What is Farad (FRD) Crypto Beginner’s Guide
Farad is a decentralized, blockchain-based platform that supports a cryptocurrency that has the same namesake. The Farad coin is a cryptocurrency that has been established on the market, but now needs to embark on a new direction. Recently, China’s government enacted a ban on all cryptocurrency exchanges and all crypto-related activities; while this has meant that Farad has to change its intentions and its route, this has also opened up exciting opportunities for the platform.
The developers behind the Farad program have announced a proposal to move the platform in the direction of a Decentralized Autonomous Organization (DAO), and within this DAO, Farad token holders will have the ability to vote and decide on the future of the Farad program.
A DAO is an organization that is run by rules that are encoded by computer programs that are well known as smart contracts. These smart contracts link users to binding performances and transactions, and carry out the interaction between participants. A DAO’s financial transaction record and its program rules are maintained on the blockchain.
DAOs are not new to the cryptocurrency world. DAOs were made popular through currencies such as Dash and Bitcoin Gold. Ethereum’s co-founded, Vitalik Buterin, proposed that after a DAO is established and launched, it could be organized to run without human managerial interactivity. This is what Farad is trying to accomplish by pushing forward with its DAO proposal; cryptocurrency users who already hold Farad tokens will decide the new direction of the platform, and will have a say in what happens to Farad coins from here on out. With a DAO, Farad aims to create open platforms where its users can have complete control of their identities and their personal data.
Farad’s DAO Committee
Following the announcement of the new direction for Farad, the platform quickly set up a committee to transform Farad into a truly autonomous community. The committee is comprised of five members who were chosen based on their involvement with Farad, and who had grassroot ties to the Farad community directly. The members include professionals, lawyers, accountants, and marketing specialists.
The Future of Farad
As the Farad platform moves forward with the Farad DAO procedure, all current buyback programs and interactions involving the coin have been halted. All Farad tokens will be returned in the second Farad token buyback to the platform’s existing wallets, to ensure that users will be able to participate in the new DAO program. Once the collection of all tokens has been completed, the DAO committee will then redeem all tokens.
The committee has launched a repository on Github, for token holders to contribute their proposals for the DAO. There, everyone will have the opportunity to voice their opinion on the direction of Farad token and its accompanying platform. The committee has been working hard to ensure that there are new business ventures underway, that will benefit the new DAO and Farad token holders. Updates are continually posted on Farad’s website.
As a decentralized cryptocurrency, Farad has been forced to embark on a new path, but this new path will hopefully provide welcome opportunities for its token holders. Once Farad’s DAO is established, the tokens are returned, and all voices have been heard, Farad will launch a new platform that will benefit all of its users.