WHY IS THE NDC IMPORTANT FOR THE NEAR ECOSYSTEM, WHAT IS REVOLUTIONARY ABOUT IT, WHAT VALUE DOES IT BRING.
INTRODUCTION:
- WHAT IS NDC(NEAR DIGITAL COLLECTIVE);
Near Digital Collective is a treasury and decision-making body for the NEAR ecosystem,which is community-governed. It is intended to be a more inclusive and open method of managing the NEAR ecosystem and to offer all stakeholders a say in how the network grows.
Community-driven projects have become potent growth and innovation drivers in the quickly changing world of blockchain technology.Within the Near ecosystem, the Near Digital Collective (NDC) is leading this movement and significantly influencing its course. This article discusses the significance of NDC and emphasizes how its governance, funding sources, interdependence and the value it brings to community involvement support the ecosystem’s health and development.
An example of a blockchain that had problems with this is EOS blockchain (Electro-Optical System).
EOS is a blockchain platform that has been criticized for its centralized governance system. The EOS Foundation, which is responsible for managing the EOS ecosystem, has a large amount of control over the network. This has led to concerns that the EOS Foundation could abuse its power and make decisions that are not in the best interests of the community.
The NDC of the NEAR ecosystem could be a solution to the centralization problems of EOS. The NDC is a decentralized governance system that gives all users a say in how the NEAR network is run. This would make it more difficult for any single entity to gain control over the network and would help to ensure that the NEAR ecosystem is more democratic and resistant to censorship.
Here are some of the specific ways in which the NDC could address the centralization problems of EOS:
- The NDC would give all users a say in how the NEAR network is run. This would help to prevent any single entity from gaining too much control over the network.
- The NDC would be transparent and accountable to the community. All decisions made by the NDC would be public and transparent. This would help to ensure that the NDC is not being controlled by any single entity.
- The NDC would be an evolving governance system. The NDC could change and adapt over time as the needs of the community change. This flexibility would help to ensure that the NDC is able to meet the needs of the community in the long term.
WHAT IS REVOLUTIONARY ABOUT NDC
Users can now participate in deciding how the near ecology will develop and in creating that future, which is a revolutionary leap from most projects where those decisions and modifications are made by the team.
Everyone who uses the nearby ecology as a result is considered to be a “team” in this situation.
The NEAR Digital Collective (NDC) is a revolutionary project because it is the first time a blockchain ecosystem has tried to develop an on-chain governance system that is really decentralized. All parties involved in the decision-making process are given a voice by the NDC, which is envisioned as a community-driven ecosystem.
Here are some of the key features that make the NDC revolutionary:
On-chain governance:
All choices made within the NDC are visible and immutable since they are made on-chain. As a result, the NEAR protocol will be controlled in a way that gives everyone in the ecosystem a voice.
Community-driven:
A community-driven environment is how the NDC is intended to operate. This implies that everyone who is involved in the decision-making process, including users, projects, and developers has a say.
Representative democracy:
The NDC uses a representative democracy system to make decisions. This means that stakeholders elect representatives to make decisions on their behalf. This ensures that the voices of all stakeholders are heard, even if they are not able to participate in the decision-making process themselves.
Treasury:
The NDC has a treasury that is funded by a portion of the transaction fees collected on the NEAR protocol. This treasury is used to support the development of the NEAR ecosystem and to fund community initiatives.
WHAT VALUE DOES IT BRING;
Here are some values that the NDC brings with it;
Increased. transparency: The NDC’s on-chain governance structure guarantees the transparency and immutability of all decisions. As a result, stakeholders may more easily keep tabs on how the NEAR protocol is being managed and hold decision-makers responsible.
Improved. efficiency: The NDC’s representative democracy system may be able to increase decision-making effectiveness. This is due to the fact that it enables stakeholders to assign decision-making authority to representatives who have the necessary time and knowledge to make wise choices.
Increased. participation: Increased engagement in the NEAR protocol’s governance may be possible thanks to the NDC’s focus on the community. This is due to the fact that it makes it simpler for stakeholders to participate in the decision-making process, even if they lack the time or knowledge to do so themselves.
Overall, the NDC is a revolutionary project that has the potential to improve the governance of the NEAR protocol and to make it more decentralized and community-driven. If successful, the NDC could serve as a model for other blockchain ecosystems that are looking to create more decentralized and community-driven governance systems.
CONCLUSION
The Near Digital Collective (NDC), which upholds the values of decentralization, collaboration, and community involvement, is a crucial component of the Near ecosystem. NDC gives the Near community the ability to actively take part in determining the future of the ecosystem through its decentralized governance, funding systems, collaborative activities, and community projects.
