📜Governance

1x DiD = 1x vote

UPDATE

Our system of governance will be very dependent on the outcomes of our tokenomics and blockchain architecture solutions that we are currently developing. A whitepaper will be released in due course with details on all the above and how Decentralised Identities (DiDs) will work within our ecosystem.

One of the core values of the 8Bit Arcade is ‘leveling-up’ society. We believe in sharing success and that a community's voice is stronger than that of individuals. This is why we are implemented a governance system that will allow the community to have a say in business decisions. While our governance system will not be a DAO, it does however embody the fundamental principles of giving the community a voice and allowing them a say in shaping the direction of business. Our goal is to provide regular updates on development, proposals, vision, partnerships, and business direction to the community, some of which will be put to a vote using our Decentralised form of Identity (DiD) that will be linked to you 8Bit Arcade account.

All votes will be cast in our Discord server with a designated channel for members. DiDs will be verified with a key in order to determine their eligibility to vote and their fractional weighting. Fractional weighting will be determined on users activity within the 8Bit Arcade ecosystem. One unique feature of our governance is the ability for the community to vote on reward mechanisms. The core team will present an annual report outlining milestones, deliverables, and forecasts, which will help guide future votes and treasury allocations.

Another benefit of this governance system is that we plan to redistribute 10% of net profits to DiD participants (the form of which is yet to be determined and will be subject to legal advice). We believe this to be equitable and just.

Notes:

• Fractional governance

• DiDs to have a say in business decisions

• Core Team to provide annual reports to community

• 10% of net profits goes back to DiD holders in the form of reward(s)