The Decentralization of the Incognito DAO
In the past year, Incognito has experienced rapid growth. The platform offers invaluable services that are important especially in today’s anti-privacy methodology.
One of the primary goals of Incognito is to bring back privacy to the individual. With cryptocurrency going mainstream, it’s important to have a solution that allows people to gain the same anonymity online, that cash previously offered.
Unfortunately in today’s age, many institutions and government entities would like nothing more then to take away your right to privacy. Because of this, Incognito, and many other platforms alike, have giant targets on their backs. One of the most powerful tools generated from the Crypto-Currency movement is decentralization. Utilizing this technology affords us the capability of contentious growth without the worry of being shut down.
The Incognito DAO
In it’s present state, Incognito currently suffers from a targetable weakness, the lack of DAO decentralization. If for example, the core team were to disappear, progress on the Incognito platform would come to an abrupt halt. To kickstart DAO V.2, and the next iterations of the DAO, we need to come up with clean transparent solutions in order to combat this problem.
The fact is, with Incognito having a Market Cap just shy of $50 Million, the community is directly funding the continuation of the platform. We need to put the Incognito DAO directly into the hands of the community, strengthening the platforms stability and increasing it’s fortitude against possible 3rd party intervention. As this is a community driven ecosystem, it’s imperative for the community to have a say on what features need to be developed and how the funds should be distributed to achieve those goals.
In it’s current state, the Incognito DAO is very poorly designed. In order to bring Trust, Transparency, and Decentralization to the DAO, there will need to be some major changes that will help in facilitating the expansion of the platform.
-The balance of the DAO needs to be completely transparent.
-All movements of funds need to be public and agreed upon before execution.
-We need proper accounting of all money flow and revenue generated.
These things can be achieved with view keys and a DAO website that pulls all transactional data from the blockchain.
No one person should be in control of the DAO wallet. Each member of the DAO committee should have a multi-signature private key that allows the signing of transactions that were previously agreed upon.
DAO Comitte Structure
I have a few ideas on how we could structure the DAO, and as I refine them, I will post them so we can discuss. For now I just wanted to kickstart the discussion about Decentralizing, as it’s significantly important. If you have any ideas on how we should proceed, please comment them below. This post is meant to be a discussion about how we should move forward with structuring the DAO. Obviously as we progress we will have to utilize some sort of voting system. If you have any ideas on the best way to achieve this, please don’t hesitate to voice your opinion.