Crypto Terms:
Letter R
What is Ragequit?
Meaning:
Ragequit -
a DAO process when a member stops participating in a proposal before it goes through and leaves with a significant share of the assets.
Let's find out Ragequit meaning, definition in crypto, what is Ragequit, and all other detailed facts.
Ragequit is a process that allows members of a decentralized autonomous organization (DAO) to withdraw part or all of their stake with their share of the assets and quit participating in a proposal before it goes through.
The ragequit process was introduced in the V1 Moloch DAO framework and has become one of its integral parts. This option is now available on a number of other DAO frameworks, including Tribute DAO and Flamingo DAO. In many cases, ragequit is listed as “Exit”.
Members of the Moloch DAO can invoke the ragequit at any point in time, as long as they have not voted “Yes” on an active proposal. This means that members who voted “No” or did not vote at all are able to ragequit during the timeframe after the proposal is approved but before it is placed into action.
The ragequit process allows the DAO members to keep their contributions to the DAO treasury entirely under their management. Minority members that do not agree with certain proposals are also protected from losing their funds in the pool if they are not in agreement with the decisions being made by the DAO.
The development of the ragequit process was a massive step forward for the DAO frameworks. It provides more reassurance to the members that their assets will not go to waste on projects they personally disagree with, while also strengthening the unity of like-minded DAO communities.
ERC-20/strong>/a> standards outside of the blockchain. <\/p>\n<p>These token transactions go through specific payment channels, also known as balance proofs, which are secured by hash-locks and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-digital-signature/">digital signatures<\/strong><\/a>. Balance proofs serve the purpose of a binding contract. They’re also monitored by the main chain.<\/p>\n<p>The key difference between the Raiden Network and the main chain is that a global consensus is not necessary within the Raiden Network.<\/p>\n<p>Payment channels utilize bi-directional transfer between two participants without the underlying blockchain’s involvement. <\/p>\n<p>Additionally, when there’s not a single <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-peer-to-peer-p2p/">peer-to-peer (P2P)<\/strong><\/a> channel available, Raiden Network enables mediated transfers. These types of transfers employ additional parties in a two-party exchange. Routing is also a crucial part of this kind of network since it manages mediated transfers through multiple nodes.<\/p>\n<p>Raiden Network is considered to be a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-second-layer-solutions/">second-layer solution<\/strong><\/a> specifically for the Ethereum blockchain. Ethereum developed Raiden Network in order to receive assistance with scaling. <\/p>\n<p>Moreover, transaction fees were removed from the Raiden Network. Therefore, unlike Ethereum, <strong>Raiden Network allows completing small transactions of the ERC20-based tokens in a cost-efficient way<\/strong>.<\/p>\n<p>In essence, the Raiden Network is Ethereum’s alternative to Bitcoin's <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-lightning-network/">Lightning Network<\/a><\/strong>. <\/p>\n<p>Plus, comparing completing transactions on-chain and doing it through the Raiden Network, we can see that the privacy aspect is enhanced.<\/p>","definition":"is an off-chain, second-layer on Ethereum\u2019s blockchain that operates as an immediate and scalable payment channel that doesn\u2019t require global consensus.","status":"published","meta_title":"What is Raiden Network? Definition & Meaning | Crypto Wiki","meta_description":"Raiden Network meaning: Raiden Network - is an off-chain, second-layer on Ethereum\u2019s blockchain that operates as an immediate and scalable payment channel that doesn\u2019t require global consensus.","meta_keywords":null}"
:prev-section="{"id":613,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Radio-frequency_identification","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T19:27:33.000000Z","slug":"what-is-radio-frequency-identification-rfid","title":"What is Radio Frequency Identification (RFID)?","section":"R","keyword":"Radio Frequency Identification (RFID)","content":"<p>Radio Frequency Identification (RFID) <strong>employs radio waves to passively identify a tagged item or a person<\/strong>. The RFID system is made up of an antenna, RFID tag, RFID reader, and a transceiver.<\/p>\n<p>In order to broadcast and receive data, <strong>RFID employs radio waves of various frequencies<\/strong>. Low frequency (30-300 kHz), high frequency (14.56 MHz), and ultra-high frequency (300-3000 MHz) are the three basic frequency ranges used for RFID transmissions.<\/p>\n<p>A few examples of the application of RFID include <strong>inventory control<\/strong>, employee tracking, and equipment tracking.<\/p>","definition":"a technology that employs radio waves to identify a person or a tagged item in a passive manner.","status":"published","meta_title":"What is Radio Frequency Identification (RFID)? Definition & Meaning | Crypto Wiki","meta_description":"Radio Frequency Identification (RFID) meaning: Radio Frequency Identification (RFID) - a technology that employs radio waves to identify a person or a tagged item in a passive manner.","meta_keywords":null}"
:model="{"id":669,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Ragequit","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T19:29:00.000000Z","slug":"what-is-ragequit","title":"What is Ragequit?","section":"R","keyword":"Ragequit","content":"<p><strong>Ragequit<\/strong> is a process that allows members of a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-autonomous-organizations-dao/">decentralized autonomous organization (DAO)<\/strong><\/a> to withdraw part or all of their stake with their share of the assets and quit participating in a proposal before it goes through.<\/p>\n<p>The ragequit process was introduced in the V1 <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-moloch-dao/">Moloch DAO<\/strong><\/a> framework and has become one of its <strong>integral parts<\/strong>. This option is now available on a number of other DAO frameworks, including Tribute DAO and Flamingo DAO. In many cases, ragequit is listed as “Exit”.<\/p>\n<p>Members of the Moloch DAO can invoke the ragequit at any point in time, <strong>as long as they have not voted “Yes” on an active proposal<\/strong>. This means that members who voted “No” or did not vote at all are able to ragequit during the timeframe after the proposal is approved but before it is placed into action.<\/p>\n<p>The ragequit process allows the DAO members to keep their contributions to the DAO treasury entirely under their management. Minority members that do not agree with certain proposals are also protected from losing their funds in the pool if they are <strong>not in agreement with the decisions being made by the DAO<\/strong>.<\/p>\n<p>The development of the ragequit process was a massive step forward for the DAO frameworks. It provides more reassurance to the members that their assets will not go to waste on projects they personally disagree with, while also <strong>strengthening the unity<\/strong> of like-minded DAO communities.<\/p>","definition":"a DAO process when a member stops participating in a proposal before it goes through and leaves with a significant share of the assets.","status":"published","meta_title":"What is Ragequit? Definition & Meaning | Crypto Wiki","meta_description":"Ragequit meaning: Ragequit - a DAO process when a member stops participating in a proposal before it goes through and leaves with a significant share of the assets.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="R"
current-section="what-is-ragequit">