The BabelFish protocol is led by qualified holders. The difference from other DeFi protocols is that instead of focusing on a highly decentralized governance model where the more the merrier, Bitocracy values qualified governance involving participants with skin in the game. At any time, Bitocracy participants may choose to take action to improve or expand the protocol, such as modifying a smart contract, issuing a grant, initiating a bounty, etc. All of these changes would be voted on by the community in a series of steps: