Introducing GoFungibles’ community governance in the world of crypto

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OkDe­cen­tral­iza­tion and Web 3.0 are hot top­ics in the world right now.

A byprod­uct of blockchain tech­nol­o­gy is the emerg­ing world of Web 3.0. The idea behind Web 3.0 is that users on the inter­net will inter­act with each oth­er and data will be stored in a decen­tral­ized way, giv­ing users data pri­va­cy and sov­er­eign­ty. This is dif­fer­ent from Web 2.0, where most of the activ­i­ty on the inter­net is com­posed of users inter­act­ing with each oth­er and data stored in cen­tral­ized stor­age loca­tions that are con­trolled by large com­pa­nies. These com­pa­nies also prof­it off of the data. 

Most users would pre­fer to have their data pri­vate, or for that mat­ter prof­it off of the sales of their own data. If that is the case, why have most of us opt­ed into major Web 2.0 plat­forms that store our data?

One major rea­son is that data stor­age was not broad­ly con­sid­ered dur­ing the rise of Web 2.0. This came to light recent­ly. But even so, and even with dis­trust and issues with cen­tral­ized plat­forms, most users opt-in to receive the best user experience. 

This could mean bet­ter ease of use, or bet­ter access to con­tent. For cre­ators, there is a con­nec­tion to a poten­tial­ly large com­mu­ni­ty. These are the pain points that cen­tral­ized plat­forms resolve. 

Decen­tral­ized ser­vices can solve these pain points with the blockchain instead of a poten­tial­ly arbi­trary cen­tral deci­sion point. The prob­lem is one of the errors in governance. 

When a decen­tral­ized sys­tem does not have a pre­de­ter­mined method of gov­er­nance to deal with a sit­u­a­tion, things can go hay­wire and need to be solved with a poten­tial­ly arbi­trary cen­tral deci­sion point. 

In the his­to­ry of cryp­tocur­ren­cy, this has hap­pened. No res­o­lu­tion for two con­flict­ing ideas has result­ed in “hard forks” with two cryp­tocur­ren­cies emerg­ing. Ethereum and Ethereum Clas­sic in 2016 and Bit­coin and Bit­coin Cash in 2017 are some of the most famous exam­ples. For Bit­coin Cash, this was fol­lowed by a fork that cre­at­ed Bit­coin Cash and Bit­coin SV in 2018.

What is need­ed is a sen­si­ble decen­tral­ized gov­er­nance mode to address any eventuality. 

GoFun­gi­bles Tack­les Governance

GoFun­gi­bles is an upcom­ing NFT mar­ket­place that fea­tures a play-to-earn mobile game and is built using the Poly­gon side-chain solu­tion. This allows it to access the Ethereum net­work with low­er gas fees when mint­ing NFTs.

GoFun­gi­bles also bridges NFTs and decen­tral­ized finance togeth­er with stak­ing and yield farm­ing pow­ered by its util­i­ty and gov­er­nance token, $GFTS.

Here is how gov­er­nance works in GoFungibles.

Once launched, the GoFun­gi­bles team roadmap includes cre­at­ing a DAO, or Decen­tral­ized Autonomous Orga­ni­za­tion. A DAO exists to cre­ate or remod­el ser­vices on the plat­form and is run by the com­mu­ni­ty with­out a cen­tral­ized author­i­ty. It is also ful­ly trans­par­ent and every vote appears on the blockchain.

In addi­tion to oth­er ben­e­fits such as yield farm­ing, and oth­er finan­cial val­ue and/or util­i­ty on the GoFun­gi­bles plat­form, the token is also a gov­er­nance token.

$GFTS token hold­ers that stake their tokens are the eli­gi­ble vot­ers in this com­mu­ni­ty. The num­ber of votes is pro­por­tion­al to the amount of staked tokens. Those with the great­est inter­est in the ben­e­fit of the plat­form are also grant­ed the great­est influ­ence, cre­at­ing a win-win for the com­mu­ni­ty as a whole. 

For exam­ple, User A has X num­ber of staked tokens. User B has a 2X num­ber of staked tokens. User C has a 1.5X num­ber of staked tokens. User A would get 1 vote, User B would get 2 votes, and User C would get 1.5 votes. 

As the tokens are staked, this pre­vents bad actors from being able to make detri­men­tal deci­sions and then dump the tokens and then secret­ly exit or “rug pull” the oth­er com­mu­ni­ty members. 

Again, this is a DAO, so the GoFun­gi­bles team will not be able to over­ride the deci­sions of the com­mu­ni­ty and the com­mu­ni­ty is pro­tect­ed against a rug pull from any team members. 

An addi­tion­al lay­er of secu­ri­ty is built-in with the Poly­gon frame­work built on top of Ethereum, the world’s lead­ing appli­ca­tion-lay­er blockchain. 

Bring­ing a DAO com­mu­ni­ty gov­er­nance frame­work to the GoFun­gi­bles plat­form makes it one of the most excit­ing new projects being built on Poly­gon and Ethereum. 

Con­tact

Con­tact the GoFun­gi­bles team across social media and the web here:

Twit­ter | Telegram | Web­site | Insta­gram 

Dis­claimer: This is a paid post and should not be treat­ed as news/advice.



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