Ible City Governance: Rewards, New Features, and the Ible City Block Lottery
Discover Ible City’s governance system, its rewards, and the lottery promotion for winning governance NFTs.
Ible City, a groundbreaking cross-chain virtual city based on Algorand, Polygon, VeChain, and Ethereum, is transforming how users interact with digital environments through its unique governance system. Ible City is a visual DAO whose interface is connected to the Vendible product Trustible. Trustible allows anyone to protect their digital assets from loss across major blockchains with built-in P2P beneficiary and insurance services.
In this article, we will delve into the structure of Ible City governance, its rewards, potential new features that may enhance the governance experience, and the Ible City Block lottery that allows users to win governance NFTs.
Ible City Governance: Structure and Roles
The governance system in Ible City consists of three primary levels: Diamond High Council, Gold Senate, and Silver General Assembly. Each tier represents a different degree of involvement and authority within the city. Diamond High Council members hold the highest level of influence, Senators second, and General Assembly members contribute as part of a larger decision-making body.
Governance Rewards: Incentivizing Participation
Several rewards are available to governors to encourage active participation and engagement in Ible City’s governance. These rewards, paid in VEND tokens, include the following:
- Citizen requests: Governors receive VEND payments for handling requests such as meetings, votes, and events.
- Property upgrade fees: Users seeking to upgrade their properties must pay a fee in VEND to the governing council for automatic approval.
- Access to exclusive events, virtual spaces, or services within Ible City or real life to governors based on their governance tier.
- PFP upgrades to show governor status.
In return, Ible City governors help manage the city treasury. VEND fills the treasury as people pay to upgrade their property. This VEND can be used for any activities inside Ible City, online, or in real life that the community chooses and the governors approve. Voting power is weighted by governance tier and will be outlined in an upcoming article.
Fees paid to the governance council are divided into three pools for each tier and distributed equally.
Example #1: An Ibler (a citizen of Ible City) wants to place a building on their property. The cost for the building is 100 VEND. A fee of 12 VEND is distributed to the governance council for the building permit.
- 4 VEND is sent to the 12 members of the High Council (0.333 VEND each)
- 4 VEND is sent to the 40 members of the Senate (0.1 VEND each)
- 4 VEND is sent to the 120 members of the Assembly (0.0333 VEND each)
Example #2: An Ibler proposes a real-life event at ETHDenver, including renting a building and catering, with expenses paid by the treasury. To submit the proposal, the Ibler paid a 27,300 VEND fee given the request category.
- 9,100 VEND is sent to the 12 members of the High Council (758.3 VEND each)
- 9,100 VEND is sent to the 40 members of the Senate (227.5 VEND each)
- 9,100 VEND is sent to the 120 members of the Assembly (75.8 VEND each)
The Lottery Promotion: Win Prized Governance Seats
Ible City has introduced a lottery promotion for users who purchase Ible City Blocks, allowing them to win governance NFTs in the form of Diamond, Gold, or Silver seats. The giveaway schedule is as follows:
- The first draw: 15,000 NFTs sold — 6 silver
- The second draw: 20,000 NFTs sold — 6 silver — 1 gold
- The third draw: 25,000 NFTs sold — 6 silver — 2 gold
- The fourth draw: 30,000 NFTs sold — 6 silver -2 gold — 1 diamond
- The fifth draw: 35,000 NFTs sold — 6 silver — 2 gold — 1 diamond
- The sixth draw: 35,000 NFTs sold — 10 silver — 3 gold — 2 diamond
As the number of NFTs sold increases, more governance seats become available through the lottery, attracting a wider audience and incentivizing users to participate in Ible City’s governance.
Members who hold more than one governance NFT can sell them for a premium, given the amount of potential VEND stored in each asset and the governance rights that come with each.
