July 5, 2018
ZenCash’s research and development partner, Input Output Hong Kong (IOHK), collaborated with Lancaster University to develop a prototype version of an on-chain decentralized autonomous organization (DAO) treasury system. ZenCash is working with IOHK to set up a treasury system like this onto the Zen network to engage and involve the community in its funding decisions.
The prototype implemented features laid out in IOHK’s research paper, “A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence.” The DAO features include proposal submission, committee selection, randomness generation, reward payments, and deposit paybacks.A Decentralized Treasury System
IOHK points out that while cryptocurrencies are touted to be decentralized, much of the time there is one core entity that runs the effort and makes funding decisions. If you look at the funding workflow of many cryptocurrencies, their treasury system is centralized and controlled by one core team.
ZenCash values privacy and decentralization, and that’s why the team is implementing a decentralized decision making process. The community will be able to play an active role in our funding decisions.
IOHK developed a universal treasury system that can be adopted by any cryptocurrency. The treasury system aims to solve decentralization by establishing a mechanism and platform for collaborative consensus backed by anonymous voting on the blockchain. The main idea is to provide the tools for the community to control the funding for projects.
Watch IOHK’s presentation on their prototype implementation with Lancaster University.
Anyone in the community can submit a proposal for consideration. Stakeholders can review the propo...