Last updated
Last updated
The World Compute Network (WCN) operates under a decentralized governance model that empowers token holders and community members to participate in decision-making processes. This section provides a detailed overview of WCN’s governance structure, voting mechanisms, and the role of the community in shaping the future of the network.
WCN’s governance is managed through a Decentralized Autonomous Organization (DAO), a self-governing entity that operates through smart contracts on the blockchain. The WCN DAO ensures that decisions are made transparently and democratically, with the following key features:
8.1.1 Governance Token
WCN’s governance token, $WCN, is the cornerstone of its DAO. Token holders have the ability to propose, vote on, and implement changes to the network. The more tokens a participant holds, the greater their influence in the governance process.
Proposal Submission: Any $WCN token holder can submit proposals for changes to the network, such as protocol upgrades, new features, or adjustments to tokenomics. Proposals must meet specific criteria to be considered valid, including a clear description, rationale, and potential impact.
Voting Mechanism: Voting on proposals is conducted on-chain, ensuring transparency and security. Each $WCN token represents one vote, and participants can choose to vote in favor, against, or abstain from a proposal. Voting periods are predetermined, allowing the community sufficient time to deliberate.
Quorum and Majority: For a proposal to pass, it must meet a quorum threshold, which is the minimum number of votes required. Additionally, a simple majority of the votes cast must be in favor of the proposal. These requirements help ensure that decisions are representative of the community’s will.
8.1.2 Governance Proposals
The WCN DAO regularly processes a variety of governance proposals, which may include:
Protocol Upgrades: Proposals to implement new technologies, enhance security, or improve network performance.
Economic Adjustments: Changes to tokenomics, such as adjustments to staking rewards, transaction fees, or token distribution models.
Strategic Partnerships: Decisions on forming alliances with other blockchain projects, enterprises, or institutions to expand the WCN ecosystem.
Community Initiatives: Funding proposals for community-driven projects, such as development grants, educational programs, or marketing campaigns.
Disclaimer: This documentation is provided for informational purposes only and does not constitute legal, financial, or investment advice. The content within this document is intended to guide users on how to interact with the World Compute Network (WCN) platform and should not be construed as an endorsement or solicitation to invest in any assets, including the WCN token. Users are advised to conduct their own research and consult with professional advisors before making any financial decisions. The document owners and contributors are not responsible for any financial losses, damages, or other liabilities that may arise from the use of the information provided herein. Participation in the WCN platform and related activities is done at your own risk.
WCN’s governance framework assigns specific roles and responsibilities to different stakeholders within the network. These roles are designed to ensure that the network operates smoothly and that all community members have a voice in governance.
8.2.1 Core Development Team
The core development team plays a crucial role in implementing the technical aspects of governance decisions. This team is responsible for:
Proposal Execution: Once a proposal has been approved by the DAO, the core development team is responsible for implementing the changes. This may involve updating smart contracts, deploying new features, or coordinating network upgrades.
Security Audits: The development team conducts thorough security audits before deploying any changes to the network. This ensures that new features are secure and do not introduce vulnerabilities.
Communication: The development team regularly communicates with the community to provide updates on the status of proposals, ongoing projects, and future plans. Transparency is a key component of WCN’s governance model.
8.2.2 Token Holders
Token holders are the backbone of WCN’s governance. Their responsibilities include:
Participating in Votes: Active participation in voting is essential for maintaining a healthy governance process. Token holders are encouraged to review proposals, engage in discussions, and cast their votes.
Engaging in Discussions: WCN’s governance process is collaborative, with many decisions being made through open discussions on forums, social media, and community channels. Token holders are encouraged to voice their opinions and contribute to the decision-making process.
Delegating Votes: Token holders who are unable to participate directly in voting can delegate their votes to trusted representatives. This allows for continuous governance participation even if a token holder is unavailable.
Transparency is a core principle of WCN’s governance model. All governance activities are conducted on-chain, providing an immutable record of proposals, votes, and outcomes. Key aspects of governance transparency include:
8.3.1 On-Chain Voting Records
All votes cast on governance proposals are recorded on the blockchain, allowing anyone to verify the results. This transparency ensures that the governance process is fair and that all decisions are made in the best interest of the community.
8.3.2 Public Discussions
Governance discussions take place in public forums, such as WCN’s official Discord, Telegram, and GitHub repositories. These platforms provide a space for community members to debate proposals, share ideas, and collaborate on governance initiatives.
8.3.3 Regular Reports
The WCN DAO publishes regular governance reports that summarize recent proposals, voting outcomes, and ongoing initiatives. These reports are accessible to all community members and provide insights into the network’s governance activities.
