Money On Chain was created for bitcoiners, by bitcoiners. This means we created a completely original solution for bitcoiners who need a stablecoin (DoC) backed by the best collateral, Bitcoin, and a token (BPRO) that rewards bitcoiners with what we value most: Bitcoin.

As bitcoiners, one of our greatest concerns is decentralization. As mentioned in MoC Token Explained, all projects begin as centralized entities; after Bitcoin, the way to achieve decentralization is through governance.

At Money On Chain, decentralization is designed as a journey. Several steps, such as the MoC TGE (Token Generation Event), the Proposal and Voting process, and Decentralized Oracles, were taken along this path.

Now it is time to announce a new milestone: all smart contracts within the Stablecoin protocol are now governed by the Voting Machine.

What does this mean?

Decisions regarding the protocol, new functionalities, and updates must now pass through the lens of the MoC hodler community via a voting process.

This process is inspired by Bitcoin Improvement Proposals (BIPs), meaning a series of steps are required to implement a change. Just like with Bitcoin, a “good idea” isn’t enough. As an MoC holder, it is vital that you understand this process and its details. The voting power is now in your hands.

How does Governance work in MoC?

• Proposal: First, you need to garner support for your idea. This involves presenting your proposal on the Money On Chain Forum to open a debate, weighing the pros and cons, and gathering the help needed to develop it.

• Development: Once you have the resources, you must develop the proposal and have it audited to convince the rest of the community that the new implementation is safe.

• Deployment: At this stage, the proposal must be executable. You must deploy a Change Contract and lock a minimum of 250,000 MoC tokens to enter the pre-voting phase.

• Pre-Voting Phase: This lasts for approximately 1 day (calculated in blocks). There is no veto in this phase, and the proposal must be backed by a minimum of 5% of the MoC token supply. If it reaches this threshold, it moves to the voting phase; otherwise, it is discarded.

• Voting Phase: The proposal can be vetoed by at least 30% of the MoC token supply. If not vetoed, it must reach 51% of positive votes to pass.

• Execution: Once approved by the MoC hodler community, the Change Contract can be executed.

The entire Pre-voting and Voting process is described in detail in our blog post: Governance and Proposals.

In the constant journey toward decentralization, governance takes on maximum importance. Every MoC hodler has the power to protect and improve the protocol; therefore, the more MoC tokens you hold, the greater your decision-making power.