LikeCoin is a token, LikeCoin chain is it's blockchain, adding together is a DAO (decentralized autonomous/democratic organization).
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.