So governance tokens, what’s it really all about? Web3 has birthed several technologies blockchains and cryptocurrency. Web3 as successfully promoted decentralization and it’s governance system of such with the community based ecosystem. The act of governance is to make a shift on the traditional way in which we view ownership and also decision making, web3 projects, networks and communities has implemented a method known to us as governance which is token based.
So what’s governance tokens? Governance tokens are tokens that developers create to allow token holders to help shape the future of a protocol. Governance token holders can influence decisions concerning the project such as proposing or deciding on new feature proposals and even changing the governance system itself. Further more, with the governance tokens you will be able to cast your vote as according to your voting power on the future of the said project.
Looking at both the web3 principles and the token base governance models outrightly deny the basic principles of web3 which is the manipulation, control with the voting system models. Voting can be done at random by any individual or member of the community with out putting into consideration the effect it will have on the community and it’s members.
If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows eusers and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Over here we refer to users as lions, so are you ready to be a lion here is my referral link See leoglossary for the terms used within this article.
Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in h growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.
Let’s also connect on some of the web2 platform.
Twitter:Hironakamura