OpenChat: Revolutionizing On-Chain Messaging

03/08/2023 00:21 • Tech Ticker • 126 views

It is reported that OpenChat, an on-chain messaging application, raised $5.5 million in community crowdfunding and transferred control to the community. The OpenChat team said that the project will now be controlled by its chat token holder community, and will soon transfer control of the messaging application to a decentralized, token-based governance system through the service nervous system (SNS). The recent token sales totaled 2375 participants, and formed a decentralized autonomous organization (DAO) by purchasing OpenChat’s native governance tokens. After the sale, the OpenChat team said that the on-chain messaging platform would no longer be a centralized technology company. OpenChat users can become consumers, shareholders and decision makers, and actively determine the future of the platform. For example, if the community accepts a proposal, including a code update, it will be implemented automatically by SNS, rather than by a single entity. （the block）

OpenChat raised $5.5 million in community crowdfunding and transferred control to the community

Analysis based on this information:

OpenChat has made history by raising $5.5 million in community crowdfunding and transferring control to its chat token holder community. This means that OpenChat will be controlled by a decentralized, token-based governance system through the service nervous system (SNS). The recent token sales attracted a total of 2375 participants who purchased OpenChat’s native governance tokens, forming a decentralized autonomous organization (DAO).

Through this move, OpenChat will no longer be a centralized technology company. Users of the on-chain messaging platform can now become consumers, shareholders, and decision-makers, actively determining the future of the platform. The community can accept proposals, including code updates, through a consensus mechanism, with implementations automatically carried out by SNS instead of a single entity.

The power of community governance lies in its decentralized nature. Decisions are made by the community, ensuring fairness, transparency, and inclusivity. This is a step towards a true democratic approach in which all stakeholders have a say in the platform’s direction.

This move is also significant for the blockchain industry, as it highlights the potential for decentralized autonomous organizations (DAOs) to become a legitimate alternative to traditional corporate structures. It also reinforces the idea of a trustless ecosystem, where technology itself becomes the enforcer of rules through smart contracts, eliminating the need for intermediaries.

OpenChat’s pioneering move is indicative of a broader trend toward decentralization in the blockchain industry, where the community is given more agency over the technology they use. This ensures that the platform is built with the needs of users in mind, rather than solely based on the dictates of a centralized authority.

In conclusion, OpenChat’s move towards community governance marks a significant step towards a more democratic and inclusive blockchain industry. The platform’s users can now participate meaningfully in the development of the technology they use, ensuring that the platform is built with their interest in mind. The move shows that decentralized autonomous organizations (DAOs) are a legitimate alternative to traditional corporate structures, reinforcing the idea of a trustless ecosystem. With this move, it is clear that OpenChat is leading the charge towards a more decentralized future.

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OpenChat: Revolutionizing On-Chain Messaging

OpenChat raised $5.5 million in community crowdfunding and transferred control to the community

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