Aventus Network, a layer-2 blockchain or distributed ledger tech (DLT) protocol that aims to provide scalability, speed and lower costs to Ethereum (ETH) transactions, has introduced its community governance platform, offering Aventus Token (AVT) holders with complete control over “major decisions” regarding the network and a lot more transparency.
In the foreseeable future, all decisions regarding parameters, chain configuration, and upgrades related to the Aventus Network (AvN) and AVT will be “decided by a binding community vote,” according to a blog post by Aventus.
As mentioned in the announcement:
“The voting system is being rolled out using the framework via snapshot.page — a popular off-chain, gas-less, multi-governance community polling dashboard. Any AVT holder can participate in voting, with each held token equating to a single vote. AVT holders who are part of the Validator Scheme can also participate, receiving two votes for each AVT staked. There are 10 million AVT in circulating supply, with 2.5 million of these staked on the Network.”
Alan Vey, Co-Founder and CEO at Aventus Network, noted that the introduction of their governance platform aims to ensure that AVT holders have a say in deciding or determining the future development of the Aventus Network.
Vey explained that this is part of their wider ethos of promoting transparency and “robustness” in all of their activities.
Vey added:
“Not only do we believe that this is an important step for our Network — we believe this approach is the natural next step for blockchain as the technology matures and its use-cases expand. We are 100% committed to being community-led and look forward to engaging directly with our token holders.”
The initial proposals being hosted via the platform will be “non-binding” test proposals, in order to accurately assess or gauge voter turnout levels while ensuring that token holders “understand the process.”
To learn more about the Aventus Governance process, check here.
As covered in March 2021, the team at Aventus Network explained how block explorers offer greater transparency (while carrying out monetary transactions).