Lawrence Damilola
Shytoshi Kusama, the visionary leader of Shiba Inu (SHIB), explained the development process behind the project’s decentralized governance model and the vision for decentralized governance.
In a blog post last Saturday, Kusama outlined the steps taken over the past two years to build a system beyond basic community voting and incorporate new security, reputation, and data sovereignty frameworks. He described the first year of development as a period of recognizing the need for a governance system that was both robust and more comprehensive than typical decentralized models.
Furthermore, he stated, “During the first year we, through our experience with Shadowcats, realized the need of a system that was not only robust, but also distributed more than decisions to the community.” He noted that the focus was on creating a system where actions result in “real-world Karma, Reputation, and Competency (KRC).”
Kusama explained that this KRC framework could become “the benchmark for a variety of other interwoven technologies.” However, he cautioned that KRC “cannot stand alone in a DAO or we go down the path of social credit systems.” To address this, Kusama emphasized the importance of anchoring KRC in Self-Sovereign Identity, allowing users to own their data, and using fully homomorphic encryption (FHE) to ensure data security. He described this combination as “a blueprint for all powerful tools that can ensure that scammers can’t keep doing scammy things.”
Kusama pointed out that these ideas were introduced in the Shib paper, where he differentiated between “Shibizens,” who utilize the technology, and “Tourists,” who do not. He believed this distinction, when combined with the KRC system, could achieve “what all nations are trying to achieve: a system that gives warning to those who may interact with individuals while also giving a certain level of data autonomy to the users, AND while being compliant to web2 governments.”
Kusama stated that the team moved from planning to building the core infrastructure needed for the decentralized system in the second year. He said, “In year two, we set out to build these things: protocols, systems, concepts, white papers, and a host of other technologies that will serve as the backbone of our decentralized society.” He highlighted that this development required the involvement of experts, including Ph.D. professionals, and comprehensive tokenomic modeling to ensure the system’s stability and functionality.
Also, Kusama mentioned an unexpected development near the end of this phase. “Right as we approached the ending of this mammoth task, an old fren had the nerve to decide, on his own, to move funds intended and publicly benchmarked to the DAO,” he stated, pointing to an incident that occurred while the team was finalizing their work.
Kusama described the development efforts over the past two years as being vital to the Shiba Inu project. He mentioned that despite these challenges, the team continued to push forward following the release of the Shib paper, focusing on protocols and systems that align with their vision for a decentralized society.
The Shib Daily reported earlier that there’s a critical DAO vote within the Shiba Inu community about the fate of 37.5 ETH, with a significant portion of SHIB investors voicing their disagreement with the plan to burn these assets. As the vote’s cutoff draws near, Shytoshi Kusama is urgently calling for more participation from the community, highlighting the necessity of guiding the project’s direction and ensuring transparency in how its resources are handled.
Read More
- Shibarium Gas Efficiency Surges, Record SHIB Burns Signal Bullish Momentum for the Shiba Inu Ecosystem
- Shiba Inu’s DevPortal: Fueling Shibarium’s Growth with Tools and Community
- Shib Games Unleashes Agent Shiboshi: Your Inner James Bond Awaits
Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
