Harmony to Start Validator DAO
Harmony Foundation allocated 4 million $ONE tokens to kickstart the Validator DAO. Once kickstarted, DAOs will ensure their long-term sustainability through their impact and utility to their community
The Validator DAO will further enrich the community by ensuring a vibrant and robust ecosystem and supporting the growth of the Harmony network from the over 100 validators currently operating to over 1,000 in the near future.
The Validator DAO will comprise an Initial Council of 5 community nominated and elected validators who will set out the procedures necessary for the DAO governance
This new Validator DAO will be focused on the health and well-being of the validator community. It will drive network governance, putting into place and practice the variety of mechanisms needed to support both voting and accountability
The Harmony Foundation will bootstrap the Validator DAO with an initial funding of 4 million ONE tokens over the next 8 months. ONE tokens will be deposited into a multi-sig Gnosis Safe to be managed by the 5 designated representatives of the Initial Council as voted on by the validator community.
About Harmony
Harmony is an interoperable sharding protocol offering a two-way Ethereum bridge. The Harmony blockchain is an independent blockchain designed to enable ultra-fast transactions and interoperability as an advanced layer-2 solution for Ethereum
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