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Syscoin Announces New Initiative DAOSYS And Is Said To Revolutionize DAO Governance -Breaking

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Syscoin announces DAOSYS New Initiative and is Said to Revolutize DAO Governance

Jag Sidhu from Syscoin Foundation, President of Binance Blockchain Week 2022, spoke in Dubai and announced that he was establishing a new standard for Decentralized Autonomous Organizations. Syscoin Foundation is embarking on a project they consider a major evolutionary step in DAO technology and can give new life to the sector. They also plan to implement their new revolutionary model by 2022.

DAOs are currently affected by key issues, and they haven’t reflected the ethos behind cryptocurrency. The core value proposition behind cryptocurrency is its self-sovereignness capital. ‘Not my keys, not my coins.’ Currently, DAOs take ownership of users’ capital by managing it in a treasury controlled by a few individuals. Similar to not having the keys to your wallet. The current governance systems aren’t able to protect stakeholder values. Governance is not able to control the protocol directly, but it can act as an advisory voting vote to those who sign on the multisig controlling treasury. This is further compounded by the typical disconnect between a DAO governance token and the protocol’s actual value proposition.

DAOSYS is a new model that coordinates cryptocurrency and capital investments. The Syscoin Foundation’s view is that DAOs should operate more like pure AMMs; an autonomous and permissionless protocol anyone can use to consume the services of the DAO, effectively acting as autonomous economic agents. It is important that DAOs mature after the initial phase of capital extraction. The economics must be tailored to facilitate the DAO’s mission statement and be implemented in a manner that does not require external controls.

It was almost impossible to set up a DAO without the smart-contract state and DeFi design. But, by iterating on the AMM model to generalize the process, it’s possible to deploy DAOs as easily as a liquidity pool. A treasury management system can be created by integrating DeFi protocols and applying antifragile tokenomics. Future DAOs will be able to use existing markets for capital coordination and execution of mission statements. This technology – the Autonomous Service Engine – is present in DAOSYS.

DAOSYS will be a reference architecture that uses the Autonomous Service Engine in order to make Syscoin an innovation hotbed through self-sovereign assets management. This antifragile marketplace design provides a risk-mitigating financing mechanism. This shifts the primary risk in funding new projects and initiatives toward simple opportunity cost, leading to some incredible efficiencies for the Syscoin Foundation’s treasury and for others who participate. DAOSYS will be advantageously positioned to foster digital value from the roots, upward, because it is oriented to drive the advancement of Syscoin’s ecosystem, a full-stack Layer 1 blockchain with a modular design that supports a scalable Layer 2.

Syscoin Foundation’s larger goals include the implementation of DAOSYS and this initiative.

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