Oikos: The governance
Introduction
In all cryptocurrencies, governance is key. This is established as an interesting alternative to the operation of the fiat currency banks. Moreover, the main aim of crypto is to establish a system that gives users total control over their funds. When cryptocurrency started through the pioneering coin, bitcoin, the proof of work system was the go to governance mechanism.
The governance mechanism seamlessly eliminates the traditional financial policies that slow down the operations of banks. It helps to establish transactions confirmations and other network necessities. Recently, proof of stake systems, masternode protocol have also been used to maintain system orderliness and establish network governance. Oikos, a synthetic cryptocurrency asset platform that creates a real-time chain exposure to fiat currencies and stocks operates via the blockchain technology. Therefore, there’s a need for a decentralized decision making protocol.
Oikos governance protocol
The Oikos project is a system that operates by creating wealth for its contributors. Therefore, it has adopted an improvements proposal process as its governance protocol. This protocol focuses on network contributors, drafting workable proposals, that is subjected to decision of the community. The process is called the Oikos improvement proposal (OIP). The oikos improvement proposal involves all core protocol descriptions, network contributors APIs and the tron contract specifications.
Stages of the Oikos improvement proposal
WIP:
This describes an improvement proposal that is undergoing development. In the development stage, the network contributor must include a valid address. Also, this stage is the sales pitch process, therefore, the client has to add all necessary information that could boost network acceptance of the proposal.
Proposing stage:
This qualifies a full developed proposal that has been sent into the system for appropriate review by the governance call. This stage will analyse the viability of the proposal and its relation to the Oikos development protocol.
Approval or rejection stage:
After a proper analysis of the proposal and the necessary parameters are checked, the oikos community accepts or rejects the proposal. Before approval or rejection is triggered, the network contributors are effectively carried along to ensure there is enough scrutiny.
Implementation stage:
When the improvement proposal is analysed and approved by the community. The implementation stage is next. It involves when the OIP is released to the main community. It is the final stage of the oikos improvement proposal.
Furthermore, the aim of the Oikos network is to remove all detail of centralization in the system. This will boost its credibility within its community and the crypto space at large. This will signal the removal of legal and operational structures that control funds and treasuries and other activities like grant allocation.
In its governance, the centralized features of crypto economy and monetary volatility is eliminated. This processes will ensure the total decentralized marketplace protocol of the Oikos project is established.
Conclusion
The governance mechanism of the oikos project is a developmental process. It focuses on asset selection and wealth generation. Through its network, the oikos community can create wealth generation proposals that align with the project’s goals. Notably, all these are done with total decentralization. In essence, the governance of the system is established by its active participants. Therefore, oikos truly gives participants control over their funds.
USEFUL LINKS
Website: https://oikos.cash/
Twitter: https://twitter.com/oikos_cash
Facebook: https://www.facebook.com/Oikoscash-102203241479884/
Telegram: https://t.me/oikoscash
AUTHOR'S DETAILS
Bitcointalk Username: chuksmy
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2635666