Open governance for Edge will help to ensure that decisions are made in the best interests of the entire community, and that the project is able to thrive and grow over the long term.
In this post, we will outline what open governance is, why it is important, and how it will work in practice. We will also discuss the costs of participating, as well as the reasons behind those costs. Finally, we will ask for your feedback and input on the proposal, and encourage you to get involved in the governance process.
🔗Goals and objectives
The goals and objectives of open governance are as follows:
- Ensure that decisions are made in the best interest of the entire community. Involving the community in decision making will help to ensure that the project is aligned with the goals and values of everyone involved;
- Foster transparency and accountability. Providing clear and transparent processes for decision making will help to ensure participation, as well as provide a framework for holding the Core Team to account;
- Build a strong and engaged community. Involving the community in project governance will help to foster a sense of ownership and responsibility for the project, helping to build a vibrant ecosystem;
- Promote sustainability. Ensuring that the governance system is effective will enable the Core Team to be responsive to the needs of the community, helping to ensure the long-term sustainability of the project;
- Facilitate the growth and development of the project. Involving the community in the decision making process harnesses the collective wisdom and expertise of a wide array of interests and skill sets, helping to identify new opportunities and challenges for the project.
Ultimately, our goal is to create a governance system that is inclusive, transparent and accountable, and which allows the community and the Core Team to work together to achieve the goals and objectives of the project.
To participate in governance, community members will need to have an XE wallet and hold a Governance stake. It is important to note that wallets can only have one Governance stake, which means that each wallet represents one vote. Governance stakes can be created through the governance interface at a cost of 500 XE, and have an unlock period of 365 days.
With a Governance stake, community members will have the ability to create, vote and comment on proposals. This will allow them to have a say in the direction of the project, and to ensure that their voices are heard in the decision making process. We encourage all members of the community to get involved.
Governance proposals will be open for voting from the point that they are created. The proposals will remain open for a period of 14 days, during which time community members will be able to vote for or against the proposal, or to choose to abstain.
All governance actions – creating, voting and commenting on proposals – are on-chain transactions and therefore carry a cost. Creating a proposal will cost 250 XE; commenting on a proposal will cost 25 XE; and voting on a proposal will cost 10 XE. These costs help to reduce spam and to ensure that the governance system is used responsibly and sustainably.
Once proposals have closed, voting and commenting will be restricted. The Core Team will then take the results of the proposals under advisement, and provide a response. In time we expect this process to evolve, with the members of the DAO voting to ratify or reject proposals.
In order to be considered valid, proposals will need to receive a minimum number of votes, known as quorum. In the first instance, quorum will be set at 20 votes. This will eventually become a dynamic number, set at 5% of the total voting power.
🔗Evaluation and feedback
During the initial phase of open governance, the Core Team will post their proposals as a collective from a single named wallet. The community will then have the opportunity to vote on the proposals, and the results will be taken under advisement. The next phase of open governance will introduce the DAO to the process, with the advisory nature of proposals being replaced with a ratification procedure.
The evolution of open governance will depend on the evaluation of the system by the community and the Core Team. We encourage all community members to review this proposal and to provide their thoughts, suggestions, and concerns.
In addition to soliciting feedback, we will also be regularly evaluating the effectiveness of the governance system, which will involve tracking key metrics such as the number and outcome of proposals, the level of community engagement and participation, and the satisfaction of community members with the governance process.
We believe that by actively seeking feedback and involving the community in the evolution of open governance, we can ensure that it meets the needs of the community and project, which in turn will help to drive the success and sustainability of Edge.
🔗The governance portal
You can access the governance portal here: ed.ge/governance