The REI DAO upgrade will publicly disclose on-chain governance parameters to improve and optimize the REI DAO community governance process and mechanisms. It will allow the community to initiate proposals to modify the on-chain parameters of the REI Network, strengthening community operations through the establishment of traceable voting and implementation mechanisms. The community can fairly participate in on-chain decisions for the REI Network. This article will provide a detailed explanation of REI Network’s On-Chain Parameter Governance from three aspects.
I. The Concept of On-Chain Governance for REI Network
On-chain governance refers to the process of governance within the REI Network system. It exists to protect user interests and maintain the stability of the REI Network system. Unlike traditional centralized governance methods, on-chain governance relies on decentralized mechanisms such as smart contracts, REI Token holder voting, and community consensus for governance.
The purpose of on-chain governance is to ensure fairness, freedom, and decentralization while reducing manipulation, cheating, and improper behavior. It promotes the long-term value growth of the REI Network system.
II. Mechanisms of On-Chain Governance for REI Network
On-chain governance for the REI Network primarily relies on mechanisms such as smart contracts, token holder voting, and community consensus. These mechanisms demonstrate varying degrees of decentralization advantages. For example:
Smart Contracts: In the REI Network system, smart contracts are a set of programmable contracts that can automatically execute, verify, and enforce agreed-upon terms. Smart contracts play a critical role in on-chain governance as they can host voting mechanisms or other processes related to on-chain governance.
REI Token Holder Voting: Token holders have the right to vote on governance issues of the blockchain. REI Network utilizes a Proof-of-Stake (PoS) mechanism based on the token voting power as an on-chain governance mechanism.
REI Community Consensus: This is a crucial mechanism for maintaining decentralization. The REI Network operates on a Proof-of-Stake (PoS) mechanism, with all supernodes ensuring network security and decentralization. Each node is equal.
III. Advantages of On-Chain Governance for REI Network
Compared to other on-chain governance models, the upgraded REI Network on-chain governance through REI DAO offers several advantages:
Improved Governance Efficiency: Optimizing the governance process of the REI Network reduces time and costs during decision-making, improving governance efficiency.
Enhanced Decision Consistency: Optimizing the governance mechanisms of REI Network makes decisions more transparent, fair, and open, enhancing decision consistency.
Increased Community Participation: Encouraging REI Network community users to participate in on-chain governance increases user engagement and governance democracy. Establishing an open and inclusive on-chain parameter governance framework allows community users to directly participate in on-chain parameter formulation and decision-making processes. Through voting, proposals, and discussions, community voices are fully heard and considered, making the decision-making process more democratic and transparent.
Flexibility in On-Chain Parameter Governance: Establishing a flexible mechanism for adjusting governance parameters to adapt to changing needs and stages is essential. This includes setting reasonable modification intervals, a rational decision-making process, and timely responsiveness to community feedback and suggestions.
Strengthened Education on On-Chain Parameters: Strengthening information disclosure and education for community users to understand the importance, process, and impact of on-chain parameter governance. Regularly releasing governance decisions and related data establishes transparency, increasing community user participation and trust.
Allow community members to change the on-chain parameters of REI Network by submitting a proposal, 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 |
In conclusion, On-Chain Parameter Governance is one of the core ideas for the development of the REI Network community. It is based on decentralized mechanisms and enables autonomy and governance of the REI Network system, which offers more fairness, transparency, and openness compared to other on-chain governance models. In the future, On-Chain Parameter Governance will provide more possibilities for the further development of the REI Network and the empowerment of the REI Token’s value.