In the recent past, the Everscale network was governed by a structure composed of the Main Governance and Subgovernances.
The roles of these two bodies were separated, which, in turn, did not permit us to achieve full-fledged decentralization. As a result, a new, innovative management system was delivered - Ever DAO.
The abbreviation “DAO” stands for Decentralized Autonomous Organization. DAO is a specific form of organization in which the coordination of activities between participants is carried out without centralized control, but using automatic algorithms. In the crypto industry, DAO work is usually based on smart contracts.
Today, it is possible to build a DAO on any blockchain that supports smart contracts.
The Everscale network is probably the only blockchain network that strives to provide DAOs for most of the products built on its blockchain. This is done in order to achieve as much decentralization as possible at the level of the ecosystem management.
Therefore, Ever DAO is currently the main decision making body used as a tool to create proposals on the Everscale network. It sets up development directions for the entire ecosystem and makes strategic decisions on the products.
Thus, holders of EVER, Everscale's native coin, get the opportunity to participate in decision-making on the development of the project.
Using EverDAO is simple, however, there are some prerequisites for participation:
- To create a proposal on EverDAO platform you’ll need to stake 100,000 wEVER tokens.
- To vote on already created proposals you’ll need to stake any amount of wEVER tokens.
- Individual voting power depends on the amount of staked wEVER tokens you own.
At the moment, the main multi-chain Everscale Dapp, Octus Bridge, has its own DAO control mechanism.