Introducing Voi’s Treasury: Ensuring Financial Transparency & Stability
Dear Voi Community,
We are pleased to announce the first draft of the structure and function of Voi’s Treasury, an essential part of our governance model. The Voi Treasury plays a critical role in managing and allocating the financial resources within our ecosystem, ensuring that funds are used effectively, transparently, and in alignment with our long-term vision. The Voi Treasury is designed to handle the financial assets of the Voi ecosystem, ensuring their proper allocation and management to support various projects and initiatives. The Treasury works in close coordination with the Voi Council and the Judiciary to align financial decisions with the overall strategic goals of Voi.
The Treasury is managed by an elected President and Voi’s Board of Directors. This structure ensures that all financial activities are in line with Voi’s long-term objectives, regulations, and that there is a robust system of checks and balances. Documents for review by the community have been included at the end of this announcement.
Overview
The Treasury plays a vital role in the Voi ecosystem, starting with the allocation of funds. It checks the Council by ensuring that resources are directed towards adding value to the ecosystem and that these funding decisions are within budget. This strategic distribution of funds is designed to drive innovation and foster growth throughout the Voi ecosystem.
In addition to approving funding allocation, the Treasury is responsible for supporting the financial stability of the Voi network. This involves providing a final check on the council’s management of financial assets, most notably Voi’s treasury endowment, by verifying necessary reserves, and planning for future financial needs. The Treasury is also responsible for transparently reporting on Voi’s financial situation. Through these efforts, the Treasury ensures the long-term sustainability and resilience of the Voi ecosystem.
A commitment to transparency and accountability is central to the Treasury’s operations; all movement of funds will be transparent, allowing the community to independently audit. This transparency helps build trust within the community and ensures that all financial activities are carried out responsibly.
Roles & Responsibilities
Now let’s delve into the specific positions held within the Treasury.
President
The Voi President is a role elected by the greater Voi community. The President will hold the following powers:
- Financial Transparency: The President reports on the financial health of the Voi Foundation, ensuring that funds are allocated efficiently and transparently.
- Approval of Funding Requests: The President reviews all funding requests and major initiatives within the Voi ecosystem, ensuring they align with Voi’s goals before communicating with the Directors for final approval.
- Crisis Management: The President leads the response to any network, ecosystem, or security crises that may affect Voi and its community, with support from relevant task forces.
- Regulatory Compliance: The Treasury as a whole ensures that Voi complies with relevant financial regulations and laws, working with external legal teams to stay informed about changes in legislation.
Board of Directors
- Final Approval: The Board of Directors provide the final approval or veto on all financial proposals passed by the Council. The Director also keeps a check on the President to ensure the President is exercising their power appropriately. In this manner the Treasury as an entity ensures that all budgeting decisions, made predominantly by the Council, aligns with the strategic goals of Voi.
Checks & Balances
The Voi Treasury holds significant powers that serve as checks on the other branches of our governance system. For the Voi Council, the Treasury can veto legislation or decisions if they are not in the best interest of the blockchain’s operational integrity or vision. The Treasury also ensures that Council decisions do not negatively impact the financial situation of the ecosystem. Additionally, any impeachment decision by the Council must be approved by the Treasury, adding an extra layer of oversight. When it comes to constitutional amendments, the Treasury must approve any changes that have received unanimous approval from the Council, ensuring that both branches agree fully on such significant decisions.
In relation to the Judiciary, the Treasury also plays a crucial role. As the final approver of constitutional amendments that pass the Council’s review, the Treasury holds a substantial check on the Judicial power. Additionally, the Treasury ensures that policies are implemented in compliance with judicial interpretations, indirectly checking the practicality and enforceability of judicial decisions.
Conclusion
The establishment and detailed structuring of the Voi Treasury are critical steps in enhancing our governance model. By ensuring the efficient and transparent management of our financial resources, we can support the continuous growth and stability of the Voi ecosystem. We are confident that the Treasury’s structure and functions will help us achieve our long-term goals and vision.
Thank you for your continued support and dedication to the Voi community. As mentioned, this is simply a first draft of how we envision the Treasury should operate. The key governance documents outlining the structure and functions of this branch of the government can be found below here:
Structure & Function of Voi’s Treasury
Responsibilities of the Voi Treasury
Please provide your detailed feedback and suggestions HERE. The same form can be used for all three Treasury documents.
Sincerely,
The Voi Foundation
