14 days ago 1 min read

Starknet Upgrades Governance To Advance Cryptocurrency


One such entity is the Starknet DAO, which is scheduled to debut its decentralized governance with the community's first vote to approve the launch of its most recent protocol upgrade, Starknet Alpha v0.11.0. Decentralized autonomous organizations (DAOs) are growing popular in the crypto industry.

A scaling method based on the Ethereum network is called Starknet. The platform enables programmers to create and distribute high-performance dApps, which it hopes will address the Ethereum network's scalability issue. To make sure that the project's governance is decentralized and community-driven, the DAO was created.

The DAO's governance will initially concentrate on protocol updates. The community will vote on each protocol update that the Ethereum scaling solution releases. A new protocol version will be introduced on the Starknet mainnet as a result of the favorable vote.

The Starknet Foundation, which was founded in October 2022, will be essential in setting up the DAO's governance. To provide a varied governance structure for the project, the foundation will oversee grants and funding for the Ethereum scaling protocol and divide some of its voting power with a number of independent delegates. Investors, core contributors, and other delegates will also take part in this early governance phase.

The voting process for the DAO's subsequent upgrade will begin on March 21. The Snapshot-based voting is anticipated to take six days to complete. While the vote is taking place, the Starknet protocol upgrade will be made available on the Goerli testnet. If the vote is successful, the mainnet will start after this.

One of the many initiatives working to address the Ethereum network's scalability issue is Starknet. Because of its DAO governance architecture, the community is guaranteed a voice in the project's development and improvements. With the DAO's governance successfully launched, the project is in a good position to draw additional developers to create high-performance dApps on its platform.

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