LCX Tokenized Diamonds Launches Governance, TIA Token Price Increases | A Good NFT To Purchase?

4 min read

The Liechtenstein Cryptoassets Exchange (LCX) continues to make progress in accomplishing their stated goals in the 2022 Roadmap. The launch of the LCX Tiamonds has propelled LCX to the forefront of the growing NFT marketplace of tokenized assets, especially in tokenized diamonds. The company recently announced the launch of their Tiamonds Governance which pertains to decision-making processes that involve the formulation and execution of decision frameworks.

Background on the LCX Tiamonds

Before flipping the pages to the main announcement, let’s backtrack a few details to get more clarity.

Founded in 2018, LCX is a secure and regulated trading platform. It is committed to the growth of the blockchain industry and the upliftment of the financial market through tokenization. Over the past three years, LCX has collaborated with dozens of quality blockchain projects to facilitate compliant crypto services and products, focusing on tokenization. To further its mission, LCX is announcing the launch of a tokenized diamonds platform- Tiamonds – to showcase tokenized assets’ opportunities, educate consumers about tokenization through gamification, and create a community-driven token economy.

LCX added some diamonds in its journey towards tokenization and named it Tiamonds. Tiamonds are tokenized diamonds and were launched on 22.02.2022.

To promote tokenization, the Tiamonds platform tokenizes real-world diamonds using non-fungible Ethereum blockchain tokens. Tiamonds are part of LCX’s plan to bring tokenization to millions of people around the world. The Tia Token, a deflationary cryptocurrency, and the tokenized diamonds known as Tiamonds are the two main components of the Tiamonds project.

The diamonds attached to each Tiamonds are secured and stored in Liechtenstein at an excellent security vault outside the banking system with protection levels of 10 and 6 eyes.They are fully insured by Lloyd’s London.

Tiamonds NFT Marketplace

The Tiamonds project also features an NFT marketplace for tokenized diamonds. The marketplace combines non-fungible token (NFT) technology with real-world diamonds. Recently, it was upgraded by adding a variety of new features for buyers, plus the owners can now sell their Tiamonds in this marketplace easily.

Tiamonds Governance

Governance pertains to decision-making processes that involve the formulation and execution of decision frameworks. Governance is generally defined as a set of rules and policies that govern the conduct of all participants in a network. Our governance token will allow users to make decisions on our future tokenization and Tiamond releases. The Tiamonds governance platform gives users a stake in the future of the network. Tiamonds makes a truly decentralized democracy possible by letting everyone in the community be heard.

  • Dedicated Governance System

Community-led governance to guide the Tiamond project into the future.

Governance will allow voting on key decisions related to the Tiamonds project.

TIA Token Governance

The TIA Token is enabling a community-first approach and a vibrant, diverse, and dedicated governance system, which will actively guide the Tiamonds project towards the future.

Tiamonds is embracing a community-driven governance framework. Governance contribution and voting will focus on aspects for future tokenization and Tiamond releases to expand and develop the broader LCX ecosystem.

The governance system will allow the submission of votes on critical decisions that govern the Tiamonds project.

Platforms

Tiamonds website is the DAO hub, providing an interface to educate DAO members on the governance process and provide easy access to the channels below in order to streamline the DAO’s operation and enhance its utility.

Discourse is the first stop for all proposals. A TIP (Tiamonds Improvement Proposal) idea is submitted as a post in Discourse and must receive confirmation from a moderator that it complies with DAO-approved guidelines before it appears to the community. TIA Token holders must go through a wallet authentication process to post ideas or give feedback on ideas via comments.

Snapshot is used for voting. Proposal drafts that have passed their respective approval processes become available for voting on Snapshot. TIA Token holders must go through a wallet authentication process to vote.

Proposal Process

Tiamonds DAO is launching its community-led governance via a formal proposal process based on the one implemented and proven out over time by Ethereum’s EIP system.

A TIP (Tiamonds Improvement Proposal) can fall under three main categories: Core, Process, or Informational.

  • CORE, Business Decisions
  • PROCESS, Change in the process or implementation. Like,
    • decision of how many additional Tiamonds NFT will be created.
    • decision of the range and variety of Diamonds to be tokenized.
    • decision about distribution ratios and how many TIA Tokens will be awarded to each new Tiamond NFT.
  • INFORMATIONAL, General Guidelines for the community.
    • Title, ie, TIP-1: {Heading}
    • Proposal Categories, ie,  Core, Process, or Informational.
    • Motivation, A statement on why the Tiamonds Community should implement the proposal.
  • Rationale, An explanation of how the proposal aligns with the Tiamonds Community’s mission and guiding values.
  • Description, A detailed explanation of TIP and steps to implement the proposal.
  • Discussion, ( Discourse Tiamonds Forum Page)
Proposal Process
  • Submit Proposal, a forum post (Tiamonds Proposal Section)
  • Temperature Check, Tiamonds Moderator will decide whether to include any proposal for a Temperature Check.
  • Snapshot Check, Based on the temperature check, the moderator will add this proposal for a snapshot check for 7 days.

Purpose of Tiamonds Governance

LCX wants the community to vote and get heard. Governance is conducted to give the power of voting and decision making regarding Tiamonds and TIA Token. LCX enables the community to help shape the future of a protocol, because they are the ones who have made the biggest contribution to the success of Tiamonds. The more tokens a member has, the more power they have in the community-based voting system.

Benefits of Tiamonds Governance

  • With the ability to vote with the governance token, you can determine how Tiamonds and $TIA can create opportunities for collaboration. Voting provides a forum for discussions, which subsequently leads to fruitful collaborations. Members of a community can vote on issues related to the network with other members of the community.
  • Efficiency- Members of the community have a sense of investment in the project. Productivity goes up when people in a community work together actively on making decisions and coming up with new ways to define governance models.
  • Transparency – The community has complete transparency regarding every decision that is taken for Tiamonds and TIA token development and future prospects. This increases trust and builds a strong relationship with the community members.

Future of Tiamonds Governance

The future of Tiamonds Governance is the community. They will decide the future of Tiamonds and the utility of $TIA Tokens. The process is completely decentralized and the community will have the voting rights and the power to decide the future. The quantity of $TIA available in the account of the community member will determine the value of his/her votes. The more TIA you hold, the more valuable your vote will be.

Learn More About Tiamonds Here

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LCXwire is dedicated to providing you the latest news about the products and services of the Liechtenstein Cryptoassets Exchange, the LCX token, and information relevant to the Centralized and Decentralized Finance (CeFi and DeFi) Exchanges. Our goal at LCXwire is to provide you with the best, most relevant and exclusive information about the crypto industry. 

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