Governance

Openverse Network > Governance

The governance of the Openverse Network is driven by the Openverse community. Governance discussions and voting take place across various platforms and are facilitated by different community members, including on Discord, Telegram, X, forums, and any other channels where you may interact with members of the Openverse community.

Off-Chain Proposal Process

Once a proposal is posted on-chain, it cannot be modified to reflect feedback or updated information. Therefore, it is crucial to allow sufficient off-chain time for feedback, input, and revisions before submitting the proposal on-chain for voting. The proposal process begins well before the proposal is officially submitted on-chain.

Steps:

1.Create a post on the Openverse Forum with complete and detailed materials.

2.The administrators will review and either approve or reject the process.

3.Once approved, the process will be opened to the public, and community members will be invited to submit their opinions.

4.If the poll results are stable, the creator, community, foundation, or relevant team will proceed with the next steps.

On-Chain Proposal Process

The Openverse Network features an on-chain governance mechanism designed for signaling, adjusting consensus parameters, and allocating funds from the community pool.

This repository provides background information on the different types of proposals, as well as best practices for drafting and submitting them on-chain.

Several numerical values involved in governance are parameters, which can be changed by submitting a parameter change proposal.

  • Minimum Deposit: 128 BTG
  • Maximum Deposit Period: 14 days
  • Voting Period: 14 days
  • Quorum: 40% of total voting power must participate
  • Passing Threshold: More than 50% of participating voting power must vote in favor
  • Veto Threshold: 33.40% of participating voting power voting to veto will reject the proposal

Steps:

Deposit Period: The deposit period lasts for 14 days or until the total deposit reaches 64 Bitgold, whichever comes first.

Voting Period: The voting period is fixed at 14 days. During this period, participants may choose to vote “Yes”, “No”, “Abstain”, or “Veto”. Voters may change their vote at any time before the voting period concludes.