On January 23, the team behind meme-based crypto project Floki Inu ($FLOKI), which is one of the strongest competitors to Shiba Inu ($SHIB), completed phase one of its decentralized autonomous organization (DAO) upgrade.
What Is Floki Inu ($FLOKI)?
The idea of creating this cryptocurrency was born on June 25 after Dogecoin ($DOGE) advocate Elon Musk tweeted that the name of his Shiba Inu dog would be “Floki”.
You can buy on $FLOKI on both centralized exchanges (such as Bitmart, LBank, Gate.io, and Poloniex) and decentralized exchanges.
The Floki Inu team says that some of the projects that will use the $FLOKI token are as follows:
- Valhalla: “A Play-To-Earn NFT gaming metaverse currently being developed by the FLOKI team. Our goal with Valhalla is to get many people who might not have otherwise heard about crypto to explore cryptocurrency and blockchain technology through an NFT game — and to get paid while doing it.“
- FlokiPlace: “The NFT economy is strong and will only become more vibrant. We also look forward to a world where people can easily purchase physical goods with cryptocurrency. FlokiPlaces aims to fill this gap by making it easy for people to trade NFTs and physical goods while paying with cryptocurrency — with the FLOKI token as the core payment option.“
- Inuversity: “FLOKI is working to help create a world where pretty much everyone is exposed to cryptocurrency and the blockchain in some form. To achieve this, we believe educating people about blockchain technology is mission practical. Floki Inuversity will be the premier cryptocurrency education platform. It’s focus is to educate the mainstream audience FLOKI appeals to and get them more familiar with cryptocurrency and blockchain technology.“
Floki’s DAO Upgrade
On January 17, the Floki Inu team published a blog post to explain the purpose of upgrading its smart contract to support a future in which Floki is a DAO.
Here are the reasons the team gave for wanting to transition to a DAO:
- “One of the key themes that keep coming up during our attempts to get listed on major CEXs is the NEED for FLOKI to be further decentralized owing to FLOKI’s V1 history.
- Specifically, we’ve been told that FLOKI becoming a DAO positions the project strongly, makes it further decentralized, and makes it easy to achieve our goals of getting listed on key CEXs.
- We’ve been very clear about the fact that FLOKI would eventually be a DAO — and if, based on information we have, becoming one sooner makes it easy to get adoption for FLOKI then this is the perfect time to do this.
- 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.“
In short, “this move is being made both out of necessity and to key into what is essentially the future of cryptocurrency” and it enables $FLOKI to get the adoption it needs to become a top cryptoasset.
Phase 1 of the DAO upgrade started on Saturday morning (UTC time) and it was completed on Sunday.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.