As IoTeX continues to expand at a rapid pace, we are excited to introduce a new governance framework to ensure the network grows sustainably, transparently, and fairly. Ensuring the voice of the people is heard is paramount for any decentralized network -- our goal is to bring together users, developers, Delegates, and more to participate in decentralized decision-making and iterate upon the rules and operating procedures that will power the IoTeX Network for years to come.
In this blog we introduce the end-to-end governance process, how various stakeholders can participate, and what to expect in the coming months.
IoTeX Governance Process
Governance discussions will be held on the IoTeX Forum, while voting will be performed on the IoTeX Governance Portal. At a high level, new governance ideas will be proposed by Delegates, voted upon by token-holders, and implemented by the IoTeX Foundation and core developing entities. Below we detail the end-to-end governance process, which will evolve over time based on community discussions.
⭐️ What is the process to create, vote on, and implement governance proposals?
To create a governance proposal, a new idea/thread will first be created in the IoTeX Forum and tagged under a specific Category (e.g., Software Upgrade, Parameter Update, Process Change, New Initiative, Other). Once a new thread is created, it will go through the following stages:
- Idea: Delegates can post new ideas as threads on the IoTeX Forum and solicit feedback from the community, who will suggest iterations to the original idea or upvote the thread if they support the idea
- Proposal: once an idea receives sufficient backing (i.e., >50 thread upvotes), the thread will be updated from “idea” to “proposal” and a network-wide vote will commence after 1 week, providing time for the proposer and supporters to campaign for the idea to the broader community
- Voting Open: voting will be performed on IoTeX Governance Portal and will be open for 1 week; anyone IoTeX stakeholder can vote on the proposal
- Closed: after the voting period, the proposal will be implemented if more than 50% of voters vote “Yes”
⭐️ Who can make a proposal?
To ensure high-quality and informed proposals, only IoTeX Delegates can create new governance proposals (for now), which will be enforced by allowing only Delegates to create new threads in the governance category of the IoTeX Forum. If you would like to propose a governance idea but are not a Delegate, consider joining the Delegates Program or share your idea with a Delegate that can post on your behalf. Delegates’ contact information will be published on our staking portal soon!
In the future, we intend to allow any token-holder to make new proposals by exploring other quality-assurance mechanisms, such as requiring a deposit for new proposals that is forfeited if the proposal does not pass.
⭐️ Who can vote on proposals?
Any IoTeX stakeholder (i.e., those that stake IOTX) can vote, where 1 token = 1 vote. After proposals are discussed on the IoTeX Forum, the final proposal will be uploaded and voted upon on Snapshot. Voters will have 1 week to vote, and can choose to vote for: Yes / No / Abstain on any proposal.
⭐️ What happens after a vote passes or fails?
If a vote passes (i.e., >50% of voters vote “Yes”) the proposal will be implemented based on the implementation timeline suggested in the proposal. If the proposal requires a technology change, the IoTeX Foundation will coordinate amongst the core-dev team and community developers to implement the proposal in a timely fashion. If a vote does not pass (i.e., >50% of voters vote “No” or “Abstain”) the proposal will be closed and no changes will be made; the failed proposal may be modified and re-proposed after 2 weeks, if desired.
There is no restriction on the types of governance topics that can be proposed -- that is the purpose of decentralized governance! Any and all ideas should be discussed in an open manner; however, we hope the focus of the community will be allocated towards proposals that are oriented for long-term growth and sustainability of the IoTeX Network. Generally, governance proposals should fall under one of the following categories:
- Software Upgrade: upgrades to the IoTeX blockchain and network tools can be proposed to introduce new features or functionality; note: anyone that proposes software upgrades must also provide a detailed development plan, resources required, and other implementation details
- Parameter Update: fine-tuning of existing IoTeX protocols or programs through parameter updates can be suggested to align with network growth, current market conditions, and more
- Process Change: changes to existing processes to improve transparency and decentralization, including the governance process itself
- New Initiative: proposals to launch new initiatives across products, marketing, events, and more
- Other: if your idea does not fit neatly into any of the above categories, it will be tagged as “Other”
Although there is no restriction on the types of proposals that can be submitted, we expect the community to set high standards through transparent feedback to ensure proposals are high-quality and positively impactful.
Over the coming months, the IoTeX Foundation will work with Delegates and other stakeholders to bootstrap our governance process, starting with high-impact discussions.
❗ ️The first governance proposal regarding Burn-Drop updates is now live on the IoTeX Forum – join the discussion here!
We hope to set a high standard for our future governance activities -- here are some additional topics you can expect to be kicked off soon:
- Delegates Program: updates to the IoTeX Delegates program, including lowering the minimum-stake requirement and increasing hardware requirements
- Burn-Drop: updates to the Burn-Drop program to re-define the Burn/Drop ratio and allocate funds to a new MachineFi DAO to incentivize more devices
- MachineFi DAO: establishment of a new DAO that will provide funding and incentives towards MachineFi-focused projects, integrations, and initiatives
- Mainnet Upgrades: new network upgrades will be run through our governance process to align on the importance of new core upgrades