NEOPIN Launches Finschia Governance Voting For Individual FNSA Holders
We’re excited to introduce a pivotal advancement in the Finschia ecosystem — the launch of the Finschia Governance Voting platform for individual FNSA holders, brought to you by NEOPIN. This initiative represents a significant stride towards a more decentralized and community-driven future, enabling every FNSA holder to actively influence the trajectory of the Finschia project.
P.S. With the launch of Finschia Governance Voting on NEOPIN, $FNSA staking will be counted towards the NEOPIN Club Membership points starting from October 13, 2023 at 00:00 UTC. For details, please refer to NEOPIN Docs.
What is Finschia
Finschia aims to become the world’s №1 blockchain ecosystem, leading the popularization of Web3 and securing over 1 billion users. Finschia is a public mainnet that is the successor to LINE Blockchain, independently developed and operated since 2019. Starting from the 3rd-generation mainnet Finschia, the Finschia Foundation has taken over the vision and mission of LINE Blockchain while continuing to move the industry forward. We focus on the essentials of service growth and growing token demand, along with the principles of the Finschia Token Economy 2.0.
Governance and Governance Voting
Governance encompasses the system and processes for making decisions within a project or organization. It consists of rules, protocols, and mechanisms that shape the project’s evolution, including changes, upgrades, and initiatives. Within the Finschia ecosystem, governance is the key to decision-making power, ensuring the establishment of a fair and transparent token economy. Governance voting is the primary means by which Finschia’s governance members express their preferences across all aspects, aiming to promote healthy growth, seamless interactions, and transparent, equitable operations.
Finschia Governance Member
As a Finschia Governance Member (FGM), NEOPIN currently holds approximately 11.75% of the voting power for Finschia Governance.
As of now, only governance members have the privilege to vote on Finschia Governance proposals. We’re changing this. Through Finschia Governance Voting platform on NEOPIN, we are broadening decision-making access to all individual FNSA holders, granting you a voice in shaping the project’s future.
If you stake $FNSA through NEOPIN, you’ll have the ability to vote on Finschia Governance proposals, and we’ll cast votes based on the community’s voting results.
Voting Method
Similarly to the Klaytn Governance voting method, your voting power allows you to vote either “YES” or “NO” on each proposal. Once you cast your vote, all your voting power for that item will be used, and you cannot change your vote.
How to Obtain Voting Powers
Users who have staked $FNSA through NEOPIN will receive voting power allocations based on their staking amounts. Each $FNSA staked represents one voting power, so the more FNSA users stake on NEOPIN, the greater the voting power NEOPIN will have as a Finschia Governance Member (FGM). These rights will subsequently be delegated to the NEOPIN community, increasing the influence of NEOPIN users within Finschia Governance.
Voting power is calculated based on the staked amount of FNSA, and the number of voting powers is updated daily at 00:00 UTC. Additionally, for each proposal, a user’s voting power is determined by taking a snapshot of the voting power each user possesses at the time the proposal is listed on the NEOPIN governance page. This means that any additional staking will not affect the number of voting powers for a proposal if it has already been listed.
Voting Results
- If less than 33% of total voting powers are used, the result will be “Abstain.”
- If more than 33% of total voting powers are used, the majority rule of “YES” or “NO” applies.
- If neither “YES” nor “NO” gets over half of total voting powers, the result is “Abstain.”
How to Participate
1️⃣ In the NEOPIN App, go to Community > Governance > Finschia.
2️⃣ Select an ongoing proposal and review the details.
3️⃣ Use your voting power to vote on “YES” or “NO” and proceed with the transaction.
4️⃣ Review the transaction and confirm it.
5️⃣ Check the updated voting status of the proposal you voted for.
The Future of Finschia is Now in Your Hands
We invite all $FNSA holders to embrace this opportunity and actively participate in shaping the future of Finschia. Your voice is of utmost importance, and collectively, we can forge a more robust, innovative, and community-centric Finschia ecosystem.
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