Expanding utilitarian functions of BasketCoin tokens, we aim to take full advantage of the potential of modern solutions offered by blockchain technology and such a functionality is certainly decentralization. Governance Platform is a step towards this decentralization, i.e. the process of transferring control of certain decision-making from a centralized entity to a distributed network. In other words — the users of the platform will decide on important matters regarding the further development of the project.
Can be used to do the following (among other things):
- Execute technical changes to the BasketCoin
- Modify the Basket
- Adjust parameters (transaction fee, fee for staking rewards)
How can you become a user of the Governance Platform?
It’s quite simple — all you need is to have BasketCoin Tokens (Each BSKT token has a Voting Power equal to 1) and you can participate in decision-making together with the entire community. It is also possible to obtain Voting Power if you have specially designed NFT Governance Cards.
Governance Voting System Rules
There are 2 kinds of voting — Polling votes and Executive votes. Both occur on-chain and can be accessed through Governance Platform. When active, each Polling and Executive Votes has a proposed set of changes being made to BasketCoin. They can occur at any time. The exact time varies.
Note that there will be two-tier principle to execute the proposals. Team will coordinate and moderate the proposals submitted to the Polling votes stage and if the required number of votes is obtained, the proposals will be redirect to the next stage — Executive votes.
Polling votes — They cannot effect protocol changes nor trigger processes immediately; they are commonly used to measure community sentiment about issues affecting the BasketCoin project. Polls can be created by anyone with holdings of 15000 BSKT (subject to change) and there are no guidelines on the general use of Polling Votes other than courtesy and common sense.
Executive votes — only admins are able to submit proposals.