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> – <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./nThe 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. </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’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? 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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 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> 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. The organizations that give users decision-making power are usually called <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">decentralized autonomous organizations (DAOs)</strong></a>.</p>\n<p><a href=https://www.bitdegree.org/"https://en.bitcoinwiki.org/wiki/Amp/Maker/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Maker (MKR)</strong></a> 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 <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-stablecoin/">decentralized stablecoin</strong></a> DAI runs.</p>","level":"easy","meta_title":"What is Governance Token? Definition & Meaning | Crypto Wiki","meta_description":"Governance Token meaning: Governance Token - a token that can be used to gain the decision-making rights in the voting processes of blockchain projects.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:22:55.000000Z","updated_at":"2022-11-16T13:24:54.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-governance-token"},"prevSection":{"id":377,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Geotagged NFT?","slug":"what-is-geotagged-nft","section":"G","keyword":"Geotagged NFT","status":"published","definition":"3D version of street art with corresponding coordinated to the physical location of said street art.","content":"<p>A <strong>geotagged non-fungible token (NFT)</strong> is a type of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">NFT that includes the geographic coordinates of a specific street art along with its 3D rendering.</p>\n<p>Geotagging involves extracting precise metadata about the global positioning of the art. This includes the exact coordinates and an <strong>accurate digital rendering</strong> or other related digital media, like websites or videos.</p>\n<p>Non-fungible tokens, or NFTs, are digital assets that possess unique value. They do not possess a tangible, physical form and can be traded like other crypto tokens. NFTs follow the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721 standard. Each NFT comes with a certificate of authenticity or a digital token that verifies the ownership of the asset.</p>\n<p>While some NFTs are digital collectibles with no real-life equivalent, geotagged NFTs provide a unique spin. Each geotagged NFT has an equivalent piece of street art somewhere in the world.</p>\n<p>The coordinates of the location are included in the NFT along with the digital representation. This provides the owner of the NFT with ownership over the actual artwork. The owner of the NFT can then choose to resell the physical art piece and transfer the ownership of the street art itself.</p>\n<p>Geotagged NFTs are considered <strong>non-invasive</strong> and provide artists with the opportunity to put their works for sale without having to physically relocate them. Collectors are able to own street art from anywhere in the world since the technology that NFTs are built on is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized.
/nThe original art remains completely intact after the purchase while the digital reproduction allows street artists to monetize their works efficiently.</p>\n<p>Each geotagged NFT is unique and contains different geospatial metadata, like coordinates and altitude. If someone were to sell an NFT of artwork on the East Side Gallery in Berlin, Germany, the coordinates would be 52.5050° N, 13.4397° E.</p>\n<p>Geotagged NFTs provide a niche opportunity for crypto enthusiasts and collectors to bring real-world data into digital technologies. This connects the digital and real-life art worlds and <strong>creates a new meaning of ownership</strong> for both the artists and the NFT owners.</p>\n<p>While the owner inherits the right to keep or sell the NFT as they wish, the artists are eligible to receive royalties each time the NFT is resold to a new owner.</p>","level":"medium","meta_title":"What is Geotagged NFT? Definition & Meaning | Crypto Wiki","meta_description":"Geotagged NFT meaning: Geotagged NFT - 3D version of street art with corresponding coordinated to the physical location of said street art.","meta_keywords":null,"language":"en","created_at":"2022-03-16T07:55:47.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-geotagged-nft"},"currentChapter":"G","currentSection":"what-is-governance","chapterTitle":"G","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-governance","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter G
What is Governance?
Governance MEANING:
Governance -
people or organizations with decision-making authority over the project.
Let's find out Governance meaning, definition in crypto,
what is Governance,
and all other detailed facts.
Governance is an essential part of every cryptocurrency project and, regarding decentralized blockchains, the governance structure is usually very liberal. Governance can be approached in various ways but there are two main decision-making structures – on-chain and off-chain.
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 all proposed changes must be approved and adopted by all nodes in the blockchain network.
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. On-chain governance 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.
Off-chain is another voting structure in blockchains and it is adopted by major cryptocurrency projects such as Bitcoin and Ethereum. Off-chain governance works in a way that miners, users, developers, and business supporters participate in the decision-making process.
It is a bit different in the way that there is a development team (consisting of miners, users, developers, and business supporters) that decides whether to accept or reject proposed changes to the project. Though there is no need for validation by all miners and nodes because the changes are not written out in the blockchain’s code. Off-chain limits the level of decentralization in the projects, thus being closer to traditional business governance.
To have a more decentralized voting process, many blockchain projects use governance tokens. 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 decentralized autonomous organizations (DAOs) that depend on a pool of stakeholders with voting rights rather than having centralized management systems.
Both governance decision-making models have advantages and disadvantages but on-chain governance is definitely the one that is more desired by miners.
