⭐️ Arbitrum Issues Crucial DAO Update: Is ARB Price Set For Takeoff?
The Arbitrum Foundation’s official X account has issued an important update regarding the blockchain’s Decentralized Autonomous Organization (DAO) governance system. Notably, the update focuses on an upcoming Arbitrum Security Council election, crucial to protecting community members.
This development, coinciding with a broader market valuation decline, has raised concerns about its potential impact on Arbitrum’s price in the future.
🔸 #Arbitrum Security Council and Ecosystem Impact
The Foundation thinks this is the right time for the next Security Council election. It noted this since the last one was over six months ago. The Security Council comprises 12 individuals elected by members of the Arbitrum DAO through a voting process. Their primary function is to make urgent changes to the network in emergency and time-sensitive situations.
These individuals have the power to instantly upgrade the system if needed to maintain security and integrity. However, their primary function is to make urgent changes to the network in emergency and time-sensitive situations.
The Security Council is divided into two groups. Elections are held every six months, in March and September, to fill the seats in the two groups. The Council is the community’s answer to unforeseen threats. The members ensure the ecosystem remains secure, versatile, and ready for the next action.
The next election cohort split into 6 stages, has been scheduled for later this month. The first stage requires interested candidates to inform the community of their participation between September 1 and 15.
In the second stage, interested candidates (not already members of the March 2024 Cohort) can register for a Security Council position by September 15 to 22. Finally, the protocol will release the results by November 16. At this point, six candidates with the highest votes will officially join the Security Council.
