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Near Protocol Initiates Working Group to Boost DeFi Governance

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  •  The Near Digital Collective operating committee consists of 40 Members. 

The Near Protocol is a Blockchain Network that facilitates developers to develop dapps(Decentralized applications) and is planning to set operating groups the standard for self-governance.    

The ambition is termed Near Digital Collective (NDC). It is aimed at further decentralizing the ecosystem decision-making by moving in onto its native blockchain, as per the notification on Monday.     

Near Protocol’s official press release shared with a news outlet mentioned that the move will make the Near community more transparent and fairer.   

The initiative of Self-governance in the DeFi(Decentralized finance)  sector, where creators globally are programming financial applications that cut out traditional mediators, is having a moment. 

This kind of initiative is mostly a decentralized autonomous organization(DAOs), which are blockchain-based associations or companies where associates who hold a native digital token can vote on key business and management decisions.   

Although the Near Digital Collective (NDC) will move decision-making on a chain and Near tokens have been set aside to function as the governance token for the collective, the co-founder of Protocol Illia Polosukhin, in an interview, sidestepped it anointing a DAO. 

Illia Polosukhin highlighted in his statement, “I’m usually thinking in blockchain terms, so it’s more of a protocol of how people interact and make decisions. And then we codify some of it in smart contracts, part of it will be codified in the constitution, part of it will be codified in the processes built around it.” adding more, he said Smart contracts are machine-oriented programs that automatically conduct transactions when a preset requirement is met. 

Polosukhin explained that Near Digital Collective(NDC) would help to create and approve a set of shared values and basic rights for all community members. 

The Near Digital Collective will also construct governance basic structure and plans, find a complementary legal structure for ease and publish engagement procedures to curb worse conduct from community members that could harm the network.

Polosukhin noted, “It’s really easy for these kinds of communities to become somewhat toxic. And so there’s a whole workstream [looking at ways to] enable positive and constructive behavior.”

Moreover, the Near Digital Collective team is constituted of approximately 40 members.   

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