What is Governance?
Governance introduces a mechanism by which ANKR token-holders can propose and vote for changes to the Stkr system, and the Ankr team will then apply any changes agreed upon, to the platform!
What does this mean?
If users want to change reward ratios, or want a particular display enhanced, data shown etc., we will do it! This allows Stkr to evolve in the direction that ANKR token-holders require, as well as introducing a very exciting new utility to the token itself.
So how does it work?
- For a change to be made, a proposal must be made. To make a proposal, the proposer must lock 5,000,000 ANKR and one wallet can raise at most two proposals per month.
- Once submitted, the proposal will queue for 2 days, during which time it can be checked by Governance admin to ensure it is clearly stated, and does not contain anything inappropriate etc.
- A proposal, once approved, will then be voted upon over the number of days set by the proposer
- The proposers’ ANKR tokens will be locked for 14 days
- Votes are cast by ANKR token-holders on the basis of 1 ANKR per vote, and all ANKR tokens used for the vote is locked for the duration of the vote.
- ANKR tokens locked for voting can be used to cast votes for multiple proposals
- Any successful proposals will then be implemented as a matter of priority by the Ankr team
What does a proposal look like?
Each proposal contains:
- A proposal title
- A clear description (in English) explaining the proposal
- The voting duration (from 3–7 days)
Examples of proposals could be to:
- Implement new features in the Stkr platform such as enhancing a screen, adding content etc.
- Changing the minimum ANKR amount to become a provider
- Increasing the minimum amount of ANKR to make a proposal in Governance
- Change the reward ratio between stakers and providers
What happens during the vote?
To vote, a user must use a supported wallet (such as MetaMask or TrustWallet) and is then required to grant permission to the Governance Deposit contract for the voting to work. Once set up, any tokens sent to this contract are used for the voting. They are unlocked after all votes that the tokens are participating in are ended.
As the vote progresses, the live results will be visible on the Governance dashboard where users can see the result as it unfolds!
When voting ends, the result is published and if successful, conveyed to the Ankr team for implementation. For simple parameter changes to the contract, this could be a matter of days, or if something more complex, a longer timeframe may be required.
Governance gives ANKR-holders control over the direction the Stkr platform evolves, through a smart, decentralized voting system. This functionality is entirely driven by the ANKR token and voting power increases according to the amount of ANKR held in private wallets.
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