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Decentralized Autonomous Organization
The term "DAO" stands for "decentralized autonomous organization" and can be described as an open source blockchain protocol governed by a set of rules, created by its elected members, that automatically execute certain actions without the need for intermediaries.
The DAO’s rules are embedded into computer code, which executes by itself based on the behaviour of the protocol. There is no need to interpret these program rules as they are automatically implemented when the specified conditions occur.
A DAO helps to keep a network safe and optimised without the need for manual intermediation by its members. Participants are not obligated by a legal contract but rather incentivized by rewards in the form of native asset tokens that help them work towards a unified goal.
As well, the rules defined by the protocol or smart contract guide the participants’ behaviour and execute automated consensus. As no third parties are needed, a DAO helps to speed up network decision-making and actions and drastically lower management costs.
Through its governance token, Chickey Chik will gradually evolve into a community-owned Decentralized Organization. This process occurs as the governance token is distributed among players and stakers, with the Chickey Chik ownership becoming less concentrated over time.
We are building the Chickey Chik Metaverse ecosystem with our community and players in mind. We believe that putting the community as our priority will give us fulfilment and rewards beyond our comprehension. Almost every user can become a Proposer, and everybody can be a Voter to build a better Chickey Chik Metaverse Ecosystem.
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