A substantial majority (estimated 80%) of utility tokens and smart contract blockchains have indicated their intention to move to on-chain and decentralized governance. However, at the time of writing, there are few successful implementations of on-chain governance. The few systems that have launched to date are primarily on-chain treasuries, delegated proof-of-stake (DPoS) systems, and direct token-weighted voting models.
Directly token-weighted on-chain processes are generally easily captured by large economic holders in chains, such as block producers, miners, and exchanges. Additionally, very few governance systems have any level of active use today.
Communication, conversation, and voting are limited by the same unintuitive interfaces that hamper the growth of cryptocurrencies as a whole. Edgeware aims to be a pioneer network in developing effective on-chain governance.
By iterating upon product interfaces, voting systems, and other governance primitives, Edgeware can accelerate the implementation and deployment of core technologies like sharding, proof-of-stake, efficient SNARK implementations, and run-time changes, implementing technical advances at a faster pace than other blockchains. Edgeware network upgrades will be easier to coordinate and faster to deploy by using a clearly defined on-chain governance process.
Edgeware stakeholders will be able to collaborate on the roadmap of the network through on-chain signaling, by holding informal votes for the inclusion of specific items and proposals. This planning stage is a natural precursor to the on-chain governance process, and formal votes are held to fund and upon which agreed upon features are implemented. Establishing robust procedures for conducting on-chain upgrades will be an essential step towards ensuring the security of the network. All network upgrades should be audited and tested by multiple independent parties, and additionally approved by a significant quorum of EDG holders.
Governance Parameters at Launch
- Launch period: 7 days
- Voting period: 7 days
- Fast-track voting period: 3 days
- Veto: None
- Enactment delay: 8 days
- Cancellation: 2/3 of council
- Cooloff period after cancellation: 7 days