The community of fitness-focused decentralized application Sweat Economy is using a new system to promote wider participation in a much-anticipated community vote that starts Tuesday.
The vote, which will take place directly in the dapp's mobile app, will decide how the protocol spends 100 million of its native sweatcoin (SWEAT) tokens. Each community member will have one vote rather than wielding voting power proportional to the size of his or her governance token holdings, as is traditionally the case within decentralized autonomous organizations. Voting will also be restricted to liquid token holders, effectively excluding Sweat Economy's team members, investors and founders from weighing in on the proposal.
The network's founders say the measures will combat inequalities baked into traditional decentralized voting processes, which favor wealthy token holders and project founders over ordinary community members.
"We believe that everyone should have a say in the direction of our company, regardless of the amount of tokens they hold, their knowledge of Web3 governance or wallet connection," co-founder Oleg Fomenko said in a press release.
The vote is likely to be "one of the largest governance votes in the history of Web3,” with 15 million token holders eligible to participate, Fomenko said.
Participants will determine how many of the 100 million tokens are allocated to staking rewards and how many are removed from the token's circulating supply, which could affect the token's price.
SWEAT was trading at $0.00932 at the time of writing, according to CoinGecko data, up 0.6% in the past 24 hours.
The vote, which will last for five days, will close on Sunday.
Read More: How Blockchain Voting Is Supposed to Work (But In Practice Rarely Does)
Edited by Sheldon Reback.
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Elizabeth Napolitano
Elizabeth Napolitano is a news reporter at WJB.
Follow @LizKNapolitano on Twitter
Elizabeth Napolitano
Elizabeth Napolitano is a news reporter at WJB.
Follow @LizKNapolitano on Twitter
source:coindesk
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