Cosmic Governance — How Proposals to the Project Will Be Decided

As a project that emerged out of the waters of DeFi, Cosmic is committed to becoming as decentralized as possible while still being a blockchain gaming ecosystem that operates flawlessly and provides value to participants. That is why we have followed in the footsteps of the most popular and successful blockchain games like Axie Infinity and created a governance model.

Cosmic Governance Model

Cosmic governance will be a hybrid model of coin voting and Proof-of-Participation. This ensures a fair governance system is enacted, which is lacking in other DeFi projects. Ethereum founder Vitalik Buterin recently agreed that simply relying on coin voting is not an ideal way to enact changes to a project, especially in DeFi.

The Governance Process

Each new proposal for a change within Cosmic will be a Cosmic Improvement Proposal. The first one will be CIP-1.

To be eligible to vote on each CIP, the current fee of 100 MAGIC must be sent to the Governance wallet:

0x6EbcC73B300daCcA03101C1FEd5842aa1979b0A6

The MAGIC will be burned, which helps with MAGIC’s value retention. The burned MAGIC will be sent to: 0x000000000000000000000000000000000000dead

A quorum needs to be met for a CIP to go through. The quorum is currently set at 13 and will increase according to the Fibonacci ratio as more people become active stakeholders.

51% is needed for a vote to pass. If a CIP does not reach 51%, a new proposal will be issued, narrowing down the options that can be voted on. Voting will be open for seven days.

There will also be a Proof-of-Participation requirement, meaning those who are stakeholders regarding the proposal will be the ones eligible to vote. For certain proposals, this may be a very small amount of stakeholders while in others it will be everyone in the community.

Decentralize All The Things!

Cosmic firmly believes in decentralization being the key to society thriving. This includes decentralizing the ownership and governance of Cosmic.

If you have any questions about Cosmic governance or anything else about the project, feel free to pop into the Cosmic Guild Telegram group!