Ann number 43: Governance, Voting with BNSG

Hi

A lot of you got really excited about when we introduced BNSG

Here’s what has happened till now with BNSG

• Over 800K BNSG have been minted which is 8% of total supply. BNSG only gets created by burning BNS or BNSD
• Genesis mint was complete. Over 500K BNSG were created by burning 5 million BNS team tokens worth over 200K USD. You can find the hash here https://etherscan.io/tx/0xb33c622e3f879ef8a3d9c71600870b5ac0832d0c75a14a6e211f52e77eea7157
• Total max supply that can ever exist for BNSG is 10 million tokens. When all the supply is completed the only way to get BNSG is buying it from open market
• New contract for BNSG was deployed to make it capable for launching some amazing functionality later and migration of tokens to new contract has been complete and all users now have new tokens

On ascent side:

• Testnet is going well
• We are doing a lot of AMAs with different crypto communities. Stay tuned on ann channel to know more
• We had a video done with crypto wendy a pretty known influencer https://www.youtube.com/watch?v=ab-emar0y1E&t=8s

Few FAQs

Would BNSG be tradeable with fiat ?

• Yes. It would be first going live on uniswap and then on bitbns
• Users would be able to convert their BNSG to fiat and so on

How can I contribute towards the success of BNS ecosystem ?

A lot of you have asked how can we make the ecosystem better and contribute towards it’s growth. All 3 tokens are sub 4 million USD in valuation. Which leaves a massive opportunity of growing from here. Raising awareness about different features that we have would essentially do that. The 3 tokens are interconnected in ways. So growth in one would lead to growth in other in some ways.
BNSD is the defi part of the ecosystem
BNSG is the governance token to govern things around ascent and defi related.
BNSG only gets created by burning BNS or BNSG. So automatically gets value from there. And has a limited supply. BNSD would be getting value from projects listed on ascent, BNS gains value from the utilities that have come along and more that would be coming.

So raising awareness about ascent to projects that are launching or looking to launch. Sliding into twitter DMs of those projects or messaging them on telegram with why ascent would help.
Raising awareness about the various utilities on BNS that are live. Like FIP, Pool sales etc would make users benefit and get users to explore BNS as well get benefits by getting BTC on discount or earning interest. And multiple such things. Think how you can build awareness and the price and other factors would automatically fall into place.

What can users do with $BNSG ?

• With BNSG they can decide about the future of the project.
• Make proposals.
• Reduce or increase block rewards,
• Decide projects to be listed on ascent.
• Decide on the marketing flow
• And much more. Few major ones in pipeline

Now what’s recommended for users ?

The more users that participate with BNSG the more representative it becomes of what the actual community wants. And the community can collectively decide on what all improvements can be done to the protocol. The more involved the community the stronger the project.

Also keeping the community first approach we also made it easier for users to mint BNSG right from their bitbns wallet with a click. We urge community members to mint BNSG and participate in improving the protocol. You can get yourself heard and shape the future of the project using BNSG.

How does voting work ?

Anyone would be able to create a proposal from the ascent website. We are working on simplifying the user experience for it currently as its currently a bit technical. By Nov 27th we should have that live.

For now the first proposal is something that the community feels dearly about. Creating a proposal takes around 100K BNSG to do it. This is to ensure that frivolous proposals don’t get created and governance is done where it’s crucial. Users can easily delegate their votes to someone so that someone representing them can create a proposal so the 100K number can be reached with a decent community consensus behind an idea.

Users need to do 2 things:

- To get BNSG they can go to their bitbns wallet and burn BNS or BNSD to get BNSG

- Alternatively they can do it via https://launchonascent.com/#/governance

- First by minting BNSG and then delegating it to their own address if they want to vote themselves. If they wish to pass it to someone they can enter that address there and delegate it to that address.

Now with every proposal users would be able to see the block height and tentative time post which the voting begins. Anyone who has BNSG minted and delegated to their address before that block height is only eligible to vote on that proposal.

Now once voting starts the winning option should have at least greater than 400K votes. That’s when the proposal goes through.

Then there’s a 2 day window after the voting period is over. Post which based on final voting stats it would get decided whether the proposal has gone through or not. Once a clear consensus with one option having greater than 400K votes is achieved the proposal goes through in the favour of option 1.