Dash DAO Irrevocable Trust Completes First Election of Trust Protector
The trust protector’s first election was completed by the Dash DAO Irrevocable Trust in a historic government movement.
Earlier, the Dash network had voted to elect trust protectors for the Dash DAO Irrevocable Trust, also known as the Dash Trust, which is New Zealand-based authorized entity, managed by the Dash network. The Dash Trust allows the network to acquire property through legal ways. The entity is legally owned by the Dash Core Group, which is one of the largest organization within the Dash decentralized autonomous organization (DAO) and also the key developer group.
The trust protectors will control the trustee’s work, who executes the will of the master-node network. It results in more direct control of the network acquired by the groups, as compared to an easy master-node vote.
The election for trust protector was revealed in January. Later in February, much detailed and parameterized data of the election was announced, and Dash Watch was helping in verifying the process. The election voting process completed in late March, and there were 6 members who were selected for trust protector.
The CEO of Dash Core, Ryan Taylor said that this indicates clear removal of all common models of a working system in cryptocurrency with very little liability to the base of the user.
CEO added that they are very proud of this movement. The entity models stand in sharp contrast to other projects, which often highlights companies, foundations or founders funds use to lack accurate responsibility towards the communities of users they intended to serve. In the short-term, the significance of our model will be minimized, and I doubt about it. As time passes, even that will change.
The champions of the trust protector elections are namely, Raleigh Barrett, Mark Mason, Pieter Bakhujzen, Perry Woodin and Eric Sammons. They are representing popular community group and master-node operators, and also represents members from media and outreach group Dash Force and compliance firm Node40 and cryptocurrency accounting.
Dash announced the election result on Twitter and also congratulated the winners over Twitter.
Unforgettable movement in the progress of the government
Micheal Lewis, the newly elected member of the trust protector, noted that this first step indicates remarkable progress in the governance of cryptocurrency which will offer long-term competitive benefits.
“The Dash DAO Irrevocable Trust Election is yet another ‘first’ in the cryptocurrency world. Whilst other networks are struggling to get to grips with how to govern their decentralized networks, often taking the ‘nuclear’ option of forking,”
Further, he added, “Dash- through Dash DAO Irrevocable Trust- has shown that it is possible to ‘close the loop’ on ‘the governance question’ that has been the Achilles Heel of Cryptocurrency projects since the birth of Bitcoin, over a decade ago.”
Lewis notices the Dash Trust as an innovation, which has not been effectively represented anywhere within the crypto space, and he hopes that it will hugely impact on how the crypto space grows and how the models of the governance are designed in future, especially while associating it to the existing legal systems.
The first known DAO is Dash, both are entirely decentralized and autonomous, are able to execute without external funding or control and still available for participation from anyone without any limitations.
Eric Sammons says that the Dash legal trust gives Dash the strength to expand and grow without limitation by a lack of legal framework.
