What is Governance?
Governance is a broad concept. It can represent the oversight or control that a group has over a system. It can also refer to decision making, audits of performance, and how decisions are implemented by an organization or platform.
These are the 5 important elements of Governance & GEMS-based Governance, sourced from here:
1. Accountability: is the obligation of an individual, a group, or an organization to answer for a responsibility that has been awarded or shared.
2. Leadership: is setting the “tone at the top,” which plays a crucial role in encouraging an organization’s personnel to embrace good governance practices. NFX Labs will participate here! Future DAO’s will have the ability to contribute as well.
3. Integrity: is acting in a way that is impartial, ethical, and in the public interest. Integrity is reflected, in part, through compliance with legislation, regulations, and policies, and through the instilling of high standards of professionalism at all levels of an organization. We are also deploying a Paid to Moderate incentive system, to encourage healthy participation and integrity within GEMS-based Governance.
4. Stewardship: is the act of looking after resources on behalf of the public, and is demonstrated by maintaining or improving an organization’s capacity to serve the public interest over time.
5. Transparency: is achieved when decisions and actions are open, and employees and stakeholders (including the public) have access to full, accurate, and clear information on public matters.
What is GEMS-based Governance?
GEMS-based Governance aims to give the Community control over core marketplace aspects such as content moderation, Community Treasury and improvement prioritization. GEMS Governance will be released in stages and will improve over time:
Stage one: Decentralized Content Moderation. Algorand Account Verification. Governors will be able to vote to verify, ban and spotlight Creators. Additionally, Governors are incentivized to tag or categorize content by NSFW, STOLEN, ART TYPE, etc. Not all features will be available upon initial release. 👍=Yes or Agree. 👎=No or Disagree.
Stage two: Community Treasury. A Community Treasury of 500,000 GEMS will be controlled by GEMS Governors! Governors can choose to sponsor content that will attract quality Creators, and increase global awareness of the Algogems platform. $GEMS will be distributed periodically to Creators who win Community-judged Contests, to incentivize useful activity on the platform. Funds will be sourced from the Community Treasury.
Stage three: GEMS Improvement Proposals (GIPs). Governors will put the Community Treasury to work in the future in ways not yet envisioned. Governors will be able to make suggestions and vote to prioritize marketplace improvements. NFX Labs is well equipped, to deliver on new and exciting features.
Governance will be organized into 13 week periods. The first 2 consecutive periods of 2022 will offer a base $GEMS reward, in addition to fees collected. For the 1st period, there will be at least 250,000 GEMS up for grabs! Starting with the 3rd period, rewards will be purely generated from the accumulated fees of all previous GEMS sales in that period. This will be a continuous source of semi-passive income!
Governors must commit to a 13 Week Governance Period & vote to earn rewards. Withdrawing early will forfeit your share of the rewards to the remaining Stakers, benefitting committed Governors.
Governance will incentivize delayed gratification through amplifying rewards, based on the number of consecutive periods that you have participated in. These will stack and compound at the end of each Period, continuously. GEMS-based Governance and Leadership will, first and foremost, ensure proper function for the Algorand Community and Ecosystem.
Stage one launch:
February 1st, 00:00 UTC
GEMS Governance Token
The Algogems platform functions hand in hand with $GEMS, to the benefit of all users. GEMS Governance will give holders the ability to participate in votes to fund new initiatives, verify Algorand Accounts, and moderate content, to prevent stolen art, and categorize or tag NFTs. Furthermore, it will incentivize delayed gratification for $GEMS Stakers, and be a source of continuous Passive Income!
The $GEMS Token model is designed to make the Algogems community and content more vibrant and valuable, while preserving the platform’s user-friendliness. GEMS Governance is a way to participate meaningfully within the Algorand Ecosystem, either as a Supporter or a Creator.
NFX Labs, and the Algogems Community, will continue to find innovative ways to bring additional value, and utilities, to the GEMS Token. $GEMS will also act as tickets to participate in future NFT-based Lotteries and Games on Algogems. This is in addition to Shuffles, Swaps, and Fusions! Together we will create the greatest Metaverse Marketplace, freely accessible to all!
Join our Discord, Telegram, and follow our Twitter, for the freshest info and teasers about GEMS Development!
Click here to create your 1st GEMS NFT
Stay tuned, for exciting news and developments. New content to follow, in order of release, covering: GEMS Tokenomics, followed by Digital Ownership & Copyright!
Thank you for reading, GEMS FAM 💎
Wilder Stubbs
GEMS Core Team Member
