FORSAGE Has Become a Decentralized Autonomous Organisation (DAO)?
FORSAGE, one of the most debated financial platforms of this year, which has already been compared to the Ponzi scheme and accused of the growth of transaction fees of the ETH network in August 2020, is handing the platform over to the Community! Does this mean that FORSAGE is moving towards maximum decentralization? Let’s try to figure it out.
FORSAGE.io was launched in February 2020 and has been on the pages of major crypto portals more than once. The Philippine SEC took an interest in it, many analysts wrote about it, and even Vitalik Buterin personally accused the platform on his Twitter account of too rapid development, which led to an increase in transaction fees on the ETH network in August 2020.
At any rate, FORSAGE continues to evolve. In September, the TRON version of the platform was launched, and the total number of Community members has already reached 1,250,000. Last week, the authors of the FORSAGE idea announced the release of their own FRX Token, which will become the management asset of the platform, giving participants the opportunity to influence its further development.
The FRX token was released as part of the xGOLD marketing relaunch on the TRON blockchain. All xGOLD members will be able to receive it. By the way, it was the desire to create a unique marketing scheme that was more than Ethereum network could handle alongside with the increased commissions of the ETH network that motivated the authors to turn to TRON.
xGOLD engages users with the opportunity to receive more spillovers and manage the development of their team. It wasn’t possible to implement this idea on ETH network since the smart contract turned out to be too cumbersome and expensive (the transaction fees reached several ETH).It was possible to find a unique solution on the TRON blockchain. However, one smart contract could not cope with the entire depth of xGOLD tasks. Now, for each participant, the smart contract generates its own unique subcontract, which is controlled by the user! At the same time, the release of FRX Token was also planned.
This token allows holders to participate in making strategic decisions regarding the development of the FORSAGE Community, submit their own ideas, or vote on existing proposals. Thus, all decisions are made by the Community and based on the results of voting in the system. Thus, FORSAGE was one of the first platforms to take the step towards true decentralization and transparency!
The generation of tokens is embedded in the smart contract and based on the user’s activity in the FORSAGE xGOLD program. When users activate or update slots, invite new partners in their structures, or restart xGOLD slots, new FRX tokens are generated and sent to the corresponding address of the holder as a reward. The token is free, you cannot buy it. The only way to acquire it is to be active in xGOLD marketing.
One of the first strategic decisions that Community members now have to make is whether to completely open the xGOLD code and make it available to the audience. This is important since FORSAGE has faced a number of issues in the code of x3 and x4 programs. The smart contract source code had been completely open and accessible, and it led to a huge number of fakes and copies being created by fraudsters.