⚖️BEETCH Governance
Vote, BEETCH!
Last updated
Vote, BEETCH!
Last updated
"...for so work the honey-bees, Creatures that by a rule in nature teach The act of order to a peopled kingdom." — William Shakespeare, Henry V, 1599
Everyone knows that the hives are ruled by a female monarchy with the queen bee as the all-powerful ruler, but few know that during the swarm the bees actually practice democracy. In fact, honey bees have one of the most sophisticated group decisions performed by non-human animals. They stake everything on a process that includes collective fact-finding, vigorous debate, and consensus building. Accordingly, BEETCH community will exercise its democratic rights once a month.
At the end of each BEETCH cycle community votes on ratio of how much collected BEETCH tokens in BEETCH Governance Fund (BGF) are to be burned and how much of them should be donated to bee conservation and local beekeeping efforts.
This vote is cast on monthly basis for ongoing BEETCH cycle (~ 1,3M base chain blocks), and voting eligibility snapshot is taken on first block of each consecutive BEETCH cycle.
In pre-DAO era, BEETCH governance will be implemented via SNAPSHOT tool which allows BEETCH token holders to vote on BURN/DONATE ratio depending on their voting power.
Voting power is defined in the moment of voting eligibility snapshot at the beginning of each BEETCH cycle and reflects BEETCH holdings of each eligible wallet.
Voting decision is based on the results at the end of the BEETCH cycle depending of the which BURN/DONATE ratio option collected most of the voting power from eligible users who participated in the vote for that cycle.
Users use their voting power to decide on one of BURN/DONATE ratio options offered. The most voted option determines how the total BEETCH amount, collected at the end of the cycle, in BGF will be used:
💛1/4 - meaning 25% BEETCH tokens to be burned and 75% BEETCH tokens to be donated
🖤1/2 - meaning 50% BEETCH tokens to be burned and 50% BEETCH tokens to be donated
🔥3/4 - meaning 75% BEETCH tokens to be burned and 25% BEETCH tokens to be donated
BEETCH holders and investors will be able to track their community votes in the transparent and verifiable way, where all decisions will be logged and displayed on the BEETCHEZ website.
NOTE: BEETCH token is later meant to be used as DAO token where BEETCH community will continue to decide on BURN/DONATE ratio as well as on other proposals by development team. Decisions based on community vote are to be automatically implemented and executed via DAO smart contracts.
Burning BEETCH tokens is meant to reduce the BEETCH token supply, thus creating BEETCHEZ deflationary. The deflationary assumption comes from the economic theory that by reducing the supply, the value of the goods should go up.
In short: BURN BEETCH > NUMBER GO UP!
Portion of collected BEETCH tokens will be donated to registered wallets of organizations and initiatives committed to the cause of bee conservation and growth of beekeeping efforts (Bee Charities).
All donations will be tracked to their receiving destinations and displayed with transaction receipts, articles, photos and videos as an evidence of BEETCH community efforts for bee conservation.
At the TGE, BEETCHEZ will have a relatively low market cap ($517.5K) with a high percentage of circulating token supply (69%). This will make the BEETCH token potentially vulnerable to DEX liquidity pool fluctuations and BEETCH token price volatility. To prevent these common initial instabilities from affecting the value of donations and causing potential liquidity issues, we will implement a transitional donation model that will serve to protect our donation partners as well as our early investors. Therefore, during this initial post-TGE phase, all BEETCH tokens collected in the BGF will be exchanged OTC for a pre-defined USDC value per BEETCH token, and the donation will be sent to our Bee Charity partners via The Giving Block service. This model will be in effect during the pre-DAO phase or until we successfully register the BEETCH token on The Giving Block platform.
