In preparation for the upcoming governance cycle, we would like to refresh our community on Quadratic Voting, Becoming a Candidate, and Governance Cycles in a three part series. In this article we will do a quick overview on Governance Cycles.
Like other governance mechanisms, there is a flow and stages to each cycle. In short a Governance cycle can be open or closed. Depending on the cycle stage, network members have access to different functions of our governance contract.
To begin a governance cycle must first be opened. Any member of the network can initialize the governance cycle.
When a cycle is open, voting can start and will continue past the minimum cycle time until a cycle is closed.
The minimum length of a cycle is 30.4375 days. After this time has elapsed from the opening of the cycle, any member can close the voting cycle.
When a voting cycle is closed all votes are tallied immediately. The demotion candidate with the highest net votes is removed as a blockmaker (will now be a regular member) and the promotion candidate with the highest net votes will take their place as the new blockmaker. After a cycle is closed, all members that participated in that cycle can claim their tokens as part of token redistribution.
Be sure to claim your tokens as soon as possible as it will take one week for those tokens to be deposited into the wallet you used to vote.
Once a cycle is closed, a new cycle can be opened again by any member. This will initiate a new governance cycle. Token redistribution for the previous cycle will still be available, even if a new cycle has begun.
All nominating and voting will reopen for the network following the same cycle time minimum as before. Be sure to complete token redistribution as soon as possible to be able to use those tokens in the next round of governance.
Need any help?
Access Eximchain Help Center here
Submit a ticket here
Talk to us on Telegram here