Ethereum ERC20 token exchange and community ecosystem Ethfinex today announced the launch of nectar.community, which is an important part of the Ethfinex plan to bring ownership of the exchange to users.
The nectar.community governance platform is the vehicle in which Nectar (NEC) holders can monitor balances, redeem fees and vote on community governance proposals.
In February, Ethfinex integrated the NEC token as an initiative that rewards trading on the exchange platform. Every month, the Nectar token is distributed to Ethfinex users in proportion to their trading volume. The token is tied to a pool of profits from all trades, allowing users to share evenly in the success of the trading platform.
Now as of today, NEC tokens holders will be able to calculate their current and future NEC earnings and redeem their share of earned fees through Ethfinex. Token holders will be able to propose and vote for functional changes to the platform, such as token listings and fee structures. Proposals can be submitted right now, and voting on the best proposals is expected to begin within the next few weeks.
Smart Contracts and Voting Setup
Both the voting smart-contracts and UI are fully open-source to allow for safe interactions with the Nectar smart contracts.
With smart-contract enabled on-chain governance still in its early stages, Ethfinex says they are proud to be a member of the Aragon Labs working group where constant testing advances see how various governance mechanisms respond to a host of conditions.
Voting on the platform will initially be done through direct voting, but, moving forward, the Ethfinex team looks to incorporate plans that allow users to delegate their votes to other users which they consider honest and knowledgeable.
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