The cryptocurrency landscape is built around the notion of decentralization and it’s no surprise to see why Decentralized Autonomous Organizations (DAOs) have become increasingly popular. In that sense, Floki Inu’s DAO voted on a decision that could carry significant weight in its push towards decentralization.
Recently, FlokiDAO voted to renounce the blacklist function in the Floki Inu contract which previously allowed the team to ‘backlist’ addresses. Once blacklisted earlier, the addresses could not sell, swap or stake their FLOKI tokens.
Background On The Blacklist Function
A blacklist function was introduced into the FLOKI contract during the V4/Nottingham upgrade to combat an undetected V1 inflation bug that resulted in users getting an excess of FLOKI tokens.
Although the blacklist function helped restrict those addresses from selling their excess FLOKI balance, the community had to take another vote to decide whether or not to let the blacklist function remain on the contract.
Most of the concerns pointed out by the community are related to the amount of control maintained by the FLOKI team. Essentially, the function gave FLOKI full power to add new blacklisted addresses and curb their buying/pending activity.
Many believed that the contract would discourage new investors and whales from investing in Floki Inu. The team’s official statement also showed that members were concerned that the blacklist function could be ‘used arbitrarily in the future’.
FLOKI On The Right Path?
Floki Inu’s callout to its community carries positive implications in building a more decentralized landscape. It goes to show that FlokiDAO was not just set up as a marketing gimmick but to give real decision-making power to the community.
Will the decision make a dent in FLOKI’s price? It’s doubtful. Such developments are often pushed under the rug when it comes to the day-to-day clamor of crypto trading. However, there’s no denying that the community is getting a truer sense of what decentralization means.