Every 0.5 seconds, token holders use over a billion EOS tokens in voting for block producers on the EOS blockchain.
The top 21 block producers produce the blocks on the EOS blockchain, and participate in governance as the guardians/custodians of the EOS DAO securing the EOS network.
The EOS Network Foundation functions as the CEO of the EOS DAO, elected by the top 21 block producers. It is funded by the network itself, as a vehicle for reinvestment into the ENF's core mission: enabling developers, business, and individuals to build better on EOS.
Dozens of standby Block Producers compete to enter the top 21, if they can get enough votes to rank higher.
DAOmocracy requires a multisig (MSIG) signed by 15 of the top 21 block producers to agree on any network changes or upgrades, including the replacement of the ENF.