Introduction

Background

GEODNET welcomes community members to participate in the governance of the GEODNET project. To facilitate this, we have established a decentralized GEODNET Governance platform enabling community engagement and proposal voting. The voting power each user has is denoted as veNFT.

Three types of GEOD users have veNFT:

1. Miners who are rewarded with a Location NFT by being the first one producing high quality data within a Hex

2. Miners who have staked in the GEODNET SuperHex program, helping GEODNET to cover high-value region and create a full-coverage network

3. Holders of locked GEOD tokens including the team and investors

The total veNFT number is calculated dynamically, using the total number of Location NFT number as baseline. For example, assume current quantity of Location NFT is 2100, these are directly mapped to 2100 veNFT. Total staked GEOD holders are allocated 2100 veNFT. The team and investors' locked GEOD tokens are also allocated 2100 veNFT. The total veNFT count is 6300.

Type	Ratio	Number	Mapping	veNFT
Location NFT	33%	2100	1:1	2100 (*1)
Total staked GEOD	33%	7,458,000	1:3550	2100
Total locked GEOD (Team & Investor)	33%	2100	-(*2)	2100
Total	99%	-	-	6300

*1: The quantity of VeNFTs will increase as the number of Location NFTs increases.

*2: Team and investors' portion of veNFT will be determined by their share of total locked GEOD tokens.

Delegation of veNFT

For the team or investors who have locked their GEOD tokens in either a smart contract or custodian account, direct connection with MetaMask is NOT possible. In this case, the team or investors can delegate their veNFT to another wallet address.

The team and investors will be contacted individually to set up a delegated veNFT wallet.

Voting Parameters

We encourage members to propose initiatives that benefit our community and contribute to the sustainable development of the GEODNET project. Therefore, all submitted proposals will undergo audit and approval procedures prior to voting. Upon successful approval, approved proposals enter the voting process. The following parameters determine whether a proposal voting is successful:

Quorum: The number of voting veNFT needs to exceed the quorum for the proposal voting to be considered valid. Currently the quorum is 20% of the total veNFT. If the number of voting veNFT is less than 20%, the proposal fails.

Passing rate: Among the total voting veNFT, the percentage voted YES is defined as passing rate. Currently the passing rate is 67% or 90%.

Voting period: Currently the voting period is 2 weeks (14 days). During this period, anyone with veNFT can vote.

Upon successful voting - 67% or 90% voted YES of total veNFT, approved proposals are subsequently implemented. As of now, there are no specific constraints or limitations on proposals, however, such parameters may be adjusted in the future as deemed necessary.