Crust Mainnet is launching its Governance Module
We are excited to announce that the Governance Module is launching on Crust Mainnet on the evening of February 25th! The governance module has been extensively tested on the Maxwell Testnet, and after some parameter adjustments, will now be deployed to the Mainnet. The Governance Module will shift key decision-making to the Crust Network community.
This is an important part of Crust Network, reflecting the advantages of Crust on-chain governance and further expanding Crust Network’s commitment to decentralization.
Introduction of governance module
The governance module consists of the below parts:
- Proposals & Referenda: General voting module in which users can submit proposals and vote on proposals to improve Crust Network. In this part, the submission of the proposal and the referenda will require a certain amount of CRU to be staked.
- Treasury & Tips: The Treasury is a pot of funds collected through transaction fees, slashing and staking inefficiencies. The funds held in the Treasury can be spent by a spending proposal that, if approved by the Council, will enter a waiting period before distribution. This part mainly provides rewards for contributors. All CRU holders can submit a tip application, which is ultimately voted on by members of the council.
- Council: The council is an on-chain entity comprising a number of actors, each represented as an on-chain account. Along with controlling the treasury, the council is called upon primarily for three tasks of governance: proposing sensible referenda, canceling uncontroversially dangerous or malicious referenda, and electing the technical committee.
- Technical Committee: The Technical Committee can, along with the Council, produce emergency referenda, which are fast-tracked for voting and implementation. These emergency referenda are intended for use only under urgent circumstances.
All community members are welcome to participate in Crust Network’s on-chain governance and contribute to the Crust ecosystem!
How to apply for the Council
Once the Governance Module is launched on the mainnet, Council applications will be opened, and any CRU holder can apply to become a member of the Council. Members of the Council can express their opinions on the use of the Treasury, the acceleration of the Democracy module, and several on-chain transactions with important influence. Also, Council members can be replaced. Every 3 days, the network will conduct an election.
There are 13 Council members in total, and the specific application process is as follows:
1.The steps to apply to become a member of the Council are shown in the figure below. It should be noted that applying to become a candidate requires a certain amount of CRU to be locked as a guarantee, and if you are not successfully elected, or have been elected but lose your seat, you will lose this part of the locked CRU. Please choose carefully whether to become a candidate.
2. Becoming a member of the Council requires the support of the community, of whom each can vote for any number of applicants. To enable voting rights, you first need to lock a certain amount of CRU as a guarantee, and the CRU in this part needs to be a transferable CRU. When you vote, the amount of CRU held will determine your voting power. The CRU in this part can be staked CRU or any CRU under other locked conditions such as CRU18.
For the operation of other modules, please refer to:https://wiki.crust.network/docs/en/governanceGuide.html