Syscoin Announces New DAOSYS Initiative and Set to Revolutionize DAO Governance

EINDHOVEN, NETHERLANDS/ACCESSWIRE/March 29, 2022/ During a speech in Dubai during the Binance Blockchain Week 2022 conference, Jag Sidhu, President of the Syscoin Foundation, announced an initiative to set a new standard for Decentralized Autonomous Organizations (DAOs). The Syscoin Foundation has embarked on a project that represents what it sees as an important evolutionary step for DAO technology that can breathe new life into the segment. The group also aims to bring forward the first implementation of its revolutionary new model to 2022.

So far, DAOs have been universally affected by key issues and have failed to reflect cryptocurrency ethics. The fundamental value proposition of cryptocurrency is sovereign capital. “Not my keys, not my coins.” Currently, DAOs appropriate users’ capital by managing it in a treasury controlled by a few individuals. Just like not being able to control the keys to your own wallet. In addition, current governance solutions are not adapted to respecting the values ​​of stakeholders. Generally, governance does not directly control the protocol, it simply acts as an advisory vote for the multi-sig signatories controlling the treasury. This is further compounded by the typical disconnect between a DAO governance token and the real value proposition of the protocol.

DAOSYS aims to solve these problems with a revolutionary model of coordinating cryptocurrency as capital investments. The view of the Syscoin Foundation is that DAOs should operate more like pure AMMs; an autonomous, permissionless protocol that anyone can use to consume DAO services, effectively acting as autonomous economic agents. This means that DAOs must mature from the current phase of maximizing capital extraction. The economy should be tailored to facilitate the DAO’s mission statement and be implemented in a way that does not require external controls.

Prior to this initiative, it was nearly impossible to establish a proper DAO with the state of the smart contract and DeFi design. But, by iterating on the AMM model to generalize the process, it is possible to deploy DAOs as easily as a pool of liquidity. By applying antifragile tokenomics and integrations with DeFi protocols, a cash management platform can be realized without the need for a governance token. The DAOs of the future can leverage existing markets as a basis for coordinating capital to execute mission statements. This technology – the autonomous service engine – is present in DAOSYS.

DAOSYS will consist of a reference architecture using the autonomous service engine to make Syscoin a hotbed of innovation through autonomous asset management. Antifragile market design results in a risk-mitigating funding mechanism. This shifts the primary risk of funding new projects and initiatives to simple opportunity cost, resulting in incredible efficiencies for Syscoin Foundation treasury and other participants. DAOSYS will be advantageously positioned to drive digital value from the roots, up, as it is geared to advance the ecosystem of Syscoin, a full-stack Layer 1 blockchain with a modular design that supports a scalable Layer 2 .

This initiative and its DAOSYS implementation are part of a larger goal of the non-profit Syscoin Foundation, which is to provide the necessary advancements in DAO technology to disrupt funding for for-profit corporations and NGOs by becoming an essential driver of innovation.

About Sycoin

Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum into a single coordinated modular platform.

Syscoin ushers in the next step in the evolution of blockchain technology, delivering the proven security of Bitcoin and the Turing-complete programmability of Ethereum elevated to true scalability via ZK-Rollups and other Layer 2 technologies.

The project is represented by the non-profit foundation Syscoin, registered in Eindhoven, the Netherlands.

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Contact:
Dan Edelstein
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THE SOURCE: Sycoin

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https://www.accesswire.com/695062/Syscoin-Announces-New-Initiative-DAOSYS-And-Is-Said-To-Revolutionize-DAO-Governance

Helen D. Jessen