OpenChat raised $5.5 million in community crowdfunding and transferred control to the community

It is reported that OpenChat, an on-chain messaging application, raised $5.5 million in community crowdfunding and transferred control to the community. The OpenChat team said that the project will now be controlled by its chat token holder community, and will soon transfer control of the messaging application to a decentralized, token-based governance system through the service nervous system (SNS). The recent token sales totaled 2375 participants, and formed a decentralized autonomous organization (DAO) by purchasing OpenChat’s native governance tokens. After the sale, the OpenChat team said that the on-chain messaging platform would no longer be a centralized technology company. OpenChat users can become consumers, shareholders and decision makers, and actively determine the future of the platform. For example, if the community accepts a proposal, including a code update, it will be implemented automatically by SNS, rather than by a single entity. （the block）

Interpretation of this information:

OpenChat, an on-chain messaging application, has raised $5.5 million in community crowdfunding and transferred control to its chat token holder community. This means that the messaging application will now be controlled by a decentralized, token-based governance system through the service nervous system (SNS). The recent token sales saw 2375 participants, who formed a decentralized autonomous organization (DAO) by purchasing OpenChat’s native governance tokens. This move has transformed OpenChat from a centralized technology company to one that is fully controlled by its users who now have the power to make decisions about the future of the platform. These decisions will be implemented automatically by SNS, rather than by a single entity.