The network, which describes itself as “the heartbeat of compositions through a chain,” launched a self-centralized organization on July 31.
PNetwork DAO is socially driven and will be managed through a transparent management process that everyone can contribute to.
It was launched as “the first major step towards decentralization in the pTokens system” – to remove any exclusive governing authority from the core development team. “We believe that all DeFi projects should avoid creating decentralized networks on paper while maintaining centralized planning and decision-making processes,” a blog post added to DAO's website, promising to create an infrastructure that will stand out from the competition.
How does it work
Instead of relying on a traditional hierarchy of employees and shareholders, DAOs function democratically and collectively as a group.
According to pNetwork, DAO operations will be programmed and executed automatically, enforcing rules through code and smart contracts. All this can be achieved through blockchain technology that opposes control or central influence.
DAO was created for the web using Aragon, a global platform with the vision of “creating digital jurisdiction – a place on the Internet where people can organize themselves freely, peacefully, sustainably and comprehensively.”
Application Space, Voting and Reward are the three main elements of DAO, as each application connects to each other and communicates through the Aragon platform. As the pNetwork team explained: “We have developed custom Aragon applications that can be added to the underlying DAO infrastructure, so that additional functionality can be added. These applications can be continuously updated with new logic and rules as DAO develops, thanks to the DAO capability. update yourself!
More statistics from PNETWORK here
To enable society to participate in DAO, pNetwork symbols were created. We are known as PNT, and hope that this legitimate asset will help in its quest for decentralization. And one of the blogs says: “The team is committed to continuously and gradually developing the system into a fully decentralized system.”
The team says that those who participate in PNT will say something about a wide range of optimization proposals, from strategic proposals to more complex and technically focused ideas. In the event of a significant deviation from other platforms, there will be no minimum amount that someone must give up in order to vote, which means that the entry barrier is “almost minimal”. This approach also ensures that everyone has a voice proportional to the number of symbols they have.
According to a small article published on pNetwork, pTokens aims to offer “an open source, decentralized system that facilitates the movement of assets along the chain.” Most DeFi tools are currently being developed on the Ethereum network, which means that decentralized apps cannot collaborate with apps on other platforms such as Bitcoin or EOS.