PLATFORM GOVERNANCE
In a broader term, governance establishes a structure of guidelines, privileges, and rights community members can access in the ecosystem. It is a framework that governs the administration of the protocol and its participants.
Governance in Decentralized Finance is a meaningful tool to deliver inclusiveness within the project. These are values guaranteeing that community members are part of the decision-making process, direction, and overall growth of the utility token.
In the DeFi domain, the governance framework is considerably unparalleled since it is rooted in technology. DeFi Governance Systems have Blockchain as its backbone to power transparency, participatory development, incentives, and good behavior, subsequently influencing sustainability.
Getting the governance model right from the onset is substantially significant to prevent a few community members from hijacking it to the point of centering power in the hands of a few community members with resources. Notably, the end goal is to provide an environment for users to make imperative contributions to the project's success.
In the initial phase, the NCOG DeFi protocol will have centralized control. Our core team will set up decisions, conditions, and strategies on NCOG DeFi.
However, in the short possible time, the aim is to transition into a fully DAO (Decentralized Autonomous Organization) governance model. Afterward, the project is in the hands of the community with the responsibility for all decision-making.
NCOG token holders will be allowed to vote for or against proposed strategies and decisions. They will then be implemented based on the verdict. Eligibility to participate in the voting process is determined by the number of tokens held by the user in the governance pool. The core team and advisors will have a determined fixed vote each.
The NCOG on-chain Governance Model has never been implemented anywhere in the industry. It's a ground break arrangement centered on empowering and incentivizing the user through rewards and privileges that foster expansion.
There is a two-tier Governance Level in the NCOG ecosystem with its benefits and responsibilities designed to give ownership to users. They are:
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