MultiversX has matured and evolved significantly, becoming one of the largest distributed networks. The same can be said for the global and dedicated community supporting and using it in many creative ways, which we are now firmly convinced that it is ready to step up its contribution.
Therefore, we are excited to announce that the MultiversX Network marks a new major checkpoint on the path of progressive decentralization by opening up the Governance Forum.
Agora Of The MultiversX Protocol
The protocol governance module has two main components: Agora, or the governance forum, and the voting portal.
Every wallet account with a minimum of 1 EGLD staked is now able to login on the Agora, participate in discussions around protocol development, ecosystem growth and essentially all things MultiversX, and create drafts with improvement proposals that can later be submitted for on-chain governance vote - recommendable only if they gain sufficient interest from the community.
The second main component is the voting portal, and it’s the place where the community expresses their direct intention of approval or disapproval on proposals that reached the final stage, by voting based on the staked amount of EGLD on which the governance power is calculated upon. *To be opened in the next few weeks
This is an important step forward, as it ties the protocol development and ecosystem expansion to community participation and opens them to thousands and thousands of passionate people, to further complement the efforts of the MultiversX Foundation.
Upcoming Voting Portal Specs
Pending an imminent mainnet upgrade, the on-chain part of the governance process will impose the following structure and requirements:
Important note: all the conditions described below will likely receive updates during the next few weeks and are strictly applicable to the voting portal, and not to the governance forum
- Mandatory deposit of 1000 EGLD for any voting proposal: this has been introduced to prevent spam, and also to encourage proposers to properly take the time that’s needed to communicate, iterate and market their proposals to the community, to ensure a high participation vote.
- Potential penalty on deposit: if a submitted proposal is rejected with veto, the proposer will lose a part of the deposit
- Voting period is 10 epochs: it takes approximately 10 days from the time a proposal is published and put to a vote to when it is concluded
- Liquid staking eligibility: projects can enable user votes from their smart contracts by implementing the new functions from the Governance SC with the activation of the next release candidate Sirius (v1.6.0)
What Changes Should Be Subject To Governance Approval?
Operating in an open environment demands swift action and immediate implementation in several cases, for which the governance process would be counterproductive. Let’s break down all the potential situations when that might occur:
- Informal governance:
- Critical updates: Only processing, storage and network improvements are allowed. No rule changes in state, tokens, economics
- Maintenance updates: requiring 66% +1 of validators to make the update on their machine means that there was enough consensus and the update has passed the informal governance process (same applies to critical updates)
2. Formal governance (requires full process):
- MultiversX Improvement Proposals: the governance vote can start *only if* the code is running on the public testnet. Prior to the vote, proposals are recommended to be presented on Agora for feedback and awareness before being submitted to a vote.
- Token economics update: any token economics update requires a higher quorum, higher deposit to be lost by the proposer, if there is no quorum, or if it is not accepted.
Get Involved, The Progress Of MultiversX Is Now In Your Hands
It's time for every community member to become an integral part in the evolution of the MultiversX Network.
Read all the instructions and get ready for the first governance initiative on the next mainnet upgrade, coming in a few weeks: https://agora.multiversx.com/t/welcome-to-multiversx-agora/5