How to use GIVernance

As the first fully decentralized P2P crypto exchange, CryptoLocally aims to embody decentralization -- the main premise of blockchain -- into all aspects of our platform. GIVernance allows the community to manage and govern CryptoLocally by creating and voting on proposals with their GIV. Every GIV token holder can make their voices heard and contribute to building a platform that everyone enjoys. This guide will explain how to use GIVernance. We will walk through how to write and publish your proposals as well as how to vote.

1. How to Create Proposals

Click GIVernance Voting Portal on the top of the nav bar (see image 1).

Go to the GIVernance Voting Portal Image 1. Go to the GIVernance Voting Portal

All the proposals published by our GIV community are shown here. The list shows the title, the numbers of votes, the status, and the time left for voting for each proposal.

Open proposals

All the proposals published by our GIV community are shown here. The list shows the title, the numbers of votes, the status, and the time left for voting for each proposal.

Go the GIV guild forum Image 3. Go the GIV guild forum

To proceed, log in to our GIV guild forum (see image 4). If you have been already using CryptoLocally, you will be logged in to the page automatically.

Log in to the GIV guild forum Image 4. Log in to the GIV guild forum

To create your own proposal, click the “+ New Topic” (see image 5). A pop-up for writing a new proposal will be shown at the bottom.

Please follow our guideline when drafting your proposal:

  1. Add a relevant title for your topic, and choose one of the topics listed above. Example: “Listing - Add XYZ Token”
  2. Describe your proposal in detail. What are the action items? What are the impacts? What are the benefits? What are some drawbacks?
  3. Add an image at the end of your proposal topic.
Drafting a proposal Image 5. Drafting a proposal

To publish your proposal for the GIV community to vote on, you need to copy the link of your proposal from the GIV GIV guild forum to the GIVernance Voting Portal (see image 6).

Copying the link to your finalized proposal Image 6. Copying the link to your finalized proposal

Go to the GIVernance Voting Portal and click the “+” button

Opening the link window Image 7. Opening the link window

Paste the link of your proposal, and submit it (see image 8). It costs 5 GIV to list a proposal for voting, and expires within 14 days.

Linking the proposal to the GIVernance Voting Portal Image 8. Linking the proposal to the GIVernance Voting Portal

Once the proposal has been linked, it will be listed on the GIVernance Voting Portal.

2. How to Vote

Remember, voting on proposals and getting involved with the GIV community is crucial to determining CryptoLocally’s roadmap.
After you read a proposal carefully and would like to support it, simply click “Vote” on the respective proposal.

Vote on a proposal on the GIVernance Voting Portal Image 9. Vote on a proposal on the GIVernance Voting Portal

Votes on proposals are time-weighted and time-sensitive. More specifically, at least 10% of the real-time circulating supply of GIV tokens must be staked on a proposal for at least 14 days to make the proposal valid.
Example, consider the following scenario:
There are 200 million GIV in circulation at any given time. This is important, since a proposal passes when the amount of GIV staked on it surpasses 10% of GIV’s real-time circulating supply. For our scenario, 20 million GIV will need to be staked for a proposal to pass.
GIVernance is time weighted. In other words, the amount of GIV/votes you stake will depend on how long you keep your GIV staked for.
Generally, a fourteenth of the staked GIV will be counted towards the proposal for each day. Per our scenario, If you decide to vote a total of 10 million GIV on a proposal, you could stake the 10 million for 14 days or stake 140 million for one day. This total will be reached by adding small portions of votes every 10 minutes. * You cannot withdraw your vote.
Feel free to join our telegram group if you have any questions. Looking forward to seeing all of the ideas coming from our community!