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XDC Network unveils DaoFin, a new smart contract standard for DAO

An innovative new framework is set to transform the way the XDC community engages with the ecosystem, providing a platform for proposals on bounties, grants and integrations, thereby fostering a more democratic and transparent environment. XDC Network unveils DaoFin, a new smart contract standard for DAO Decentralized autonomous organization (DAO) is an emerging form of legal structure that has no central governing body and whose members share a common goal to act in the best interest of the entity. DaoFin is at the forefront of a significant shift toward decentralized governance within the blockchain space. By enabling the XDC community to actively participate in the decision-making process, DaoFin is a tool and testament to the power of collective action. 

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This initiative represents a pivotal moment for the XDC Network, promising to enhance community engagement and ensure that the ecosystem's development and growth reflect its members' collective will. DaoFin aims to democratize decision-making and boost transparency within the network. As Ritesh Kakkad mentioned on linkedIn that the DaoFin is now live on the Apothem/Testnet, this initiative not only facilitates a more democratic and transparent ecosystem but also leverages AI to improve the quality of proposals, thereby increasing their approval rate and driving meaningful progress.  At the heart of DaoFin is a commitment to open-source principles and smart contract technology, which allows for unprecedented transparency and security, ensuring that every transaction and decision is recorded on the blockchain. These implications are profound, offering a robust foundation for proposals, voting and implementing community-driven initiatives.

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