2023-04-22 16:23:38
POWER TO WAVES, WAVES TO POWER. Outline of the new Waves governance. The Power Governance Protocol is an all-inclusive platform designed to facilitate efficient and effective governance activities on the Waves blockchain. It comprises several components, with the Power Token being the centerpiece. This token, which is scarce and highly valuable, is used across all Waves-based projects to enable seamless governance processes.
To simplify the process of using the Power Token, existing projects can conveniently swap their native tokens for the Power Token through the treasury swap procedure. To initiate a swap, a proposal is presented in the Mother DAO that outlines the desired swap rate and amount. If the proposal is accepted, the existing DAO is linked to the family of Power Child DAOs, enabling the implementation of accepted proposals in the project DAO. The code voted on through the Power Protocol is easily deployed in the project DAO, resulting in an efficient and streamlined governance process.
Upon completion of the swap procedure, Power Tokens obtained are distributed among project token holders interested in participating in the governance of the project. This approach ensures that decision-making in the project is representative of the stakeholders' interests and is based on "skin-in-the-game" principles, which is a key feature of the Power Protocol, guaranteeing accountability.
The issuance of Power Tokens used in the swap procedure is determined by the Mother DAO community through the Power Protocol. Additionally, a treasury donation from the Power Treasury to the project treasury in liquid assets may accompany the issuance of Power Tokens. The Main Power DAO community is incentivized to use the Power Protocol for promising projects, making the treasury donation economically feasible for Power Token holders and active participants in the Mother DAO.
This approach ensures that the Power Protocol can work seamlessly with both new and existing DAOs. It provides the necessary voting mechanisms and scarce tokenomics required for efficient governance. The approach also encourages better decentralization of development, enabling project communities to propose new features while developers can bid on their completion. Ultimately, this results in a situation where there is no single beneficiary, with multiple parties becoming project beneficiaries, and the general community being the main party.
For non-profit charity Child DAOs, the setup is similar. New Power Tokens are issued by the Mother DAO community, distributed to decision-makers in the charity DAO, and staked in the charity DAO. If the community deems the charity DAO effective, decision-makers and other active participants can claim their Power Tokens from staking or receive additional tokens if a portion of the issued tokens were designated for rewards. Overall, the Power Protocol is a powerful tool that facilitates efficient, decentralized governance for both existing and new Waves-based projects, for-profit and non-profit.
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