ZZZ Community Update:
August 18th, 2020
Governance and Ecosystem
ZZZ was born from an idea. An idea of building a yield farming community project, where decentralized governance paved the way to a brighter, more fairer future. Built by the community, for the community, all thanks to the amazing volunteers pushing to create value and product. Everyone is doing a phenomenal job, and you can’t be thanked enough for your contributions.
To build on the importance of decentralization and ecosystem growth, a governance framework is being presented here for the community. This assures the power is in the hands of the people, while creating a system of checks and balances to encourage and foster growth.
New pools are in the works, including partner pools, and an exciting new fuel rewards token that works symbiotically with ZZZ to maximize your yield farming potential. All of this enables further growth, utility, and prosperity for the ZZZ community.
Details on both governance and rewards/pools below:
ZZZ Governance Framework Overview
The goal of this framework is to create a fair method of decentralized, community governance for ZZZ and its ecosystem. The concept is to create a three phase voting structure for all proposals to ZZZ. The purpose of which is to create a system that balances keeping it simple for people to make proposals, however, filters out proposals that may not be suitable for the ZZZ ecosystem for one reason or another. The methodology behind the three phase system, rather than simply allowing all proposals to be voted on, is to create a system centered around four key components:
- Equity to the community to seek decentralized goals.
- Filter out proposals that are either unviable, unrealistic, or simply meant to be harmful or are a practical joke.
- Add utility, product, and positive value to the ZZZ ecosystem.
- Create a no-gas fee voting system.This concept is to promote voting, rather than discourage due to fees. ZZZ holders are empowered to participate in the following manner:
a) Whitelists ETH addresses that either have tokens in their address or staking associated with their address, tallying votes based on those balances, and will do “checks” to make sure the correct number of votes match the address balances to offset balance changes.
b) The venue for these votes is under discussion from in-app or via pre-programmed Telegram bots in specialized TG channels.
c) Though the system is subject to change based on coding needs, the purpose is to make it gas free and transparent to make it inclusionary rather than exclusionary.
To make sure the above points are met, a ZZZ board is formed, consisting of only validated ZZZ holders who are actively volunteering/working on the project in ongoing, appropriate capacities, and have proven themselves to only have the best interest of the project in mind. New members are voted in by existing board members via simple majority vote.
In relation to the creation of the proposals, it is suggested there be two requirements:
- The proposer must be whitelisted by having at least 25 ZZZ in an Ethereum address or staking inside the ZZZ pools.
- Use of a simple form hosted inside the ZZZ governance section of the website (or other, to be determined, location), which requires an email to filter out bots, and would allow for a standard way to create them with all necessary information. The current suggested information for the form would be:
-Name *optional
-Contact information (such as Telegram username) *optional
-Subject *required
-Suggested bounty for those who do the work from said proposal *required
-Details of the proposal *required
Voting Phases
Proposal:
To submit a proposal you must have, verifiable, at least 25 ZZZ staking inside the ZZZ Pools, to help prevent attacks on the governance system and to assure there is vested interest.
A Proposal Submission goes afterwards into 3 phases:
Phase 1:
To vote in this phase you must have at least 1 ZZZ. Proposals can be voted up or down with following conditions:
- If 25% of the total available votes of wallet holders with 1+ ZZZ down vote the proposal, the proposal fails.
- If 51% of the total available votes of wallet holders with 1+ ZZZ up vote the proposal, the proposal passes Phase 1.
Phase 2:
This is where viability of the scope of the proposal, review, and confirmation, is necessary by those who would be doing the actual work. The ZZZ board reviews the proposal and either passes the proposal in its current state and the proposal moves on to Phase 3 or the board counter proposes with questions, publicly, because there may be some issues with the proposal in its current state. Examples of issues range from cost, scope, viability, time and resource constraints, ethical concerns, or other. This then allows the proposal to be adjusted and resubmitted back to Phase 1 for voting once more.
Phase 3:
Complete open vote by the entire community. A simple majority is necessary to pass. Votes will be on a 1 vote per 1 ZZZ (fractions permissible) and 0.1 vote per 1 fuel token ( subject to change with tokenomics/details coming soon).
Summary of Governance:
This format creates a base point for fair governance and, in itself, allows for the community to alter this governance system to meet the needs of the community. Any and all suggestions are welcome.
Fuel/Rewards Token and Pools Overview:
The ZZZ token has had its supply already distributed or token locked to be distributed in existing pools. Therefore, the only way to build more pools for the community, is to create a new token inside the ZZZ ecosystem.
To further expand ZZZ.finance for the addition of more pools, and build on new partnerships with other projects and communities, the following expansion is being developed.
Where ZZZ is the governance token that primarily powers the ecosystem decision-making and direction, the fuel token will be made to be the rewards system. It is the power that drives community pool growth and fosters project development.
The ZZZ ecosystem will be expanded in the following way:
- A fuel token in the rewards system for staking in future pools.
- Function as a reward system to foster growth for the ZZZ ecosystem.
- Have voting rights at a 10% vote power to ZZZ (1 fuel token: 10 ZZZ) in the ZZZ proposed governance system (subject to change based on tokenomics in development).
- Pools will have their admin key access burned including token access/minting abilities. No rugs permissible. Proof will be transparent.
- Emission rate keys will be burned after a decentralized confirmation by the community that the pools are operating at their correct parameters. No rugs permissible. Proof will be transparent.
- New pools will be announced in the coming days involving partner projects.
- Furthermore, new utilities and use-cases are proposed by the community and are being explored.
Summary:
While there are more use-cases under development (and some amazing new features and roll outs planned), the goal is in transparency. And in the interest of decentralization, the token and rewards system is being released as features become available to the public for use, on a rolling basis, rather than all at once.
By going this route, the doors become open for the community as a whole to function as a collective think-tank, building upon the product and utility as they’re released.
In addition to the creation of this fuel rewards token (details on tokenomics coming soon), the ZZZ token will have an upgrade. Not only will ZZZ serve as a governance token for the entire ecosystem, ZZZ will also provide bonus multipliers on certain yield farming rewards, giving added use-case to ZZZ as a token.
Come learn more by joining the ZZZ Telegram group:
Stay tuned for more details about partner projects pools, tokenomics, some big surprises, and details on how the yield farming reward structure of ZZZ will elevate your crypto game to the next level!
