Governance. Why is it important in crypto projects?
What is Governance?
Governance means that the community of the project itself will decide in what direction to move, they will choose updates of the system, parameters and other data, which in the future will be able to radically change the essence of the platform itself. For such purposes, created special tokens called — Governance Token, thanks to this, absolutely all holders will be able to participate in various votes, and the more tokens one person has, the higher his vote will be appreciated, by such a decision it is possible to eliminate cheating in the voting system.
By the way, the platform users will be able to vote themselves, without waiting until the Administrator himself will post any questions, but to create their own vote will need a certain number of tokens set by the platform admins themselves, creating a vote does not give a 100% chance that the choice will be 100% implemented in the system, but only shows the Administrators what exactly what users want their platform.
So, I think that almost every sensible project should implement a governance system in its platform, because it will not only make the work of administrators easier, but also make the community think about the future, which they will be able to do.
Governance in Covalent
The only thing I wish that this system was implemented as soon as possible, because I am sure that they have come up with such an advanced system that no one has seen yet. I would like to see the feature I described above, namely adding votes by the community members themselves.
Governance will be done by voting for amendments to various system changes or parameters, and to successfully vote you will need to have $CQT tokens, this is important, because without them you can not participate, and the more $CQT tokens you have, the higher your vote will be valued, so everything is in your hands, a special forum was created for voting, which will only be improved in the future, being a $CQT token holder will not only play an important role in the future of Covalent, but with it you can fully use Covalent API, and send tokens to the staking through the validator in the Covalent network.
On the forum you can register right now, in addition to management, you can also talk to people about development and other useful features that you will need to know.