The CUDOS governance system explained
The cudos layer-1 decentralised blockchain networks have given the opportunity for its utility token holders, CUDOS, to participate in the governance of the network. This means that token holders, whether talked or not, can create governance proposals that allow members to vote on these proposals. For example, some governance proposals may lead to significant changes in the network while others could decisions that a group of token holders would like to take using a transparent decision-making process.
The steps involved in the process of creating are pretty simple and easy. You will first need to create a governance proposal on the Cudos network for the community members to vote on.
If you don’t have a Cudos wallet set up already, you will need to create one using Keplr wallet Extension and the Cudos Explorer. You need the Keplr wallet to sign the transactions before the proposal is accepted.
Once you are connected to the network, you will need to take the following steps:
1. Create a new proposal: On the Cudos explorer, there is a proposal tab on the left sidebar menu. Click on it to open the proposal page. Click on the create proposal button and fill in the details about the proposal. Click on the Next button to confirm the transactions via the Keplr wallet.
2. Deposit Cudos tokens into the proposal: Remember that the Cudos proposal needs to have tokens backing it before it can be voted for. Click on the proposals tab as you did previously but this time, you will see an active proposal because you created one and the status will be Deposit Period. Click on the deposit button to add the Cudos tokens to back the proposal. Again, click on the Next button to confirm the transaction on the Keplr wallet.
3. Voting on a proposal: On the proposal tab, using the Cudos explorer, there is a voting butting that has a voting period status. Click on the vote button close to the deposit one and cast the vote by confirming using the Keplr wallet. Once the token is deducted, it will show on the cast votes for the proposal as shown below
When the voting period ends, the community can determine if the proposal will pass or not and how community members voted will also become evident.