Announcement number 42: Governance is here $BNSG
Governance which we had mentioned in earlier is going live today \m/
BNSG is the governance backbone. We had explained the rationale earlier. We believe in truly decentralising the protocol and giving the power in the hands of users to decide and shape the future of BNSD. We have long idealised the permissionless access, security, immutability and want to play our role in democratising that vision for our users where they can participate in the creation, governance, building and growth of the protocol.
We started BNSD less than 2 months back and it has been a whirlwind ride. We have closely observed community metamorphosing, suggesting, improvising and letting us know where the project can do better. And this is where we realised the importance of a truly decentralised protocol and what it can achieve. In order to do it we had to create a governance structure. That would not have been possible with the existing BNSD smart contract. And hence we have created BNSG. BNSG is not another token — token per se. It has been formed by burning BNS/BNSD so the token assumes value from there. It’s a swapped version specifically created for governance of the protocol.
Let’s get straight to the working:
How to mint $BNSG
Governance token which we had mentioned in earlier is going live today \m/
Let’s get straight to the working:
How to mint $BNSG
Go to the governance part of the website
On clicking the governance part you would come here. You can convert BNS or BNSD to BNSG. Remember no $BNSG is auto created. It needs to be created by burning BNS or BNSD.
The real time rate for BNS or BNSD would be visible. 1 BNSG = 10 BNS and the rate wrt BNSD gerts auto set based on current BNS/ BNSG ratio
First you need to approve the spend limit and then in the 2nd transaction you mint BNSG.
How to delegate your vote
As governance goes live you would be able to start voting on projects and decide how things shape up with BNSD. You can also delegate your vote in case you think someone else is better to carry out that vote on your behalf. This may be someone who is more experienced about that topic on which the voting is happening. So insted of abstaining from voting you are delegating it to someone who is voting on your behalf.
First proposal goes live tomorrow 11 pm
Voting time starts from 7th nov 2020 (saturday) 11 pm IST to 10th nov 2020 11 pm IST
Users who have minted BNSG tokens before 7th nov 2020 10:30 pm IST can vote for the proposal 1. Usually before a proposal goes live whoever has BNSG can only participate in that proposal
Alternative way to get BNSG:
BNSG is the governance backbone. We had explained the rationale earlier. We believe in truly decentralising the protocol and giving the power in the hands of users to decide and shape the future of BNSD. We have long idealised the permissionless access, security, immutability and want to play our role in democratising that vision for our users where they can participate in the creation, governance, building and growth of the protocol.
We started BNSD less than 2 months back and it has been a whirlwind ride. We have closely observed community metamorphosing, suggesting, improvising and letting us know where the project can do better. And this is where we realised the importance of a truly decentralised protocol and what it can achieve. In order to do it we had to create a governance structure. That would not have been possible with the existing BNSD smart contract. And hence we have created BNSG. BNSG is not another token — token per se. It has been formed by burning BNS/BNSD so the token assumes value from there. It’s a swapped version specifically created for governance of the protocol.
BNSG would be also launched via Ascent platform where users can get BNSG. There would only be 75K tokens that would be sold via the ascent platform for BNSG. These tokens have been created by burning BNS by team bitbns. This would be a project that would be going live on mainnet ascent. This would be at a 10% discount rate and you can get BNSG from USDT or ETH.
Airdrop of BNSG
And users would also receive some BNSG in the form of airdrops when they participate in the sale for BNSG on ascent as well as participate in the further projects on ascent for the next 15 months. They need to reserve their liquidity of ETH BNS or ETH BNSD tokens on ascent to be eligible to get the airdrops. More details would come when the BNSG sale goes live on ascent.
To summarise
Super low mkt cap => Governance live = > Community voting = > BNSD burning for governance => Community airdrop for liquidity providers = > Ascent projects = > Global first utilities
This is what’s in the pipeline for $BNSD. We are incredibly excited to take this to 100K users in the next 2 months. Help us spread the word and let’s create one of the most sophisticated governance models and constantly keep refining the project.
Till then
Onwards and upwards
Team bitbns
Go to the governance part of the website
On clicking the governance part you would come here. You can convert BNS or BNSD to BNSG. Remember no $BNSG is auto created. It needs to be created by burning BNS or BNSD.
The real time rate for BNS or BNSD would be visible. 1 BNSG = 10 BNS and the rate wrt BNSD gets auto set based on current BNS/ BNSG ratio
First you need to approve the spend limit and then in the 2nd transaction you mint BNSG.
How to delegate your vote
As governance goes live you would be able to start voting on projects and decide how things shape up with BNSD. You can also delegate your vote in case you think someone else is better to carry out that vote on your behalf. This may be someone who is more experienced about that topic on which the voting is happening. So instead of abstaining from voting you are delegating it to someone who is voting on your behalf.
First proposal goes live tomorrow 11 pm
Voting time starts from 7th nov 2020 (saturday) 11 pm IST to 10th nov 2020 11 pm IST
Users who have minted BNSG tokens before 7th nov 2020 10:30 pm IST can vote for the proposal 1. Usually before a proposal goes live whoever has BNSG can only participate in that proposal
Alternative way to get BNSG:
BNSG would be also launched via Ascent platform where users can get BNSG. There would only be 75K tokens that would be sold via the ascent platform for BNSG. These tokens have been created by burning BNS by team bitbns. This would be a project that would be going live on mainnet ascent. This would be at a 10% discount rate and you can get BNSG from USDT or ETH.
Airdrop of BNSG
And users would also receive some BNSG in the form of airdrops when they participate in the sale for BNSG on ascent as well as participate in the further projects on ascent for the next 15 months. They need to reserve their liquidity of ETH BNS or ETH BNSD tokens on ascent to be eligible to get the airdrops. More details would come when the BNSG sale goes live on ascent.
To summarise
Super low mkt cap => Governance live = > Community voting = > BNSD burning for governance => Community airdrop for liquidity providers = > Ascent projects = > Global first utilities
This is what’s in the pipeline for $BNSD. We are incredibly excited to take this to 100K users in the next 2 months. Help us spread the word and let’s create one of the most sophisticated governance models and constantly keep refining the project.
PS: For easy reference
BNS https://etherscan.io/token/0x695106Ad73f506f9D0A9650a78019A93149AE07C
BNSD https://etherscan.io/token/0x668DbF100635f593A3847c0bDaF21f0a09380188
BNSG https://etherscan.io/token/0x0018E66A1dEA81fdD767CBb15673119b034b5CF2
Till then
Onwards and upwards
Team bitbns
