Commit your ALGO to Become a Governor - Algorand Governance: Period 7

zerorequiem0x (44)in #crypto • 2 years ago

Hey Peeps!

Algorand Governance Period 7 has started and I thought it would be a good idea to write about it while the Governor registration period is open.

The registration period closes on April 21st, so don't procrastinate too long before committing your ALGOs.

107.6 Million ALGOs have already been committed by almost 9,000 Governors.

Committing your ALGOs to governance allows you to vote on measures proposed by the Algorand Foundation, and you will also earn rewards at the conclusion of the period, if you have maintained your committed balance throughout the 3 month period.

I will run you through a normal Governor Commitment period so if you are unfamiliar with the process or perhaps looking to participate in a future vote, this could be a helpful guide.

In order to participate in an Algorand Governance Voting Session, you will need to be a Governor with ALGOs committed.

First, you will need to navigate to the Algorand Governance website and connect your Algorand wallet.

I would advise against using the MyAlgo Wallet as they recently experienced a hack.

I personally use the Pera Wallet, as it has a smooth UI and I have yet to experience any issues.

When you select the "Commit ALGOs" button, you will be prompted to enter your ALGO commitment amount.

You will also be able to commit ALGOs you have in eligible Liquidity Pools.

If you select the "Enroll as an xGov" option, you will be met with a prompt explaining that your ALGO commitment will be locked up for 12 months instead of 3 months for a normal Governor.

Here is a link to more information about the xGov program: https://www.algorand.foundation/news/xgov-evolving-algorand-governance

Once you have filed out all fields and hit "Commit Algos", you should be sent a transaction request to your Algorand wallet, which you will need to confirm and sign.

After you have confirmed the transaction on your Algorand wallet, the Governance page should update and let you know the ALGO Commitment was Successful.