NULS Announces Community Governance Tool Based on Smart Contract
Blockchain project, NULS has announced the release of its community governance tool, following the testing and stability of its 2.0 mainnet. The governance tool which is based on the NULS smart contract will allow NULS token holders to vote and participate in the decision-making processes of the network.
While making the announcement, the team stated that the community governance tool had three primary purposes – granting voting rights, creating a board of directors for the Community Council, and allowing the creating of proposals by token holders.
Following the launch of the community governance model, every NULS token holder has the right to vote during elections and on proposals for community funds, amongst others. In the event that a token holder does not want to participate in the voting process, he can assign his voting rights to an agent. Additionally, the token holders can initiate proposals which move on to be reviewed by the Community Council.
Community members are saddled with the responsibility of electing individuals that form the Board of Directors for the project’s Community Council. The Council implements the Foundation’s management regulations, and sponsor activities that will promote the NULS community from the Community Fund.
Currently, the NULS community will be able to implement on-chain governance of community development decisions, such as director elections, ambassador elections, and proposal voting, through use of the community governance tools.