The XRP Ledger (XRPL) is on the cusp of a major governance transformation with the official confirmation of a decentralized autonomous organization (DAO). This shift is poised to decentralize decision-making processes and significantly increase community participation, marking a crucial evolution in the ecosystem’s governance framework.
XRP Ledger DAO confirmed
Prominent community member Crypto Eri (@sentosumosaba) strengthened the news by sharing a video clip of XRPL Commons CEO David Bchiri from his recent interview with Web3 Deep Dive. In her commentary on We first heard about exploration with XRPL Labs, XRPL Commons, Ripple, and Australia’s non-profit Wave of Innovation in an XRPL Labs after September 6. Then a DAO mentioned September 19 in the XRPL Foundation Github Blog. Now there will be a DAO confirmation and announcement.”
The genesis of this governance overhaul dates back to September 6, when XRPL Labs announced collaboration efforts with XRPL Commons, Ripple, and Australian nonprofit Wave of Innovation. XRPL Labs emphasized that these discussions were just the beginning and indicated that “there will be much more to come in the coming months as we dive deeper into this new chapter and journey.”
Further advances were communicated on September 19 by the XRPL Foundation via their GitHub blog. The foundation has unveiled plans to create an initial board consisting of key members from XRPL Labs, XRPL Commons, Ripple and community representatives, possibly facilitated by the new DAO structure.
In his interview with “Web3 Deep Dive,” David Bchiri elaborated on the relationship between Ripple and XRPL Commons and provided new details about the possible DAO formation. First, he clarified that while Ripple initiated the XRP Ledger protocol twelve years ago and continues to support XRPL Commons, the latter operates as an independent non-profit organization.
Bchiri 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 board that is completely independent. There is no one from Ripple on our board. (…) Ripple is becoming more and more focused on their productsand still supports the XRPL.”
Bchiri provided a first in-depth look at the structural aspects of the impending DAO. He outlined that the new DAO will have a fully independent board of directors, initially composed of XRPL Commons, XRPL Labs and the DAO itself, with plans to include more community members and entities over time.
The new governance model will include specialized committees responsible for different aspects of the XRPL ecosystem. Bchiri noted, “Each committee will operate independently, so a core development committee, a UNL publications committee, (…) compliance regulation.”
Bchiri also emphasized the importance of recognizing and formalizing the contributions of community members, stating, “We are creating a framework for the people who are already doing the work to be recognized and have a well-established nonprofit that will hopefully work with the aid will scale up. from everyone.”
Bchiri concluded by emphasizing the transparency and community involvement inherent in the process: “This is a process that we want to show to everyone (…) We have had to do this core process: decide where it will be recorded, who the first members will be. and how to recruit new members. The vision for this new entity is that it will be fully community managed. Now we are just providing the initial impetus, so that we can continue on our own.”
At the time of writing, XRP was trading at $0.5075.
Featured image created with DALL.E, chart from TradingView.com