governance system itself.</p>\n<p>In many instances, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> automatically apply <strong>the changes suggested</strong>, evaluated, and voted&nbsp;using governance tokens on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-on-chain-governance/">on-chain governance</strong></a>&nbsp;processes. In other instances, the project's maintenance team is tasked with implementing the changes or recruiting someone to do so.</p>\n<p>Supporters of governance token-based systems argue that they provide user control, which is consistent with the original cryptocurrency objectives of decentralization and democratization. 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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":381,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Gwei?","slug":"what-is-gwei","section":"G","keyword":"Gwei","status":"published","definition":"a smaller unit of Ether (ETH) cryptocurrency that is used as a denomination to calculate gas fees.","content":"<p>Gwei is a smaller unit of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ether/">Ether (ETH)</strong></a> cryptocurrency in <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">the Ethereum network</strong></a> that is often used as a denomination to calculate <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-gas-price/">gas prices</strong></a> that are paid to miners for transaction processing. <strong>A gwei</strong> (also known as gigawei) is equal to 1,000,000,000 <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wei/">wei, which is the smallest unit of Ether. 1 gwei equals 0.000000001 Ether which means that <strong>1 Ether</strong> equals 1 billion gwei.</p>\n<p>Gwei is also named \"shannon\"&nbsp;after Claude Shannon, a cryptographer, and mathematician who is known as <strong>the father of information theory</strong>. Besides gwei, there are other units of Ether that are named after important people who contributed to the Ethereum project.</p>\n<p>Here are some of these units:</p>\n<ul>\n<li><strong>wei </strong><em>(named after Wei Dai, the &ldquo;godfather&rdquo; of the crypto movement)</em>.</li>\n<li>kwei which is equal to 10&rsquo;3 wei <em>(also named \"babbage&rdquo; after Charles Babbage)</em>.&nbsp;</li>\n<li>mwei which is equal to 10&rsquo;6 wei <em>(also named &ldquo;lovelace&rdquo; after Ada Lovelace)</em>.&nbsp;</li>\n<li><strong>twei</strong> which is equal to 10&rsquo;12 wei <em>(also named &ldquo;szabo&rdquo; after Nick Szabo)</em>.&nbsp;</li>\n<li>pwei which is equal to 10&rsquo;15 wei <em>(also named &ldquo;finney&rdquo; after Hal Finney)</em>.</li>\n</ul>","level":"easy","meta_title":"What is Gwei? Definition & Meaning | Crypto Wiki","meta_description":"Gwei meaning: Gwei - a smaller unit of Ether (ETH) cryptocurrency that is used as a denomination to calculate gas fees.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:30:20.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-gwei"},"prevSection":{"id":379,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Governance?","slug":"what-is-governance","section":"G","keyword":"Governance","status":"published","definition":"people or organizations with decision-making authority over the project.","content":"<p><strong>Governance</strong> is an essential part of every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency project</strong></a> and, regarding <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">decentralized blockchains</strong></a>, the governance structure is usually very liberal. Governance can be approached in various ways but there are <strong>two main decision-making structures</strong> &ndash; <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-on-chain-governance/">on-chain and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-off-chain-governance/">off-chain.

/n

The primary voting structure in blockchains would probably be on-chain governance which allows embedding the voting participation and decision-making rules in the chain itself. This means that <strong>all proposed changes</strong> must be approved and adopted by all <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes in the blockchain network.&nbsp;</p>\n<p>For example, when a developer is working on a project, he has to send out change propositions to the blockchain and all nodes have to either accept or reject these changes. <strong>On-chain governance</strong> is considered to be in sync with the concept of decentralization of cryptocurrency. Though this structure puts a lot of power in the hands of miners, which might raise some concerns.</p>\n<p>Off-chain is another voting structure in blockchains and it is adopted by major cryptocurrency projects such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum. Off-chain governance works in a way that miners, users, <strong>developers</strong>, and business supporters participate in the decision-making process.</p>\n<p>It is a bit different in the way that there is a development team <em>(consisting of miners, users, developers, and business supporters)</em> that decides whether to accept or reject proposed changes to the project. Though there is <strong>no need for validation by all miners and nodes</strong> because the changes are not written out in the blockchain&rsquo;s code. Off-chain limits the level of decentralization in the projects, thus being closer to traditional business governance.</p>\n<p>To have a more decentralized voting process, many blockchain projects use <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance-token/">governance tokens</strong></strong></a>. Stakeholders purchase and use governance tokens in order to gain voting rights and participate in the project's decision-making process on all levels. Governance tokens are widely used in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">decentralized autonomous organizations (DAOs)</strong></a> that <strong>depend on</strong> a pool of stakeholders with voting rights rather than having centralized management systems.</p>\n<p>Both governance decision-making models have advantages and disadvantages but on-chain governance is definitely the one that is more desired by miners.</p>","level":"medium","meta_title":"What is Governance? Definition & Meaning | Crypto Wiki","meta_description":"Governance meaning: Governance - people or organizations with decision-making authority over the project.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:16:18.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-governance"},"currentChapter":"G","currentSection":"what-is-governance-token","chapterTitle":"G","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-governance-token","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter G

What is Governance Token?

Governance Token MEANING:
Governance Token - a token that can be used to gain the decision-making rights in the voting processes of blockchain projects.
Easy
1 minute

Let's find out Governance Token meaning, definition in crypto, what is Governance Token, and all other detailed facts.

Governance tokens provide the token holders with the decision-making power which allows them to make decisions on new feature proposals and shape the governance system itself.

In many instances, smart contracts automatically apply the changes suggested, evaluated, and voted using governance tokens on the on-chain governance processes. In other instances, the project's maintenance team is tasked with implementing the changes or recruiting someone to do so.

Supporters of governance token-based systems argue that they provide user control, which is consistent with the original cryptocurrency objectives of decentralization and democratization. The organizations that give users decision-making power are usually called decentralized autonomous organizations (DAOs).

Maker (MKR) is a well-known example of a governance token. The holders of this token can vote on decisions relating to the decentralized finance (DeFi) protocol on which the decentralized stablecoin DAI runs.
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