Dash (DASH) to Enhance Decentralization with the Upcoming Trust Protector Elections
On the last day of 2018, Dash network released an official post on Medium on “closing the governance loop,” where the representatives provided a significant update on Trust protector elections.
Previously, back in July 2017, Dash Core Group announced the formation of a decentralized autonomous organization in order to ensure that all operations under Dash Core Group would be controlled and overlooked by Dash network.
The team named the decentralized autonomous organization the Dash DAO Irrevocable Trust, completing the work around the Trust already by December 2017 after which the official announcement came out on January 2018.
However, since the network was not able to take full; control over Dash Core Group, in order to enhance the decentralization of their DAO system, Dash is aiming at introducing Trust protectors that should be elected, also defining their role.
Trust Protector Elections Said to Ensure Control of Dash Network over DCG
Even though the Dash core team had been working on the Dash DAO Irrevocable Trust since mid-2017, Dash network still wasn’t able to take full control over Dash Core Group, which is why Trust protector elections should take place.
The contributor of the initial post, Ryan Taylor, explains how the Dash network is a beneficiary of the Irrevocable Trust, also adding that 100% of Dash Core Group Inc. shares are owned by the trust, which should condition control over DCG as a gradual consequence.
Through this infrastructure, Dash network was supposed to have control over the project direction, however, without having the ability to completely replace the entire DGC team or defund it.
With Trust system, the network allows Dash Core Group to collect a balance sheet containing assets for the overall benefit of the network, also enhancing resilience to unpredictable trends in the market.
Still, the network is still allowed to replace the DGC team for another team that will take the same or similar function in case the behavior of Dash Core Group becomes unsuitable in any way possible.
The system already had a set of six Trust protectors previously elected to overlook the operation of Dash Core Group, however, all positioned Trust protectors were also members of the DGC, which is most possibly why the network still hasn’t been able to take full control over the core group.
Trust Protectors Elections to Take Place by the End of March 2019
In order to replace the present Trust protectors and establish a higher level of decentralization within their DAO Trust system, Dash is organizing elections for Trust protectors that should “shape the future of the project”.
Trust protectors will be elected on annual basis through masternode network and should represent a form of board of directors that take care of the network and the progress of the entire project, with the possibility of having them replaced in case of unacceptable behavior.
The position remains unpaid, however, as stated in the initial post, elected Trust protectors can submit proposal where the network should secure the required compensation in case the proposal is upvoted and accepted.
The election day is scheduled for March 31st, 2019, while the team is said to announce the contact details of the company that should compile a list of candidates by the end of January, where those interested in the position of a Trust protector could contact the firm in February and check their eligibility for becoming a candidate for the upcoming election.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]