Governance
Electric Cash implements a governance system to achieve direct democracy. In the governance process, changes can be proposed, designed, agreed upon, and implemented. These proposals are not limited to the blockchain source code technical details but can also cover other important network and community issues. Using the blockchain’s built-in voting mechanism, users can vote on proposals made by the community members and the core management team of Electric Cash.
Governance importance
Blockchain governance is not just a symbolic gesture towards the community. It is also an important element of the blockchain ecosystem. It makes projects more transparent and easier to manage.
Introducing the governance system in Electric Cash makes the project more competitive as decisions can be made faster, and better address the market and users’ needs. Success in the crypto market cannot happen without engaged stakeholders. Cryptocurrencies are often built on an open-source code, which is easy to copy, and they only differ from each other through the people supporting the project. Communities must be considered as the most important and unique part of every blockchain ecosystem.
Electric Cash governance system aims to create a project that is:
Decentralized
Every network user can participate in governance. Every staker can make a proposal and cast a vote.
Secure and private
All users can vote anonymously. The blockchain network shows only the wallet address of the user participating in the governance process.
Transparent
All voting results, together with their implementation stage, are visible on the Governance Explorer website.