TORONTO, July 14, 2021 (GLOBE NEWSWIRE) — Recently, SwapAll (developed by Yesbit Technology Ltd.) launched the voting function on SwapAll DEX APP to supports its decentralized community management system. In such a simple and clear voting process, SwapAll fully hands over the autonomy to its community members, with democratic self-care consensus, bringing users from different regions and different countries together, working side by side in mutual respect, and sharing the wisdom of each user, moving towards a mutual goal.
SwapAll Voting Function
In SwapAll, the way users vote to participate in governance is simple and transparent:
- Users can vote using SAP tokens, 1 SAP = 1 vote, and SAP will be refunded after the voting ends;
- Users who hold the platform’s NFT can add weight to their votes. For example, a Silver Elephant can increase the weight of the vote by 10%, and one vote is equal to 1.1 votes;
- Each proposal will have a start and end time for voting;
- There are only two types of voting: “For / Against”;
- Officials and members can both vote on proposals. If members want to vote, they need to stake a certain amount of SAP;
- At the end of the voting, whether the proposal is approved or not is only determined according to the number of For/Against votes.
The Autonomous Community of SwapAll
How do we exchange values in a trustworthy environment? Today’s Internet users are expecting and looking for an answer. Blockchain can realize automated trusted transactions and value exchange, but Internet users around the world still hope to “work with like-minded people around the world in a safe and effective way” to establish organizations.
For today’s blockchain users, the concept of DAO is not unfamiliar. The definition of DAO is not at all complicated. Decentralized Autonomous Organization is an organization represented by transparent procedural rules. A DAO is controlled by the members of the organization and is not affected by any central government. Because the rules are embedded in the codes, there is no need for managers, everyone in the DAO can participate in the management, thereby eliminating any bureaucratic or hierarchical barriers.
DAO can be defined to be one of the most revolutionary business models in the world. SwapAll Exchange has also adopted this model to maximize the potential of the ownerless business based on blockchain technology.
Since its establishment, SwapAll has always put the interests of every member of the community first. In the SwapAll community, anyone can submit a proposal, whether as a designer, ambassador, or marketer, users can contribute to the development of the project in various ways and are always encouraged and supported. SwapAll empowers the community and focuses on achieving positive results. Users can specify the predicted effect of the implementation of the proposal. At the same time, any SwapAll user can see the sorting of the implemented proposals and the result history of past voting events.
Governance usually consists of three elements: the formulation and modification of system rules, the formulation of decision-making, and the responsibility system of participants. These elements constitute the rules of community systematic governance, and these rules are above the system, not within the system. For example, the rule that determines whether a transaction between users is valid is not in the scope of “governance”, while the rule that determines how to change a transaction method or structure is in the scope of “governance.”
The Integrated SwapAll Platform Token
SAP, as the platform token of the SwapAll Exchange, is the representation of the platform’s own credit, redemption ability, operational ability, anti-risk ability and profitability, community construction and operation. So, what are the similarities and differences between SAP and the trending tokens on other platforms?
As a platform token, SAP is first of all irreplaceable and unique, and its acquisition method only comes from the platform farming pools or cooperative farming pools;
Secondly, as everyone knows, AMPL divides its platform token into the stablecoin AMPL and governance token Forth (that is, AMPL represents an independent accounting unit, and FORTH is a governance mechanism that monitors its evolution), and FEI is also divided into FEI and Tribe; Binance platform token BNB can only be used to obtain benefits or airdrops; Yearn’s YFI can only be used as governance tokens… SAP integrates the functions of governance tokens and rewarding tokens, which greatly reduces The user’s participation threshold and allows more users who are interested in DAO governance to join faster, and at the same time, they can get corresponding rewards more conveniently and quickly.
Platform tokens can be said to be special tokens related to platform reputation, user loyalty, and brand image. The major platforms also want to grab a share of blockchain users through competition among platform tokens. For users, this healthy competition is beneficial. SwapAll and SAP are examples of platforms and platform tokens in the industry aiming for the long-term interests of users. In the future, SwapAll will continue to devote itself to providing users with better services and bringing more value to the entire blockchain community.
For more information:
SwapAll APP Download: https://swapall.io/download
SwapAll Layer 2: https://swapall.io/download
Company: Yesbit Technology Ltd.