Bitocracy gives weighted voting rights to participants based on their staked SOV. No single entity can make decisions or changes to the system.
SOV token holders who stake in the Sovryn protocol are granted governance rights to participate in Bitocracy, the decision making process of the platform.
The protocol values participants with skin in the game. Voting power is therefore assigned based on the amount and duration of SOV staked.
The governance of Sovryn depends on SOV stakeholders exercising their right to vote. It’s also deeply important to understand fully what you are voting on. Staking SOV for voting power is permissionless and openly available to anyone.
As a community-driven project, your vote matters. As an SOV stakeholder, it's your voice and your right. You truly make a difference in the development and direction of Sovryn.
A community member, or members, create a Sovryn Improvement Proposal (SIP) which is excuted upon if approved by the community.
SOV token holders who have staked their SOV can vote on the proposal. The longer the staking period, the more the voting power a participant has.
If the proposal is approved by a majority vote, then an execution waiting period begins. If anyone strongly disagrees with the proposal, they have this time to walk away.