- Unifty is empowering NFT creators with community governance.
- The proposal offers four types of governance protocols.
- The NIF token sees a change in functionality.
The no-code NFT creator platform and ecosystem — Unifty, is excited to introduce its community governance mechanism. This will offer creators a chance to have a say over the platform’s developments while also aligning their incentives with the long-term success of the platform.
In detail, this idea to be a community-governed organization came as a natural evolution from the original platform. Initially, the platform put the Non-Fungible Token creators in the driver’s seat, making them the platform’s biggest asset.
Now, the Unifty Community Governance will take the next step. This step involves giving control to NIF token holders. Specifically, the proposal will give them the ability to propose and vote on a number of decisions involved in managing the platform.
In particular, a key aspect of the new governance mechanism is that the NIF token has changed its functionality to become a purely governance-centric token. This means that the token can be staked into governance contracts to vote in individual proposals.
All in all, the previous utility of NIF as a payment and reward token will be revised into a new token — the Unifty Network Token or UNT. More so, Unifty governance will have full control over UNT emission thanks to the Grant mechanism.
CTO of Unifty, Markus Bopp says,
Decentralization should always be the answer in crypto. Maybe not right at its start, when the project is still young and its success is heavily reliant on great execution and the founding team’s vision, but it should be the ultimate goal. This is why I’m incredibly excited to launch the Unifty Community Governance project and be able to ‘walk the talk.’ The Unifty community is amazing and we owe our success to them, it’s only natural to give them the control they deserve.
To specify, there are a total of four types of governance proposals. This includes Grant, Vault, Internal Governance, and General Resolutions. First, Grant is a generic term for all kinds of proposals that involve minting and distributing UNT.
Second, Vault proposals are a partial subset of grant proposals. They allow modifying parameters in the smart contract associated with a particular Grant. These can include changes to liquidity mining emissions or other tweaks.
Third, Internal Governance proposals are single issues that allow governance to amend the default parameters of the Community Governance contract, including minimum staking, governance quorums, and time limits for governance actions.
Last, General Resolutions are simple text-based proposals. However, they do not affect smart contract code. These are useful for polling and deciding on complex decisions for Unifty that cannot be easily turned into code.
Finally, governance will activate when a minimum of 100,000 NIF is staked into governance contracts. Note that this number can later be changed by the governance process itself. Unifty has already begun blazing the trail. So far it has already made multiple deployments on Ethereum, Binance Smart Chain, Polygon, Celo, and others.