Increasingly, large tech firms dominate eco-systems. From a societal perspective this is not always beneficial since these companies behave as value extractors; they charge an unreasonable high fee for their services and they can do so because they are monopolists. A possible solution to this substantial power concentration can be decentralized ecosystems, e.g., enabled by blockchain technology, in which decision power is distributed fairly. However, this comes also with the requirement that such eco-systems need a decentralized governance model. This paper explores if such a governance model can be represented by conceptual models, in particular, e3value. We answer this question by designing a decentralized eco-system in the field of electricity supply, which enables peer to peer energy trading, and checking if important governance decisions, motivated by a systematic literature review, can be represented.