Blockchain is the technology that provides the conditions and premises to rethink governance by transferring all the power to communities. This is achieved through various consensus mechanisms available today.
However, while many decentralized autonomous organizations (DAOs) tout their governance as an almost perfect one, the decision-making power is often in the hands of those who hold more native tokens.
It happens that most DAOs end up having a governance structure similar to banks or corporations, even though they indeed may empower communities to a certain level. One blockchain project is seeking to find the perfect tune of decentralized governance. TheGreatReset.Finance has split the economics from governance on its ecosystem so that everyone could enjoy equal chances of influencing the project direction.
As the team pointed out, “DAOs are governed exactly like companies, with the large investors buying controlling shares/governance tokens and effectively controlling the company/DAO.”
While TheGreatReset.Finance, which is the new name of what is also known as X DAO, offers a farming token; it is different from the governance token that is distributed in a new manner by using a decentralized job market.
The ecosystem
TheGreatReset.Finance is a community-governed ecosystem that comprises decentralized applications (DApps), including CyberSwap and The Agency, as well as a nonfungible token (NFT) market (named the Market of Zion). The project also includes a decentralized exchange (DEX) that represents an automated market maker (AMM).
What makes TheGreatReset unique is the distinct governance approach it implements. Specifically, the ecosystem is fueled by three different tokens.
The TheGreatReset (TGR) token is the actual governance token that gives holders the right to vote. The token represents the holder’s reputation in the ecosystem, which eventually determines their voting power.
One can earn TGR during the so-called initial task offering (ITO) or in the Agency DApp. Both of these distribution processes are decentralized. With this setup, the more effort a user contributes, the more weight they get when voting. However, they must continue doing tasks and vote, since these same tokens will decay faster in the absence of participation. As the tokens decay over time, the more effort one contributes, the more weight they get when voting.
Hertz is the farming token that comes with several use cases, such as lowering fees or giving certain privileges when accessing the DApps. The token will eventually become deflationary through several mechanisms.
The X token is designed as a global currency, with the consensus being distributed evenly among everyone taking part in TheGreatReset.Finance ecosystem. Anyone with a smartphone will be able to run a consensus node and send transactions with no fees. The token will be used as a store of value or for payments and transfers.
2021 was a busy year for the company, as it introduced the DAO concept, the DEX, the market of Zion and distributed farming tokens. 2022 is expected to be interesting as well, as the ecosystem is launching the Agency DApp to let users earn the governance token. Besides this, the community is waiting for the release of The TGR Prequel comics, card game and movie.
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