WEMIX3.0
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Governance

DAO(Decentralized Autonomous Organization)

On-Chain Governance

Staking

WEMIX staking is one of the prerequisites to becoming an authority member. The Staking method is possible by sending WEMIX while calling a predefined function to the governance contract known at the system level. In Stage#1, even if Staking is completed, an entity cannot become a member unless an official contract and identity disclosure with the WEMIX blockchain foundation is made. WEMIX can only stake through the Governance dApp, and voting can change the minimum/maximum amount that can be staked. The amount of locked WEMIX Staking determines Voting Power, and whether or not to lock/unlock the Staked WEMIX depends on the voting result. Once locked, WEMIX can be opened and retrieved by voting after the default Locking Period. Suppose it renounces its Authority as an Authority or is deprived of its authority due to the detection of malicious acts. In that case, the Locked WEMIX of that Authority will be forfeited to the Reward Pool. In Stage #1, all participating authorities must stake 1,500,000 WEMIX equally. Therefore, the minimum/maximum is 1,500,000 WEMIX, and all authorities have the same voting power.

Voting

The WEMIX Blockchain(governance contract) stores system variables that can be changed by voting and have functions related to the participation, withdrawal, and replacement of authority members. Each Authority will have Voting Power in proportion to the amount of Staking, and each vote will be passed when more than 50% of the total amount of Staking WEMIX is obtained during the Voting Duration(1-7 days).
Only the Authority member can apply for the following voting. Voting duration can be determined within the minimum/maximum value range at the time of application and is designated as the minimum value when not specified. Voting starts and ends when a member votes for the first time in the application list and runs for the maximum voting duration. Even within the voting duration, if more than 50% of opinions are raised, voting ends, and follow-up work is carried out. Only one vote is conducted at a time; As a result, if voting is already underway, new voting cannot be initiated.
The Voting types supported by the current version are as follows. Voting results are reflected based on block number, and voting results completed in block number n are valid from block number n+1.
  • Authority member(add): When the voting for adding an authority member passes by a majority vote, the staking amount of the member is locked and included in the authority member.
  • Authority member(withdrawal): Voting for processing the authority member's withdrawal (penalty), unlocking only the specified amount when applying, and sending the rest to the governance address.
  • Authority member replacement(address change): When passing through voting to replace an existing authority member or change node information, if it is the same address, change the node information; if it is a different address, lock the new member's staking amount, and unlock the existing member's staking amount. However, if you change your own node information (including voting address) in your staking account, the corresponding information will be changed immediately without voting.
  • Governance Contract Address(change): Change the address when passing through voting to upgrade the existing Governance Contract.
  • Voting Duration(Minimum): The default is one day for voting to change the minimum voting period value. When passing, the minimum voting period is changed.
  • Voting Duration(Maximum): The default value is seven days for voting to change the maximum voting period value. When passing, the maximum voting period value is changed.
  • Authority member staking(Minimum value): Change the minimum staking WEMIX quantity value when passing through voting, which changes the minimum number of staking WEMIX quantity when participating as a member.
  • Authority member staking(Maximum value): Change the maximum staking WEMIX quantity value when passing through voting, which changes the maximum number of staking WEMIX quantity when participating as a member.
  • Block generation time: The default is 1 second for voting to process changes to the block creation time. When passing, the block creation time is changed.
  • Block reward amount: The default value is 1 WEMIX/block as voting to determine the number of new WEMIX created for each block. When passing, WEMIX PMR(Permanent Minting Reward) is changed.
  • Block reward distribution method: Voting to determine the transaction fee and the distribution rate of the newly created WEMIX, the default is 40% block producer, 10% staking compensation, 25% ecosystem, and 25% maintenance. The distribution rate, ecosystem, and maintenance distribution address are changed when passing.
  • MaxPriorityFeePerGas: Voting to handle changes in MaxPriorityFeePerGas. Once passed, the MaxPriorityFeePerGas will change.
  • Gas Limit & baseFee: Voting to handle changes in Gas Limit, range of baseFee and the increase rate of baseFee.

Off-Chain Governance

If the foundation needs a hard fork, such as a "change of protocol", and explicit agreement of the council is required, the NCP agreement process is carried out using an Off-Chain service such as https://snapshot.org/. Although the service is Off-Chain governance, the foundation can change the blockchain protocol based on the agreement of the explicit council because it receives more than half of the council's signature and performs voting.
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DAO(Decentralized Autonomous Organization)
On-Chain Governance
Off-Chain Governance