Governance, in this case, is the term used for the mechanism to which members of a group can vote periodically on issues and ideas that affect an entity they have an interest in. For ARC, we would like to give the Aurora team members a say in the direction of ARC – what to focus on, how we work, how we report and how we track items.
The reason for implementing governance within ARC is twofold:
- To give team members incentive to collaborate on ARC projects and prototypes while providing them an avenue to influence the overall direction of ARC.
- To allow management to greater understand the teams views on certain subjects and keep everyone aligned.
Blockchain technology allows for not only currency led approaches but also the ability to tokenise many things. One of the most exciting areas of development within Blockchain is voting and democracy. As a blockchain ledger is immutable, it can provide the perfect platform for voting.
ARC governance is powered by the $AURORA token which resides upon the Algorand blockchain. This token has no specific monetary value but instead is used to express voting choices by it's holders.
Initially all team members will be given 1000 $AURORA tokens as a starting point. These tokens can be used to vote on upcoming topics where 1 token = 1 vote. Additional tokens over and above the initial 1000 can be earned through multiple means:
- Contributing to ARC projects
- Assisting in the administration of ARC
- Proposing voting topics in ARC governance
The above means of earning ARC are not finite and more utility of the token should be part of on-going ARC projects. Using 1 token = 1 vote means that team members who are more engaged within ARC can have a bigger say in how it runs.
One of the first ARC projects will be to create the voting platform on which governance votes can take place. It is envisioned that this will be a web based application utilising the Algorand SDK and various 3rd party APIs – which in itself provides a lot of options for learning.