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Governance
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. Staking can only be done through Governance dApp, and the minimum amount of Staking can be changed by Voting. Voting power has the same weight regardless of the amount of locked WEMIX Staking. The result of Voting determines whether the WEMIX Staking is locked or unlocked. Once locked, WEMIX can be unlocked and retrieved by Voting after the default locking period has passed. If you relinquish your authority as an Authority before the locking period ends, or if you forfeit your authority due to the detection of malicious acts, your locked WEMIX will be forfeited to the Eco Fund. In Phase 1, all participating authorities had the minimum/maximum of 1,500,000 WEMIX, and all authorities have the same voting power. In Phase 2, the Staking minimum remains at 1,500,000 WEMIX, but the Staking maximum constraint is removed. In other words, NCPs can increase the Reward with additional WEMIX staking.
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. In Phase 1, each Authority had Voting Power in proportion to the amount of Staking, and in Phase 2, all Authority have the same Voting Power regardless the Staking amount. Each voting will be passed if it win more than 50% of the votes in favor of the total Staking WEMIX 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 Eco Fund.
- 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 50% block producer, 0% 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.
If you delete the Authority member and then proceed with adding the same node again, you must delete the {data_directory}/etcd directory and restart gwemix.
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.
Last modified 2mo ago