Algorand to implement decentralized governance model on October 1st. Price of ALGO continues to rise
Algorand to implement decentralized governance model on October 1st. Price of ALGO continues to rise By Angel Di Matteo

@shadowargelExpectations

regarding

Algorand support the rise seen by the ALGO

token in these last few days, which already registers 110% gains over last week.

Algorand, the Blockchain-based network whose emphasis is based on scalability, efficiency and dynamization of transactions, will launch its community governance system on October 1, which will make the project a completely decentralized initiative that will be in the hands of the community of ALGO

token users.

This was revealed by the Algorand Foundation team in a publication on its official website, where they report that after several months of work, their ecosystem will finally officially move to a decentralized governance model. This will leave it in the hands of its community to decide on the growth and development of the Algorand ecosystem through voting processes, similar to what they have been doing with certain projects that operate under the DAO

scheme.

The decentralized governance model for Algorand

In April of this year, the Algorand Foundation published a first article announcing its plans to transition to this new governance model. To this end, a proposal was presented that combined the approaches made by the project’s founder, Silvio Micali, and several of the approaches put forward duringthe Algorand Governance Forum

and in the other discussion channels.

In relation to the project, it reads

:

“The proposal outlines the plan to cede decision-making power over the Algorand Ecosystem Resource Pool (AERP), currently vested in the Foundation, to the community. Decision-making will reside with the governors. The Fund… includes rewards for participation, funding for research and innovation, grant program in ALGO, research and social good program and contingent incentives: All totaling ALGO 3.2 billion.”

Decisions on the destination of the funds associated with the AERP will fall on the figure of “Decentralized Governors”, who will participate in the associated votes for the distribution of funding, always having as a goal the benefit of the ecosystem in general. These people will also be rewarded with SOMETHING

for actively participating in these voting processes.

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About the

relevance of the measure, the Foundation stated:

“The Foundation believes that this proposal fulfills the goal of creating a unique, innovative and inclusive approach to the governance of public Blockchain networks. In this proposal, all stakeholders are empowered to pave the direction in which the Algorand ecosystem will grow….”.

SOMETHING is on the rise

As the day approaches when this new decentralized governance system will go into effect, the ALGO token has been seeing a remarkable rise in price.

As of press time each unit of ALGO is trading at around USD $2.42 per unit, capitalizing on gains of 19.3% in the last 24 hours. It is worth noting that despite the generalized drop seen in the market over the past two days, the digital currency has been one of the exponents that weathered the storm favorably and capitalized on the day’s most notable gains.

But in retrospect, these past few weeks have been especially good in terms of trading for the ALGOtoken:

  • Over the past seven days, SOMETHING rose more than 110%.
  • Looking back over the past two weeks, the token posted gains of 142%.
  • In the last month, each unit of SOME increased by more than 170%.

Recommended Reading

Source: Algorand Foundation, CryptoMercados DiarioBitcoin

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash