The decentralized nature of blockchain and digital currency is one of their key characteristics. This indicates that they are distributed among numerous computers, networks, nodes, and users rather than being under the control of a single entity like a government, a central server or a central bank. Virtual currencies sometimes make use of this decentralized nature to achieve higher levels of privacy and security that are normally not possible for transactions with traditional currency.
To further strengthen the decentralization of cryptocurrencies, blockchain developers developed Decentralized Autonomous Organizations or DAOs. The idea behind a DAO is to support the governance and management of an organization that resembles a corporation. The lack of a centralized authority, however, is what makes a DAO unique; instead, the collective representative and participants serve as the governing body.
Smart contracts play a big part in DAOs. Decision-making is enforced by these logically coded agreements based on underlying blockchain activity. For instance, depending on the result of a voted decision, a specific code may be written to increase the amount of tokens in circulation, burn a predetermined number of reserved tokens, or give predetermined rewards to token holders already in existence.
In any platform that supports DAO, the member must own a governance token, which is often the main token for the platform’s utility token, and sometimes another token specifically created for governance purpose.
GYM NETWORK GOVERNANCE
The GYM NETWORK is completely decentralized, with no central authority; instead, members govern the platform through voting. During our token allocation and distribution, 50M GYMNET from the total supply has been allocated to the community, and every gGYMNET token (the platform’s governance token) owner can decide what to do with their tokens. You are your own boss here, and you can also participate in the platform’s governance through voting when you own any amount of the gGYMNET token.
To obtain the gGYMNET token is simple: lock some GYMNET tokens in the Single Pool for A SPECIFIC PERIOD, and then you will get both GYMNET and gGYMNET tokens as a reward throughout the locked period. The Single Pool is one of the investment options created by the GYM NETWORK for investors. The Single Pool does more than generate passive revenue for investors; it grants investors access to the GYM NETWORK DAO (the right to vote in the platform’s decisions such as about new features, roadmap adjustments, etc.).
Additionally, gGYMnet gives every holder access to pool rewards from the initial NFT sales at GYMSTREET. GYMSTREET has an NFT reflection. This means that 1% of all NFT sales from GYMSTREET flow into the NFT Turnover pool. And based on the amount of gGYMNET you hold, you will earn more or less shares from the NFT Turnover pool.