Governance Platform and NFT Cards explanation
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.
How can you become a user of the Governance Platform?
It’s quite simple — all you need is to have BSKT Governance Tokens and you can participate in decision-making together with the entire community. In addition, the liquidity providers in the ETH / BSKT pair on the Uniswap exchange will be rewarded with additional Governance tokens, which is a tribute to Investors supporting the project. It is also possible to obtain Voting Power if you have specially designed NFT Governance Cards — we will get back to them briefly. Basic informations about Governance tokens are presented below — be aware of that final decisions in this regard have not yet been made and the entire idea of Governance Tokens and therefore tokenomics may slightly change in the end.
Governance Tokens Tokenomics and Voting Power units
BSKT Governance Tokens (let’s call them GovTokens) and Voting Power units explainer:
Total supply -> approx. 60 000 000 GovTokens (equivalent to approx. 40 000 000 Voting Power + approx. 20 000 000 GovTokens without Voting Power)
* approx. 20 000 000 GovTokens -> airdrop to BSKT Holders at TGE event with ratio 1 BSKT = 1 GovToken; 1 GovToken is equivalent to 1 Voting Power unit;
* approx. 20 000 000 GovTokens -> BSKT liquidity providers rewards, probably in a long run also rewards for staking BSKT; 1 GovToken is equivalent to 1 Voting Power unit;
* approx. 20 000 000 GovTokens -> Treasury; will be used if needed; equivalent to 0 Voting Power units;
* NFT VOTING POWER → min. 2 800 000 and max. 6 744 000 Voting Power units designed for NFT Governance Cards; no influence to overall GovTokens supply.
Governance Voting System Rules
There will be 2 kinds of voting — Polling votes and Executive votes.
* Polling votes — the minimum number of votes cast necessary to obtain consent is set to 50% + 1 vote
* Executive votes — the minimum number of votes cast necessary to obtain consent is set to 70% + 1 vote
In order to be able to submit proposals for voting, you must have a minimum of 25,000 GovTokens, but to log in to Governance Platform you have to also own any BSKT tokens, even as small amount as 1 BSKT. 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. Be awere that final rules may change.
NFT Governance Cards Summary:
* exclusive and unique deck of 54 NFT Governance Cards
* individual Cards are ranked, from highest to lowest: Joker, A, K, Q, J, 10, 9, 8, 7, 6, 5, 4, 3 and 2.
* each Card has its own Voting Power
* whole deck of Cards will be equivalent min. to 2 800 000 and max. to 6 744 000 Voting Power (out of overall approx. min. 42 800 000 and max. 46 744 000 Voting Power units)
* assigned Voting Power units to NFT Cards have no influence to total supply of GovTokens
* list of poker hands applies — you can increase your Voting Power ones you get eligible set of Cards
NFTs Voting Power
Now let’s have a closer look at these BSKT NFT Governance Cards
A standard 52-card deck comprises 13 ranks in each of the four suits: clubs, diamonds, hearts and spades, but there are often two additional cards called Jokers and BSKT NFT Governance Cards consist of overall 54 playing Cards. There are only two Jokers, as they are special (“wild”) Cards, that allow to represent any Card in the deck, making it possible to form sets (“hands”) much easier. You can now enjoy forming your own sets, and remember that higher-rankings hands have more Voting Power so try to get the best hand possible! Compete with other players and compare against the ranks of other hands participating! List of poker hands that applies to BSKT NTF Governance Cards:
NOTE that min. Voting Power is correlated to individual 54 NFT Cards, while max. Voting Power can occur only with perfect sets of Cards (hands) as a bonus multiplier, i.e. 4x Royal Flush, 8 sets of Four of a kind+ 2 Jokers
NFTs have been partially released and they are available to purchase on the biggest NFT marketplace, i.e. OpenSea.io First batch of BSKT NFT Governance cards is limited only to 14 animated cards, which are: Two Of Hearts, Three Of Hearts, Four Of Hearts, Five Of Hearts, Six Of Hearts, Seven Of Hearts, Eight Of Hearts, Nine Of Hearts, Ten Of Hearts, Jack Of Hearts, Queen Of Hearts, King Of Hearts, Ace Of Hearts and The Joker. Joker can represent any other Card so with release of current NFTs batch there are possibilies to get following hands and therefore increase your Voting Power:
One Pair, Straight, Flush, Straight flush and Royal flush. With every next batch of NFTs more sets of Cards (hands) will be possible to play!
What is NFT?
NFT stands for Non-fungible token. NFT is a unit of data stored on blockchain, that certifies particular digital asset as unique and they represent a digital proof of ownership to these unique physical or digital items, for instance real estates, music, videos, fashion, sports, works of art and so on. NFTs aren’t interchangeable and each token is securely recorded on a blockchain, therefore it ensures the asset is one-of-a-kind.