CryptoNews - A Closer Look At The NavCoin's Community Fund
A decentralized project using collaborative governance to determine its future. A closer look at NavCoin's community fund.
Imagine a company with no board members, CEO or CFO's. A company that’s run by an automated network, gathering ideas and proposals of all its employees, stakeholders, and community members. A company that gives everyone a say in its future direction, and that actively promotes the collaboration of the commons. Science fiction or science fact? Well, let's take a look at what NavCoin 's community has created!
The world's most advanced Community Fund!
The NavCoin community fund is a tool that makes this vision a reality.
After a lengthy development process and countless discussions amongst the community, it was finally ready.
Late in 2018 the Community Fund was brought into existence and 'locked in' after community consensus was reached on the NavCoin blockchain.
Now, why is that so special you might ask? - Aren't there other projects that have a community fund, warchest or some wealthy investors?
What makes the NavCoin Community Fund so special is its complete decentralization. There is no single point of failure, no specific organization, or any individual that must be trusted in order to use it.
For every block that is minted on the NavCoin blockchain, 0.5 NAV is added to the community fund. This means that in 1 year an amount of approximately 500,000 NAV is added to the community fund.
Having access to approximately 42,000 NAV a month allows the fund to do such things as pay for developers, content creators, and marketing campaigns - even this article was paid for through the Community Fund! The higher the price of NAV the 'larger' the fund will be, meaning more developers can be paid, more content can be created and more marketing can be bought - all while being funded in a completely decentralized way.
The Network decides!
The NavCoin Community Fund uses a dual-vote consensus mechanism. This means after a proposal is created, it is voted on by the network and then the work is started. Once the project is completed - or specific milestones are met - a payment request is created and the network votes again.
This second vote is a check and balance to ensure the work described in the proposal has been completed.
If for some reason the work wasn't done, or the proposal was abandoned, the coins that were made available for that proposal are unlocked and added back to the community fund.
Open to Anyone
The decentralized nature of the fund also means that it is open to anyone! If you previously haven’t had anything to do with NavCoin but you have a great idea that would benefit the project, you too can create a proposal. It's as simple as that!
If you promote your idea, provide the community a detailed overview of what you plan to do, and how it benefits the project, it is very likely that funds will be made available for the realization of your idea.
You don't have to be a blockchain developer either. You could be a social media influencer, youtuber, artist, or just someone with a great idea. Join the community, propose the idea, collect the necessary votes and bring it to life!
A new form of Governance
We expect the Community Fund to evolve, for it to be used for not just funding ideas but also deciding project direction, creation of a foundation, and more. The decentralized nature of the Community Fund also allows for the issuing of voting/polls to guide the community on what direction the protocol should take moving forward.
For example, a vote is currently being cast to decide on NavCoin's new private transaction solution. This type of voting mechanism allows everybody in the community to voice their opinions on whatever topics they decide.
The NavCoin Community Fund steps boldly into uncharted territory, giving an entire community the power to decide its future in a fair and democratic way. With the Community Fund in full swing, now’s the perfect time to get involved!
Be sure to join the community channels to stay updated.