Governance

As blockchain ecosystems evolve, the mechanisms for governance also undergo significant transformation. The introduction of Prom DAO post-mainnet launch exemplifies this evolution, highlighting a shift towards more democratic and participatory models of governance within the blockchain space.

Introduction to Prom DAO

Prom DAO represents a leap forward in the governance of the Prom network, emphasizing a role-based structure that empowers $PROM token holders to directly influence the network's future. This structure allows token holders to delegate their voting power to other members within the DAO, thereby participating in the network's decision-making processes and benefiting from the ecosystem's growth.

Technical Framework of Prom DAO

The governance model of Prom DAO is built on a transparent and decentralized foundation, where decisions are not confined to a select group of individuals but are distributed across the network's community. This model relies heavily on the $PROM token, which serves as both a stake and a voice in the DAO's governance processes.

Decision-Making Process

The decision-making within Prom DAO is flexible, encompassing a wide range of actions from upgrading core contracts, addressing vulnerabilities, enhancing performance, to improving user experience. This process ensures that the network remains adaptable and responsive to the needs of its users and the broader ecosystem.

Role-Based Structure

Prom DAO introduces a clear, role-oriented hierarchy to streamline its governance process:

• Delegates are $PROM holders who have been entrusted with voting power by other members of the community. They play a critical role in representing the interests of their constituents within the DAO.

• Validators are responsible for maintaining the integrity of the product development process, ensuring that proposals are in line with the network's long-term vision. They provide an additional layer of scrutiny and validation for proposals that have passed the initial voting phase.

• Members are the foundational layer of the DAO, with every $PROM holder eligible to participate. Members can propose initiatives, vote on decisions, and contribute to the network's direction.

Economic Incentives

Prom DAO introduces a compelling incentive model to encourage active participation. Delegates and Validators share 32% of the network fees, creating a direct link between the network's economic performance and the rewards distributed to its governors. The distribution is designed to reward active and meaningful participation, ensuring that those who contribute most to the network's governance and development are adequately compensated.

Token Delegation and Rewards

Token holders who wish to delegate their voting power can do so through the Prom Governance portal, where they lock in their $PROM tokens in exchange for minted voting power assigned to their chosen delegate. This system fosters a symbiotic relationship between token holders and delegates, with both parties benefiting from the network's governance activities.