On-Chain Governance & DeFine DAO Treasury
On-Chain Governance Implementation
In Q4 2021, DeFine launched community governance as a major step towards decentralization. As DeFine core contributors, we listen to our community and value the importance of bringing governance on-chain to promote a more inclusive and democratized consensus on platform upgrades.
After an extensive testing period, the on-chain governance function has been successfully deployed on mainnet. It means that the DeFine platform now has working on-chain governance that allows community members to vote on proposals and upgrades to the platform that are executed automatically on-chain. By employing an on-chain governance model, the DeFine platform is taking another big step towards true decentralization.
- What is on-chain governance?
On-chain governance is a system for managing and implementing changes to blockchains. In this type of governance, rules for instituting changes are encoded into the blockchain protocol. On-chain governance means that once the proposal is passed, the changes will be applied automatically by the smart contract.
- What’s the advantage of on-chain governance?
Changes to the platform are decided by the collective decision-making of its community and conducted through its core development community.
On-chain governance will enhance transparency and trust as these changes and improvements are implemented.
-Faster Turnaround Times for Changes
On-chain governance achieves consensus regarding proposed changes in relatively less time among stakeholders.
- How to create an on-chain proposal?
Please visit DeFine Wiki to learn more about how to create an on-chain proposal and how to vote for/against a proposal.
DeFine DAO Treasury
Today DeFine has reached another major milestone in decentralization. The core contributors have set up the DeFine DAO treasury multisig wallet and allocated the designated DFA token supply to the treasury.
Wallet address: 0x047835a98Acf0F6FA018Cc0d2eb01c418C8dc8dD
- The owners of the Multisig will initially be composed of core contributors, investors and community members that can be voted on via community governance
- The treasury controls a portion of DFA token supply used for funding the DAO’s operation, decision making process and future development of the platform which will be decided by governance proposals
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