The XRP Ledger (XRPL) is about to undergo a major governance shift with the official confirmation of the creation of a Decentralized Autonomous Organization (DAO). This transformation aims to decentralize decision-making processes and significantly enhance community participation, which represents a pivotal development within the framework of ecosystem governance.
XRP Ledger DAO confirmed
Senior community member Crypto Eri (@sentosumosaba) Amplify News by sharing a video of David Bashiri, CEO of XRPL Commons, from his recent interview with Web3 Deep Dive. In her comment to Then the DAO was mentioned on September 19 in the XRPL Foundation Github blog and now, the DAO’s confirmation and announcement will come.”
This governance overhaul dates back to September 6, when XRPL Labs announced collaborative efforts with XRPL Commons, Ripple, and Australian non-profit Innovation Wave. XRPL Laboratories stressed that these discussions were just the beginning, noting that “there is much more to come in the coming months as we delve deeper into this new chapter and this journey.”
Further developments were announced on September 19 by the XRPL Foundation through their GitHub blog. The foundation has unveiled plans to establish an initial board of directors with key members from XRPL Labs, XRPL Commons, Ripple and community representatives, likely to be facilitated through the new DAO structure.
In his interview with “Web3 Deep Dive,” David Bashiri explained the relationship between Ripple and XRPL Commons and provided new details about the potential formation of a DAO. First, he explained that although Ripple started the XRP Ledger protocol twelve years ago and continues to support XRPL Commons, the latter operates as an independent non-profit organization.
Bashiri explained: “We are backed by Ripple. We work a lot with the RippleX team. (…) We work as partners but are very independent. We have a completely independent board of directors. There is no one from Ripple on our board. (…) The company will focus Ripple is becoming more and more supportive of its products, and will continue to support XRPL.”
Bishri provided an in-depth first look at the structural aspects of the impending DAO. He explained that the new DAO will feature a fully independent board of directors, initially consisting of XRPL Commons, XRPL Labs, and the DAO itself, with plans to integrate more community members and entities over time.
The new governance model will include specialized committees responsible for different aspects of the XRPL ecosystem. “Each committee will work independently, i.e. the Basic Development Committee, the UNL Publishing Committee, (…) Compliance Regulation,” Bshri noted.
Bsharri also stressed the importance of recognizing and formalizing the contributions of community members, saying, “We are creating a framework for people who are already doing the work to be recognized and have a well-made nonprofit that we hope will expand with help from everyone.”
Bishri concluded his speech by highlighting the transparency and community participation inherent in the process: “This is a process that we want to reveal to everyone (…) We had to do this basic process to determine where it would be integrated, who the first members would be, and how to include the new members. This is The vision of this new entity is that it will be run entirely by the community, and now we’re just paying the first payer, so it can then run on its own.
At press time, XRP was trading at $0.5075.
Featured image created with DALL.E, a chart from TradingView.com
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