raised by aelf’s block producers (BPs) and its hackathon participants. This DAO will be comprised of aelf’s stakeholders. To be more specific, roles include Mainnet ELF token holders, BPs, and ecosystem projects. All these parties will complement each other, perfecting aelf’s governance mechanism and ecosystem growth.

In terms of governance, the two major roles are voters and BP. Voters are Mainnet ELF holders who delegate their votes to nodes, while BPs are elected by voters to produce blocks and secure the network. Both parties, together with candidate nodes, who are likely to become BPs, contribute to the governance of aelf network and receive rewards accordingly. The design of separating roles and responsibilities lowers the bar for participation and guarantees that the system is run by the community in a highly decentralized manner.

With respect to ecosystem growth, all proposals for the benefit of aelf are welcome and can be submitted by any Mainnet ELF holders. They can propose everything like upgrades, deployment, integration, etc. Once approved by BPs, the proposals will be carried out. This way, the direction that aelf ecosystem takes is determined by the preferences of all stakeholders. The bond between developers and users can only be forged stronger.

aelf DAO envisions itself supporting the overall development of aelf. Beyond the maintenance of the network, it also has the foresight to take the lead and increase aelf’s influence and user base with the help of various tools/programs. An official website of aelf DAO will be launched where all users can have direct access to its decision-making. Grants and hackathons will be hosted by their respective DAOs. Developers can apply for an exclusive SideChain where they can build their own projects. Furthermore, aelf DAO plans to function as a DAO launchpad in the future, facilitating and boosting the development of Web3 DApps through decentralized governance within aelf ecosystem.

About aelf:

aelf is a high-performance blockchain designed to support the development of Web3 and its explosion in the next 5 to 10 years. Built on cloud computing, aelf has a distributed network of nodes on various cloud data centers. Multiple tools like browser extensions, aelf blockchain explorer, wallet App, and SDKs have been built and open-sourced so that developers can easily build and contribute to aelf ecosystem.

Website: https://aelf.com/
Twitter: https://twitter.com/aelfblockchain
Telegram: https://t.me/aelfblockchain
Discord: https://discord.gg/bgysa9xjvD

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SOURCE aelf blockchain

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