P-OPS shared last Friday, April 23, through its Twitter account, some details about the launch of HRC-20 Governance, which, in its opinion, will allow Harmony-based projects to “govern themselves”.
“The Harmony team is launching HRC-20 Governance as a next step towards decentralized governance. This is intended for all projects that have their own HRC-20 token on the Harmony network, which allows them to have their own governance system”, he said through an article published on the Medium platform.
These are fungible tokens minted on the Harmony network, just like ERC-20 tokens are on Ethereum. In terms of functionality, the HRC-20 is like ERC-20 tokens like USDC, UNI, SUSHI, etc., except that it is issued and used on the Harmony network, rather than the Ethereum network. This is most useful for any application that needs its own token and wants to build on top of Harmony.
The company explained that governance is an important aspect in today’s blockchain world. It represents the ability of people to vote, just like everyone votes for political parties, presidents, etc. On blockchain it is no different, except that it is decentralized and radically fairer.
“At Harmony, we want the voice of our communities to be heard and for their votes to be important. Community members can help make decisions about Harmony or the protocols that are based on it. We want the voice of each user to be heard and to help promote projects as a decentralized community”, he added.
In addition, he explained the steps that project owners must follow to apply for governance selection:
• Fork this repository https://github.com/harmony-one/snapshot-spaces
• Create the name of the project in the directory “spaces”, which contains the files as in the subfolder “examples”
• Create any changes to the voting mechanism, such as including staked or LP-ed tokens by modifying the snapshot.js library that snapshot-lab manages. You can submit a PR in this repository: https://github.com/snapshot-labs/snapshot.js
• Submit a whitelist of addresses that can create proposals (optional)
• Submit a PR to the original repository; add reviewers
How does it work for users?
According to the company, the governance app is available at https://governance.harmony.one. To interact with it, you need to connect your One Wallet or Metamask extension, just like using Metamask on Ethereum.
“Any HRC-20 token holder can create or vote for proposals within their own project unless the project creators specify otherwise. For example, Mochi owners (hMochi) can create and vote for Mochiswap projects. When voting, by default, only the tokens you have in your wallet will contribute to your voting power, unless the project specifies otherwise”, he detailed.
The company indicated which are the rules and guides that users must comply with, in which it highlights:
• Anyone can create a proposal that contains the mapped HRC-20 token unless the project specifies otherwise.
• The voting proposal in the forum should include details on what percentage of the total tokens held is needed for the vote to pass and have the project name in parentheses before the name, for example: [Mochiswap] Change of agricultural rewards
• The voting app takes a snapshot of the balances in the block it was created in, so your voting power is locked to whatever number of tokens you currently have.
• All votes are final, once you approve your vote, you cannot undo or modify it.