The cryptocurrency exchange ShapeShift began this Wednesday, September 1, to dissolve its corporate structure to evolve towards a decentralized platform, in which governance will be in the hands of the community. As part of that process, ShapeShift version 2 code will be made open source in the coming months.
ShapeShift founder Erik Voorhees made the announcement on August 31 at Twitter The dawn of an open source ShapeShift begins tomorrow. An increasingly immutable, multi-chain, self-custodial cryptocurrency platform for everyone to use and no one to control. ”
As early as January this year, Voorhees had announced that the company would gradually eliminate its commercial activity to move towards a fully decentralized organization, a fact reported by CriptoNoticias. This conversion to a decentralized autonomous organization (DAO) is accompanied by a removal of the Know Your Customer (KYC) procedures, which the firm applies in the centralized exchange.
As an initial step in opening the ShapeShift code, the version 2 repository is available to developers on Github. Engineering line of work lead for ShapeShift DAO, Josh Foreman, said it is “a big step in our efforts to open source and engage the community in iterating the first full, multi-chain, community-built interface. ».
ShapeShift is inviting developers interested in reviewing and contributing the code to download it from the repository. He also recommends attending the biweekly community calls on the firm’s Discord channel on the first and third Wednesday of each month.
There they can view demos, discuss enhancements, or join discussions on product engineering topics. “In the future, the engineers currently employed at ShapeShift will change their focus to include assisting community developers, answering questions, and building an open source culture,” notes the firm.
Governance through FOX token
In an interview with Jason Carsh and Nicolas Cary, from Blockchain.com, Eric Voorhees stated this Thursday that the ShapeShift’s evolution strategy is now in the hands of the holders of the FOX token, their token native. Those who until Wednesday were directors, employees and shareholders of ShapeShift will receive 32% of the supply, about 320 million tokens, said Voorhees. FOX’s total supply is 1,000,001 million.
Some 242 million tokens, or 24%, of the supply will go to the ShapeShift DAO treasury, while 340 million tokens (34%) will be distributed to ShapeShift customers, through an airdrop.
The ShapeShift Foundation received 7.5% of the supply, about 75 million tokens, while about 13 million tokens (1.3 %) are retained by ShapeShift for the duration of the decentralization process.
