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OpenChat To Transfer Control to Community After $5.5 Million ‘Decentralization Sale’

OpenChat, an on-chain messaging platform based on the Internet Computer blockchain, will soon transfer control of the messaging app to a decentralized, token-based governance system via the Service Nervous System (SNS), its team said.

This comes shortly after the project raised more than $5.5 million in a crowdfunding sale conducted last week.

Its recent token sale, which had 2,375 participants, allowed it to buy OpenChat's native governance tokens to form a decentralized autonomous organization (DAO). After the sale, the OpenChat team said that the on-chain messaging platform will be owned and controlled by its community of chat token holders, not a centralized tech firm.

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