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- The Internet Computer Community has activated the 1-proposal feature for SNS initialization.
- ICP has seen a notable increase of more than 3% in the past 24 hours.
Developers from DFINITY, who are working on the Internet Computer Protocol, have revealed that the ICP community has accepted all proposals. Additionally, the 1-proposal for the SNS initialization feature is now active. In August 2023, the NNS voted to implement a new version of SNS with a streamlined process.
All proposals have been accepted by the #ICP community, and the 1-proposal SNS initialization feature is now active!
Thank you all for participating in the voting! For more information, see the documentation here: https://t.co/FnCVvsCVgb
You can also experiment by running SNS locally: https://t.co/ZsJ927uPA4 pic.twitter.com/zAK2EtLVxV— DFINITY Developers ∞ (@DFINITYDev) August 28, 2023
On August 28, DFINITY developers tweeted about the introduction of the 1-Proposal. The new launch mechanism requires only a single NNS proposal, which will initiate the creation of SNS canisters and commence the decentralized swap process. Furthermore, several dapp projects have begun planning and testing the SNS launch.
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Internet Computer Actively Shaping Blockchain Ecosystem
The Service Nervous System (SNS) represents an evolved version of a DAO. It functions as a digital democracy capable of operating various dapps, such as social networks, in a fully decentralized manner. Additionally, an SNS is derived from a Network Nervous System (NNS), the self-governing tokenized governance framework that oversees the Internet Computer blockchain in a completely decentralized fashion.
The Internet Computer Community is persistently enhancing the blockchain’s functionalities and updates through a series of technical advancements. The DFINITY Foundation has suggested a collaboration with developers and stakeholders to empower entrepreneurs and developers to establish a decentralized and tokenized governance framework for their dapps. The Service Nervous System is one of the proposals included in this initiative.
The activation of the 1-Proposal SNS allows the Dapp to possess adequate cycles for operation, develop further features, and scale according to demand. Moreover, SNS promotes token-based governance that can also be utilized to attract users to their Dapps and generate network effects to broaden their reach. Meanwhile, the Internet Computer (ICP) has experienced a significant rise in the last 24 hours.
As of the time of this report, the Internet Computer is trading at $3.54, reflecting an increase of over 3.16% in the past 24 hours. The daily trading volume of ICP has surged by approximately 169.59%, according to CoinMarketCap.
