Fermat, a decentralized and blockchain-enabled open source project developing the Internet of People (IoP), has announced a new release of its distributed governance system featuring an embedded voting system inspired by that of privacy-focused cryptocurrency Dash, but featuring community-cancelable contracts.
“Fermat’s graphchain technology enables both a global mapping of everybody with verified proof of how they are related, and also people to people and company to people interactions without going through intermediaries. In order to achieve this as a decentralized open source project we need a sound distributed governance system, one which includes Contribution Contracts,” said Luis Molina, Founder of Fermat.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
Fermat’s contribution contracts enable any individual or entity interested in offering their services, whether that is software development, marketing or business development support, to submit a proposal to the community of token holders.
Each token holder is then able to vote yes or no on each contractor submission, ultimately accepting or declining proposals. Contracts that pay out over time can also be terminated by the network after being accepted. The developers say this feature incentives proposal owners to effectively communicate and continuously prove value publicly.
“At the beginning, only token holders may vote. In the future, it is our aim that the system will evolve to include reputation of the participants and will consider their voting history and project outcomes,” added Molina.