Onchain Governance System
Phantasma Chain is building the blockchain which is easy to use for its users. However, the blockchain needs to be flexible and easy to update. The Phantasma team put in a lot of efforts to make this a reality. Preceding generation blockchains usually have their blockchain rules coded into their nodes. Whenever the chain developers need to tweak a rule of the blockchain, no matter if it is just a small change like changing a single number, it can have catastrophic consequences.
The problem occurs due to the fact that it is impossible for a decentralized blockchain to force their nodes to upgrade their software at the same time. If a new block is produced under the new rules, while not being accepted by nodes following the old rules, a fork of the blockchain happens. Some blockchains claim to be unforkable, but in reality they are doing a trade off. Instead of forking, the blockchain will not accept new blocks until a new consensus is reached, which can stop the whole blockchain from operating in the meantime.
Onchain Governance System
Phantasma offers a next generation approach with the introduction of the Onchain Governance System, actually removing forks and other known drawbacks. This system allows the blockchain rules to be parameterized in a way that those rules can be edited onchain, as long as there is consensus for that specific update. This consensus is reached by running a poll for either the block producers or the whole community. Block Producers polls all have equal voting power, while the community polls are based on multiple criteria such as the amount and duration of SOUL staked.
Each poll operates in three different modes:
- Unanimity: every voter must agree on same result to reach consensus.
- Majority: the majority of votes must agree on the same result to reach consensus.
- Popularity: the result with highest number of votes will reach consensus. Consensus is always reached unless there are two or more options ranked highest and equally.
The mode of the polls are pre-defined per poll and are based on the requirements of the update.
The results of the polls will be executed if consensus has been reached. The poll could apply to updating onchain rules, but it could also be used by third party developers who wish to run polls for their own dApps. The polls which are specially designed for block producers are available in Phantasma Spook and community polls are available via the Phantasma app.
Naturally we have designed a system which is going to be adopted by Phantasma’s very own blockchain, here are a few examples adopting the Onchain Governance System:
- Voting for active block producers each quarter
- Voting to add new (standby) block producer slots
- Voting for chain parameters updates (fees, block times, block sizes, etc.)
- Voting for Phantom Force funding
By directly adopting the Onchain Governance System, Phantasma adds another layer of decentralization. The community will have a voice, which is key to the future success and growth of Phantasma Chain. Our next milestone is what the whole Phantasma community is waiting for. Exciting times are ahead with the Phantasma main net launch around the corner. Q3 might actually end sooner than you are expecting.
For more information about Phantasma Chain:
Website: https://Phantasma.io/
Telegram Channel: https://t.me/phantasma_io
Telegram Announement Channel: https://t.me/phantasma_announcements
Medium: https://medium.com/phantasticphantasma
Twitter: @phantasmachain
Reddit: https://www.reddit.com/r/phantasma
Discord: https://discord.gg/rYfajr
Instagram: https://www.instagram.com/phantasmachain/
