But Who is your NDC and what kind of Election ?
Today everything is changing very quickly. People do not stay still, they are always moving forward. Near is also moving forward, trying to become even better.
The NEAR network is now actively preparing for elections that play an important role in the future development of the protocol. However, before we dive into the details of this process, let’s take a closer look at the NEAR ecosystem, understanding how it functions and the principles behind it.
In the NEAR ecosystem, community development takes place through various DAOs (decentralized autonomous organizations). They receive funding directly from NEAR Foundation and interact with the community.
NEAR Foundation is responsible for contracting with various companies, funding the development of the ecosystem, and providing core management of the NEAR protocol.
Until now, the Near Foundation has managed the Community Treasury and now the NDC must change that.
What is a Community Treasury ?
The Community Treasury is allocated in almost every project when planning tokenomics (how many tokens will go to the public sale, how many to the team, how many for private rounds and so on) in our case it is 17.5% of the initial tokens allocated for the development of the community and the ecosystem around the Near Protocol
At the moment, the role of managing this money lies with the Near Foundation, which is a small in-house construct that makes decision making centralized and does not fit into the idea of web3/blockchain, as well as a number of problems:
- Long payouts.
- Inefficiency of solutions at the community level, as the main objectives of NF are rather investment and saving money.
- Centralization.
- Risk of being subject to US/EU regulations.
What is NDC ?
It is a new decentralized community treasure management system to solve the above problems, where the community members themselves determine where the funding should go.
To achieve this goal, NDC will organize leadership elections. It is this leadership that will manage the Community Treasury and allocate the budget.
There are only three nominations for the election:
- House of Merit (15 seats)
- Council of Advisors (7 seats)
- Transparency Commission (7 seats)
What is House of Merit?
House of Merit is a governing body made up of a group of experienced community members appointed by ecosystem members to represent them when voting and making key decisions.
His role is to approve funding proposals from either the community treasury or the NEAR Foundation treasury. He does this by a simple majority of democratically elected HoM members.
What is the Council of Advisors ?
The Council of Advisors is made up of leaders that you, the community, will vote for in the election.
Their role is to advise the House of Merit on strategic direction, helping to ensure it aligns with the values and mission of the NEAR ecosystem.
Specifically, the Council of Advisors has the power to Veto House of Merit proposals if board members believe the distribution is not consistent with community goals. An overwhelming majority of five out of seven votes is required to block a proposal.
What is the role of the Transparency Commission ?
It protects the ecosystem from malicious actors by preventing cartels, biased bids, and attempts to deplete treasury funds.
This is done by addressing complaints from ecosystem members. The Commission can investigate and expel members from groups and address sources of concern.
If this reduces the effectiveness of the chamber, the Electoral Authority may dissolve it for new elections. The Electoral Body may also act against the Commission if it abuses its powers.
The Transparency Commission (TC) has four main functions:
- They deal with people who are not following the rules or are only thinking about themselves.
- They handle cases where someone is not good at their job and should not be part of the group anymore.
- They check if people who want to be part of the leadership group are suitable.
- They make sure everyone knows what’s happening, including how money is used and if people are being honest.
When the Congress is in session, the Transparency Commission listens to complaints, picks which ones to look into, and checks them. Then, only the Transparency Commission can decide to continue checking, remove someone from the group, or keep them in the group.
Now in a very simplified form:
- House of Merit — budget planning.
- Council of Advisors — HoM budget advice and VETO law.
- Transparency Commission — protects the ecosystem from harmful actors.
How to participate ?
If you want to run as a voter, you must have an IAH SBT. This is a simple confirmation that you are a human and not a bot, this is not CUS!
If you are a new user, you will need to obtain an IAH SBT at https://t.co/odRO2QyYCF
If you want to participate as one of the candidates, you need an OG SBT and a passion for decentralizing NEAR. Check the criteria and apply.
Nominate candidates using https://t.co/pYmJeOwXWZ . Remember that editing after sending is prohibited ❗️
- September 7: Application Deadline.
- Election period: Sept. 8–22.
Why is it important ?
Running money into the ecosystem will happen without NEAR Foundation, the community itself can now choose where to distribute the finances.
Every vote is important, because it is the choice of the community that will determine who will run the treasury. Everything is in your hands
You can participate not only in the elections, but also apply for funding.
You can come up with your idea and create your own personal DAO and get funding, here is an example of new DAOs that have recently been created:
- Regional DAO (Stopped for now) — promoting Nir in regions and different countries, creating news, communicating with local products, offline events, working on KPIs and metrics.
- Degen DAOs are the real degens for aggressive marketing and creating a buzz around Near.
- Gaming DAO — funding and development of games on Near.
- Aurora WG — Aurora Development.
- Freelance DAO — deals with different types of Near promotion in media.
You can already start creating a new DAO, but you will only be able to get funding if the elections are successful: if there is a large enough number of votes for the candidates.
Everything is in your hands, you can contribute to the community with a simple vote or a good idea.
