Bali’s Impact Fund & Decentralized Governance

How does decentralized governance work?

Blockchain technology allows for new governance capabilities known as on-chain and off-chain governance:

  • Off-chain governance is when proposed protocols, projects or initiatives are decided by stakeholder vote (or in this case members vote) through a social discussion and off-chain vote census.

  • On-chain governance is when stakeholders’ vote is hardcoded in the token smart contract and implemented automatically if voting quorums are reached.

For the Impact Fund focused on Bali, Indonesia, we are developing a hybrid approach:

  • On-chain:

    • Governance smart contracts will be linked to all Cosmic Egg NFT holders on-chain.

    • The Impact Fund treasury and funds allocation will be transparently trackable on-chain.

  • Off-chain:

    • All projects proposed will be voted on by Cosmic Egg holders off-chain.

    • Social discussions will be held off-chain.

Quantum Temple's internal and advisory team is currently designing the foundation of the Impact Fund’s Governance Code:

  • Annual Budget and KPIs Setting Framework.

  • Projects Proposals Submission.

  • Voting Mechanics.

  • Governance Code Update Process.

Lastly, we strongly believe that the Impact Fund should reach full decentralization as it matures. In order to achieve this, we are designing an agile governance framework that can evolve with its members to guarantee participation, inclusion and impact in the long-term.

Have any questions or feedback? Reach out: hello@quantumtemple.io 😊

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