#PR: Floki Successfully Upgrades Token Contracts in Migration to Decentralized Autonomous Organization (DAO)

Published by

Decentralized autonomous organizations (DOAs) have helped evolve the cryptocurrency revolution. Given that crypto was founded on the idea of decentralization, it comes as no surprise that more and more crypto related products have begun transitioning to DAOs. Accordingly, more crypto products have adopted this way of governance for crypto-based projects. The latest cryptocurrency to start transitioning to this format is Floki, a fast-growing crypto company that’s on the verge of becoming the next blockchain project to make its way to the top cryptocurrency in the market. 

A DAO is an organization with rules within code that automates the organization members’ control of the organization without the influence of centralized governments. In even simpler terms, a DAO gives the ability of organization members to control the key decisions of the organization. 

Floki has always been run by its community, but this weekend Floki took a step further in fully giving control of its token to its holders. In phase one of Floki’s transition to a DAO governance, Floki has upgraded its token contracts to facilitate that transition. Floki’s upgrade was done seamlessly with little disruption to its holders, which was an incredible feat in itself. 

Floki’s decision to transition to a DAO was made by the core Floki team for several reasons. First and foremost, a transition to a DAO gives further power to holders to make governance decisions for the token. For a cryptocurrency that has accepted the brand of “the people’s cryptocurrency,” power to holders is central to its mission. 

Second, Floki’s transition to a DAO gives it solid footing for listing on key centralized exchanges. For Floki to continue to grow, it must be easy to adopt by the average cryptocurrency adopter. Listing on larger tier one exchanges allows that mass adoption, and further solidifies Floki’s commitment to being the cryptocurrency for the masses. 

Third, data and trends show clearly that the DAO is the future of crypto as indicated by moves by crypto giants Binance, Kucoin, ByBit and respectable names like philanthropic giant Kimbal Musk. Bitcoin, in fact, was created to be a trustless and decentralized payment solution. Cryptocurrency was birthed with the idea of decentralization. 

Floki has gone through a series of necessary upgrades in the past, so this isn’t unfamiliar territory. In each of these upgrades, Floki has always come out stronger, because these upgrades are informed by data and done out of necessity and to help us secure key strategic advantages. This upgrade was no different. 

More About Floki

Floki (trading under the ticker FLOKI) is a movement token which was inspired by an Elon Musk tweet in which he said his Shiba Inu would be named Floki. Recently, Elon Musk tweeted that he did, in fact, purchase his Shiba Inu and name it Floki. Floki completes the Doge and Shib trilogy (being the third biggest meme coin by market cap), and fixes the problems with most meme tokens by adding utility to its token. 

Floki is building an NFT Metaverse Game. This game will be industry disrupting in that it will be one of the first NFT Metaverses that will allow all in-game interactions to occur on-chain. The NFT Metaverse will be play to earn, and it will be run on the Floki token. Floki is also launching an NFT and merchandise marketplace known as FlokiPlaces as well as a crypto education platform known as Floki University.

Floki has integrated with Chainlink, which opens up a whole suite of DEFI applications, including its recent integration with Inverse Finance. FLOKI’s long term vision is to tap heavy into the DEFI space to give finance freedom to its holders, which was the initial vision of the token. 

Stan Peterson

Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.

Share
Published by

Recent Posts

  • Cryptocurrency Price Predictions

DOGE Price Prediction 2022 : Is $1 price target still possible  for the Meme Coin ?

From being a simple joke of Bitcoin and cryptocurrencies in general, DOGECOIN grew into a…

May 28, 2022
  • Cryptocurrency Price Predictions

Polygon [MATIC] Price Prediction: Can MATIC Price Hit $5.0 in 2022?

The sudden rise in Defi (Decentralized Finance) adoption among investors and crypto traders has led…

May 28, 2022
  • News

Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop

The Month of May which began with the collapse of Terra's LUNA 2.0 and TerraUSD…

May 28, 2022
  • News

Whales Accumulating These DeFi Tokens Amid Price Crash

The global cryptocurrency market witnessed another marginal drop of around 1% over the past day.…

May 28, 2022
  • Stablecoin News

What Is Terra LUNA 2.0, Here’s All You Need To Know

The Terra team made the much awaited announcement for Terra Luna 2.0 launch on Saturday.…

May 28, 2022
  • News

Tron’s TRX Burn Total Exceeds 7.7 Billion

The Tron network has managed to outperform the rest of the cryptocurrencies amid the recently…

May 28, 2022