Governance
The current system, as you know is filled with numerous bad actors & most of them will get away with anything. Why is it like that you may wonder & the answer is simple. It’s because of lack of governance.
Let’s take this scenario where you have contributed certain sum of money to some organisation or even your tax money for that matter. Now imagine this, what if the money you’ve donated or paid as tax is put on chain & you, as a user, has the ablilty to track where, for what purpose & how exactly is your money being utlised. If everyone can see it, the entire world will drastically change overnight. Wouldn’t this be so cool ?
Socket is built & designed to do all of it.
Introduction
What is a Token on Socket network ?
On Socket network, Tokens represent :
- A virtual governance mechanism tool for all communities
- Rewards for activities on the Socket app
- Rewards for interactions on the Socket app
- Rewards for information curation on the Socket app
- Discounts & Incentives offered to the users by a business
- And more
How does Tokens work on Socket network ?
On Socket network, upon creating a community, a default Token gets created in the treasury automatically by the system. This means every city has a designated CITY TOKEN. All the users are rewarded by a small portion of City Tokens as soon as they enter their City Community for the first time. Again, not everybody has access to the main treasury & only certain roles inside the community will be able to see & access it. In the aforementioned part of this page we talked about governance. You maybe wondering if only certain people can see it, where’s the so called governance aspect. That’s where elections play a huge role.
Any transaction initiated by the person having access to the treasury will automatically trigger an election to all TOKEN HOLDERS inside that community. On voting by all the token holders, based on the result of the election, the transaction is completed or declined.
Also, the Tokens have different voting rights & powers. This also classfies the voting into different types (Quadratic, Conviction & Simple voting) based on the community type.
How are roles occupied in City Community ?
There are roles reserved inside each community & one of them is “Mayor”. Mayor will have access to the treasury inside the city community & any transaction initiated via treasury by the mayor will trigger an election to all the token holders inside that city communtiy. It is up to the people to nominate, elect or impeach the mayor of a particular city community.