Good evening everyone 👋
Governance is now live 💥
Open Governance is a project that we have been working on for years. When the original ambition for Edge was set out, it included the operation of the platform as a decentralised autonomous organisation, or DAO. The definition of a DAO has been and continues to evolve as projects like Edge work to establish themselves as community centred organisations.
Broadly: a DAO is an emerging form of legal structure that has no central governing body and whose members share a common goal to act in the best interest of the entity.
With a goal of full decentralisation, moving from a central organisation to a DAO is a logical progression for Edge. The progress towards this goal has included establishing a traditional not for profit company in the UK, with articles that tie its operation to the DAO. This set up allows the project to operate as a commercial entity with a framework for membership that encourages the participation of as wide a group of people as possible.
With governance live you can now participate directly in setting the direction and agenda for the project.
For the individual this means having a say in the decisions made about the operation of Edge. And for the project it means being able to tap into the thoughts, ideas and opinions of a much larger group of people – harnessing the “hive mind” to accelerate the growth of the project.
You can access open governance for Edge here: https://ed.ge/governance
So how do you participate?
Participating in governance requires an active governance stake. Governance stakes are locked for a 12 month period. Governance stakeholders have the ability to both create and vote upon proposals, as well as comment on existing proposals. Every action in governance carries a small cost in $XE. These measures are designed to keep the quality of the submissions high.
To use the open governance interfaces, connect your wallet. When you take an action, if you don’t have a governance stake yet, you will be prompted to create one. From there, it should all be pretty self explanatory.
We’ll post a short video introduction in the next week or so.
A set of guiding principles for the core team have been established. These established the requirement for the use of governance for any change to the network that materially impacts:
1. The tokenomics of the network; 2. The involvement of the community in network governance; 3. The ability of the community to contribute capacity to the network; 4. The operation of the network as a services layer for Web3; 5. Live or planned services on top of the network.
Furthermore, no movement in the $XE held within the growth fund may be made without a proposal being raised and passed by the community.
These guidelines are intentionally light touch and exist as a guide rather than a hard and fast rule. The reason for this is to ensure the ability of the core team to continue to deliver at pace, whilst also protecting the overarching principles of the project as a decentralised organisation.
The first proposal from the core team is now live:
Vote!
You can also discuss proposals in a new forum channel in Discord, called #governance.
There’s a lot to Edge governance – we’ve been documenting it in the project wiki, and will continue to do so. You can access it here:
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In other news…
An update to the explorer was released that fixes a minor issue with the data reporting for network usage, meaning that node graphs no longer start at zero. We were filtering snapshot data by gt rather than gte, which has now been changed to provide a more accurate view of what’s happening on the network.
This week saw a number of releases:
Index v2.2.0 was deployed to mainnet, restoring synchronisation of pending transactions. This allowed Explorer and Wallet to display pending transactions again before they enter the chain, such as on https://xe.network/transactions
Index v2.2.1 was deployed to mainnet. This patched stake type sorting for new governance stakes, ahead of upcoming governance features.
Index v2.2.2 was deployed to mainnet. This fixed a bug collecting node usage data that resulted in node availability/request/data graphs starting at 0.
XE 1.7.0 was deployed to mainnet. This minor update introduced the native governance protocol to XE, along with a few other minor patches.
Explorer v1.21.7 was deployed to mainnet. This fixed a bug when viewing a pending transaction, and also added links to the Governance portal for relevant transactions in preparation for its launch.
And with tonight’s release, Governance v1.0.2 and Governance API v1.0.0 were deployed to mainnet, marking a major milestone for Edge, and the beginning of open governance for the project.
As we push towards the Christmas break 🎄 things will be winding down a little for the core team. We’re working next week, but will then be resting up until the New Year.
I expect to be publishing an article about the project’s founder’s future vision next week. And there will be a 2022 TL’DR just before New Year.
And that’s all for now. Enjoy your weekend 🍻
