WAX Blockchain: DAO Management & On-chain chat App (msig.chat)

The decentralized system is growing with more innovation that encourages users' security and transparency in transactions. In today's article, we shall be dealing with msig.chat on WAX Blockchain.

What is msig.chat?

Web3 is all about read, write and own your transaction. This has brought in several solutions to the major problems people, and companies face in their day-to-day activities.
In Decentralized Autonomous Organization (DAO) management, every transaction is made public and it is always focused on community-governed management. Alien Worlds is a big community on WAX Blockchain and having a decentralized way of chatting is a welcome idea. Msig.chat is an innovative chat and DAO management web application, specifically designed for communities on the WAX blockchain.

As many OG in the space already understand how multi-signature works in wallet dealing (a digital wallet shared by two or more users called copayers), so is the working principle of Msig.chat.

Illustration of Msig.chat

Imagine a single WAX Account is created named OrganizationABC and this account is controlled by two individual accounts JerryAccount & AnthonyAccount in terms of confirming a transaction, if only JerryAccount confirm the transaction without AnthonyAccount, the transaction will not be executed. This simple system is a crucial component for DAOs on the WAX blockchain and this is Msig.chat.

It is important to know that DAOs employ various governance systems to decide which accounts are included in the msig. and to make it a decentralized system the ownership of OrganizationABC is not fixed. If today it is owned by JerryAccount & AnthonyAccount tomorrow, it could change to another two individual accounts.

Note: Msig.chat is designed for communities on the WAX blockchain, particularly those within Alien Worlds.

If you have been following Alien Worlds, the community features six planets, and each with its own WAX account. On a weekly basis through election, five players are appointed to the msig of a planet’s account.

Keys Things About Msig.chat

1. When creating a chat on msig.chat, the user must specify the WAX account to which the chat will be linked. E.g. kavian.dac
2. Only the players with access to the accounts included in the msig of the kavian.dac account will have the capability to read and write messages.
3. Users of Msig.chat will need to authenticate their ownership of a WAX account either via Anchor or Wax Cloud Wallet.
4. Users can filter chats to indicate which communities they are a part of.
5. The development of Msig.chat is been supported by Galactic Hubs grant.

There are more to understand about the Msig.chat find the full article here

To create Msig.chat start here
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