2% of the circulating supply (750 million). The purpose of this quorum is to ensure that the only measures that pass have adequate voter participation.
Community governance has always been a concern during the development of REI Network, and the on-chain governance mechanism will directly affect the stability, security, and ecosystem development of REI Network. At present, REI Network’s on-chain parameter governance mechanism needs further exploration and practice.
First of all, currently, some on-chain parameters may not meet the actual needs and expectations of community users, which limits the effective participation and decision-making power of community users in the REI Network ecosystem.
Second, the governance process of current on-chain parameters lacks transparency and community participation. Community users lack channels and mechanisms to directly participate in the formulation, modification, and optimization of on-chain parameters. This situation prevents community users from effectively expressing their opinions and needs, and we cannot make full use of the wisdom and experience of community users to promote the development of REI Network.
Therefore, we need to optimize the on-chain governance mechanism. By establishing an on-chain parameter governance mechanism, community users can jointly decide the formulation, modification, and optimization of REI Network’s on-chain parameters.
The goal of this proposal is to optimize the on-chain governance mechanism of REI Network, and improve governance efficiency and decision-making consistency, so as to better serve the development of REI Network and user needs. Specific goals include:
1.Improve governance efficiency: optimize the governance process of REI Network, reduce time and cost in the decision-making process, and improve governance efficiency.
2.Improve decision-making consistency: optimize the governance mechanism of REI Network, make decision-making more transparent, fair, and open, and improve decision-making consistency.
3.Improve community user participation: Encourage REI Network community users to participate in on-chain governance to improve user participation and governance democracy. Establish an open and inclusive on-chain parameter governance framework, allowing community users to directly participate in the formulation and decision-making process of on-chain parameters. Through voting, proposals and discussions, it is ensured that the voices of community users are fully heard and considered, making the decision-making process more democratic and transparent.
4.Improve the flexibility of parameter on-chain governance: set up a set of flexible governance parameter adjustment mechanisms to adapt to the current changes in different stages and needs. This includes formulating a reasonable modification range for parameters, a reasonable decision-making process, and responding to feedback and suggestions from community users in a timely manner.
5.Strengthen the popular science education of on-chain parameters: strengthen information disclosure and education for community users, so that they can understand the importance, process and impact of on-chain parameter governance. Through the regular release of governance decisions and related data, transparency will be established to increase the participation and trust of community users.
To achieve the above goals, we need to make the following decisions:
1.Optimize the governance process and simplify the decision-making process. Specific measures include optimizing proposals, voting, and decision-making to simplify the process and improve efficiency.
2.Improve the transparency of decision-making and make the decision-making more fair and open. Specific measures include disclosing information such as proposals, voting results, and decision-making processes so that users can fully understand the governance mechanism and decision-making process.
3.Encourage users to participate in on-chain governance to improve the democracy of user participation and governance. Specific measures include increasing reward mechanisms and user voting rights, etc., to encourage users to actively participate in on-chain governance.
4.Set up a governance committee, a governance committee composed of members from the community, to supervise and manage the governance of REI Network, and improve the transparency and fairness of governance. The governance committee should be independently elected by community members and have certain governance experience and expertise.
5.Community members are allowed to change the on-chain parameters of REI Network by initiating proposals. The specific on-chain parameter governance list is as follows:
|Parameter||Default Value||Parameter Comment|
|UnstakeDelay||7 days||The lock time required to withdraw the staked|
|WithdrawDelay||3 days||The lock time required to withdraw the staked to get free gas|
|CommissionRateInterval||1 day||Validator setting allocation ratio interval|
|FeePoolInterval||1 day||The interval for reward distribution by the gas pool|
|Forfeit||20,000 REI||The amount of penalty required for the validator to come out of the jail|
|JailThreshold||300 every 21,600 blocks||The block loss threshold for being locked in the jail|
|MaxValidatorsCount||21||Maximum number of validators|
|MinValidatorsCount||21||Minimum number of validators|
|MinTotalLockedAmount||100 million||Total minimum staked|
|MinerReward||0.951293759512937595 REI||Miner reward|
|DailyFee||1,440 REI||The total amount of free gas per day|
|MinerRewardFactor||90%||Proportion of rewards for block producers|