The Octobay Governance Platform is designed to incentivize contributors and to involve them more in a project’s success. While other governance models are mostly buy-in models or rely on manual distribution, on Octobay token distribution is strictly tied to the work on a project’s bounties and their value.
Projects can launch one or more governance tokens, e.g. one for security considerations and one for more general decisions. All governance tokens have an open supply, are non-transferable and (for now) purely for the purpose of decision making. When launching a new governance token, it can either be bound to an individual repository or an entire organisation, affecting all its repositories.
Projects can also set up bounties exclusively for their token holders.
A repository’s Discussions board on GitHub is the place where communication with the entire community happens. From there, discussions can be transformed into proposals on the Octobay platform, where only token holders can vote. Once a proposal reaches it’s required quorum, it can be transformed into an issue on GitHub with a bounty attached. If a bounty was agreed on in the proposal (following a certain format convention), it will be automatically created as a Bounty Promise on Octobay. As soon as an actual deposit was made, the Bounty Promise becomes a Smart Bounty.
When a governance token is created for a project, the creator is given a special ‘owner NFT’ which gives them certain permissions for controlling the governance of the project. For example, the NFT allows them to create proposals for the project without them requiring a certain share of governance tokens.
This ‘owner NFT’ then allows the owner to mint new NFTs for the project to give to others. The creator can control the permissions on the newly minted NFTs i.e. Is it transferable? Can they themselves mint new NFTs?