Governance & Staking
Last updated
Last updated
NO SINGLE POINT OF FAILURE
With the intention of fully decentralizing the AuctionX platform, we remove the largest single point of failure (the team) and create an indestructible protocol that can evolve in entirely new ways, powered by $AuX token.
The AuctionX decentralized governance system replaces the administrator system with community governance, allowing participants to suggest, debate, and implement changes to the platform without relying on, or requiring, the team whatsoever. To become a part of the governing body - staking of $AuX tokens is required. Auction Houses automatically become part of the governing body, because of their stake. Voting rights/weightage is in proportion to the stake held.
GOVERNANCE REWARDS
Governance tokens are cryptocurrencies that represent voting power on a blockchain project. Truly decentralised projects are owned indirectly by the network and have a fiduciary duty back to them.
Governance for AuctionX will be executed by a governing body of stakers of $AuX token. Please note that by the nature of it, all auction houses are part of the governing body.
AuctionX's governing body members will have voting rights on the future developments and plans for the AuctionX platform. The entire process will be implemented on the blockchain. The number of votes per stakeholder or participant is proportional to their $AuX Token stake.
STAKER LOYALTY REVENUE SHARING
25% of all $AuX tokens are earned by AuctionX as gas fees, will be distributed amongst the governing body members.
