Liquid Democracy
Does the LikeCoin DAO have democracy?
LikeCoin Community —— LikeCoin DAO —— governance by Liquid Democracy
Anyone who owes LikeCoin is a stakeholder, every stakeholder can have a stake in the governance of the LikeCoin DAO
LikeCoin is a token, LikeCoin chain is it's blockchain, adding together is a DAO (decentralized autonomous/democratic organization).
The way to come into group decisions by the DAO is called "Liquid Democracy".
In Liquid Democracy, all the holders of LikeCoin are stakeholders. The amount of LikeCoin owned by an individual or organization reflects their stakes. Liker delegates LikeCoin to a validator that he/she trusts, just the same as representative democracy that people vote for a representative. But liquid democracy is one step ahead, stakeholder decides who to choose and the level of empowerment because more LikeCoin delegation represent more voting power, and also multiple delegations to different validators is allowed. Moreover the delegation to a validator can be changed at any time, there is no fixed period for the term of office, stakeholder can choose another representative at any time. Validator has to be responsible for their stakeholders all the time. Therefore come to this stage, the foundation acts as a government and its power and executions are controlled by validators who are the representative of citizens.
Likers who have delegated LikeCoin to validators can directly vote on proposals since the FoTan upgrade on August 18, 2021 and facilitates inclusive democracy.
Last modified 5mo ago