The XRP Ledger (XRPL) is getting a major upgrade – it’s going to be run by a Decentralized Autonomous Organization (DAO)! This means that the community will have a bigger say in how the XRP Ledger works, making it more decentralized and giving everyone a voice.
A Timeline of Change
The idea of a DAO for the XRP Ledger was first mentioned in September. XRPL Labs, XRPL Commons, Ripple, and the Australian non-profit Wave of Innovation all started talking about how to make this happen.
Then, the XRPL Foundation announced plans to create a board with members from all these groups, as well as community representatives. This board would be part of the new DAO structure.
What’s in it for the Community?
David Bchiri, CEO of XRPL Commons, gave us some more details about the DAO. He explained that it will have an independent board of directors, with members from XRPL Commons, XRPL Labs, and the DAO itself. The plan is to add more community members and organizations over time.
The DAO will also have special committees for different areas of the XRP Ledger, like core development, publishing, and compliance. This means that the community will be able to contribute to all aspects of the XRP Ledger.
A Community-Driven Future
Bchiri emphasized that the DAO is all about recognizing and rewarding the contributions of community members. He said, “We’re creating a framework for the people who are already doing the work to be recognized and have a well-made non-profit that will hopefully scale with the help of everyone.”
The whole process is transparent and open to everyone. The community will be involved in deciding how the DAO is set up and how new members are added. Bchiri said, “The vision for this new entity is that it will be operated fully by the community.”
