Hi…
I am trying to wrap my head around governance/governance tokens and why I might need one in my own potential Dapp.
Here is my (loose) understanding …maybe someone can tell me if I am on the right track.
Scenario:
So lets say I have a Dapp. Underneath the hood it might involve one main smart contract and some others. All combined, this dapp and its contracts might implement feature A, B and C.
Now we want to add a major piece of logic to the smart contract underpinning our dapp but we have 3 slightly potential different implementations …lets call them X, Y and Z which would be implemented as smart contracts.
My understanding is that we introduce the idea of a governance token and voting system to decide which new feature is chosen and eventually deployed right?
So in this situation we allow dapp users to stake/lock eth into our main smart contract in exchange for a certain number of ‘governance’ tokens . e.g. lets call them GToken’s. (Gtokens are associated with the users address and stored in the contract)
We then somehow implement a voting system in our smart contract (with some sort of time lock) which would allow users to vote for their choice of new feature(by spending their GTokens).
Once the voting period elapses then the Dapp would auto deploy the feature most voted for…
am I way off track here? maybe someone can advise thanks a lot 