Governance

In its ordinary operation, the platform will provide a steady stream of NFT creations and sales.
To ensure the distribution and sale of NFTs are in line with:
  • the underlying market,
  • the expectations of the artists,
  • the needs and ambitions of the fans,
token holders will govern the structure and parameterization of the creation and sale of NFTs according to predetermined mechanisms.
We have two different levels of governance:
  • Public Pressure DAO level: is the ecosystem governance that will have the power to propose and vote major changes for the ecosystem’s technology and mechanics;
  • Patron pool level: is the internal governance to each individual patron pool.

Public Pressure DAO Level

Governance actions like the proposals and votation for technological changes and/or token mechanics is in the hands of veJTP holders. The veJTP is a non-transferable token that represents the voting power. The only way to acquire veJTPs is by staking JTP as a fan in the ‘fan staking’ mechanism.
When a fan stakes JTPs in favour of an artist, they can decide how many JTPs they want to stake, and for how many times they want to lock its token.
The veJTP balance available to a user is then calculated dynamically based on the number of JTP tokens locked, and the time remaining until they are unlocked. For example:
  • 100 JTPs locked for a residual time of 1 year generate a 100 veJTP balance
  • 100 JTPs locked for a residual time of 6 months generate a 50 veJTP balance
  • locking 25 JTP tokens for 4 years generates a 100 veJTP balance
  • locking 100 JTP tokens for 4 years generates a 400 veJTP balance
The votes relating to the exercise of governance will follow the following procedure:

Submitting a proposal

The submitting stage lasts for a limited time (TBD). Anyone, who holds veJTPs, can submit a proposal on the Public Pressure governance platform for others to view. In order to be voted on, the proposal must have a minimum number of JTPs deposited by any token holder.

Voting a proposal

The voting stage lasts for a limited time (TBD). Participants in this stage can vote as follows: Yes, No, No (with Veto), or Abstain. Only staked tokens are eligible to be used for voting. The voting power is measured in terms of stake.

Tallying a proposal

The tallying stage lasts for a limited time (TBD). Percentages can change, but here is an example of how a proposal will be evaluated under the following conditions:
  • Quorum: over 40% of the total staked tokens need to have voted;
  • Threshold: the majority of the tokens that participated in the vote (excluding “Abstain” votes) must have voted “Yes”;
  • Veto: less than 30% of the tokens that participated in the vote (excluding “Abstain” votes) have vetoed the decision “No (with Veto)”

Patron pools level governance

As specified in the dedicated section, the creation of a patron pool must be propounded by an entity that becomes the patron. The patron has an active role in the management of the pool and takes a percentage of the rewards generated. But not all the decisions are deemed to them. Everyone that participates in the patron pool funding has a voting power in the pool proportional to the contribution they have made.
The most important decision deemed to the patron pool's governance is about the artist's collaboration and drop approvals.