Governance of Prophecy Project

chuksmy (48)in #communityyieldpools • 4 years ago

Having a system or society without setting some levels of control and governance may likely lead to abuse of certain and disorderliness in such an environment. Rules and regulations are adopted to assist people to understand what they can do and other things they should neglect. This kind of activity also occurs within the blockchain space and cryptocurrency circle. With the increasing number of projects in the industry, emerging decentralized projects and networks, establishing credible and robust governance is salient. Each blockchain project, while creating its governing strategy, plans on the specific areas and activities on the network that will be influenced.

The mainstay of adopting governance under a blockchain project is that it eliminates the existence of a centralized system. While the project can dictate how organized and decentralized activities and participation will occur within the platform, the governance structure of a network can indicate how to perform voting exercise and proposal submission. Prophecy Project has specific areas within its framework that its governance structure influences.

The structural model of governance intended by the management team is a progressive decentralization system. During the initial stages of the project, the responsibility of creating, marketing, and promoting the objectives of the network and managing the PRY token, lies with the founding owners and its team members. This will then expand towards the community members. Prophecy Project’s primary intention is to provide a decentralized governing system where the members of the community possess complete ownership, transferred to them by the founding owners. This will begin as a gradual process, before translating to full control by the community. With time as the project grows and matures, more ownership rights will be transferred to the community and active participants after the completion and achievement of certain milestones.

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Prophecy project will also have the governance pool, which participate can generate claims when they contribute and stake tokens. However, these token claims are dictated by two important factors, the allocated tokens and the time of the request. Participants need to identify certain timelines when to generate claims, and maturity time. They also need to avoid staking their tokens prematurely, as they may lose their claiming rights.

The governance structure of this blockchain-based project enables its subscribers to possess some level of authority and influence over the dictates of the growth and development of the project. Members can participate in various activities on the platform using their governance tokens. These activities may include proposal submission for developments, voting exercises for awaiting proposals, fee collection from the network, adjustment rates, increasing the exposure via combined dual staking, and many more.

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In conventional settings, governance of projects variably depends on the relevance of the network’s asset, in this case, it is the PRY token. This in turn develops into a discord, which is usually seen in most traditional financial systems. Prophecy project will build its governance based on a strong token verification, and this will enable the network to dismiss the inadequacy of conventional governance structures.

For every community member, their influence on this project’s governance is dependent on three salient and intertwined factors, they include interaction and activeness on the network, amount of token, and the extent of token ownership.

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