Introducing 8Pay’s Governance Framework
At 8Pay, we are busy building an all-in-one payment protocol fit for the times we live in. One that benefits both consumers and merchants by enabling ultra-fast and convenient recurring and on-demand transactions using cryptocurrencies.
Governance being an integral part of any blockchain let alone a decentralized finance platform, we thought it would be a good idea to talk about how our protocol will be run going forward.
A decentralized vision
The first thing to note is that we are fully committed to decentralization. Eliminating a single point of failure by creating a foolproof open protocol that works for the many, not the few, and that solves the problems of the payment space, has been our goal from day one.
Our inbuilt governance mechanisms are perfectly designed to settle disputes and establish consensus by vesting power into the hands of our token-holders, the people who — after all — make the protocol what it is.
By locking our native 8PAY token into the system, community members — comprising merchants, vendors and third-party developers — can have a say in the advancement of the overall platform by casting votes on key decisions, such as the addition of a new cryptocurrency or NFT, or integration with other defi protocols.
The 8PAY governance token additionally includes code to query an address’s historical voting weight — which helps when it comes to creating complex voting systems.
Incidentally, the 8Pay protocol is currently undergoing a rigorous audit by a leading blockchain security company. During the course of this audit, all of 8Pay’s smart contracts, including that pertaining to its governance framework, will be thoroughly tested.
Making your vote count
There are many decentralized entities in the defi space that promise to act upon the wishes of voters. However, users must rely on them acting in good faith to reflect their wishes. This is not the case with 8PAY: all proposals are represented by executable code rather than conveyed to a team with the expectation that they be implemented.
With 8PAY, proposals are subject to a three-day voting delay period between the Proposal Creation and the opening of the Voting Pool. They are also subject to a three-day voting period and any user wielding voting power can make their voice heard by endorsing or rejecting a proposal. Provided a majority of votes (quorum 3% of total supply) endorses a mandate, it is promptly queued in the timelock before being implemented after just two days.
As it should be, the community has the authority to make crucial decisions, not a centralized entity looking after its bottom line. By empowering 8Pay’s distributed users via a simple governance framework, they can make a valuable contribution to the platform’s continued growth and value.
It’s been an incredibly busy time for us at 8Pay HQ. But we wouldn’t change a thing. Bit by bit, our vision for a comprehensive payment protocol for defi is coming together. Get yourself some 8PAY tokens and be part of the journey.
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