Liquid Democracy
Does the LikeCoin DAO have democracy?
Last updated
Does the LikeCoin DAO have democracy?
Last updated
LikeCoin Community ββ LikeCoin DAO ββ 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 holders of LikeCoin are stakeholders. The amount of LikeCoin owned by an individual or organization reflects their stake. A Liker delegates LikeCoin to a validator they trust, just like representative democracy where people vote for a representative. But liquid democracy is one step ahead; stakeholders decide who to choose and the level of empowerment, as more LikeCoin delegation represents more voting power, and multiple delegations to different validators are allowed. Moreover, the delegation to a validator can be changed at any time, and there is no fixed period for the term of office. Stakeholders can choose another representative at any time. Validators have to be responsible for their stakeholders all the time. Therefore, the foundation acts as a government, and its power and executions are controlled by validators who are the representatives of citizens.
Likers who have delegated LikeCoin to validators can directly vote on proposals since the FoTan upgrade on August 18, 2021, which facilitates inclusive democracy.
