Governance
Governing Bodies (GBs)
Every account in the LGCY Network can apply and have the opportunity to become a Governing Branch (denoted as GB). Everyone can vote for GB candidates. The top 27 candidates with the most votes will become GBs with the right and obligation to generate blocks. The votes are counted every 6 hours and the GBs will change accordingly.
To prevent malicious attacks, there is a cost to becoming an GB candidate. When applying, 9999 LGCY will be burned from the applicant’s account. Once successful, such account can join the GB election.
When LGCY Mainnet is enacted we will begin to split up the 27 GBs into three branches of government (the Libertas Protocol). The Executive Branch (EB) will have no ability to write proposals, that power will lie solely in the Legislative Branch (LB). The EB will only have the power to veto what is proposed by the LB. The Judiciary Branch (JB) will have the power to overrule any vetoes issued by the EB.
The top 9 GBs will function as the EB, the middle 9 as the JB, and the bottom 9 as the LB. This division of power will help limit the authority of the bigger GBs, while giving a major voice to the smaller ones. This system creates a harmony amongst the powers that will ensure no single individual is able to gain control.
ELECTION
LGCY Power (denoted as LP) is needed to vote and the amount of LP depends on the voter’s frozen assets (LGCY).
LP is calculated in the following way:
1 LP = 1 LGCY frozen to get bandwidth
Every account in the LGCY Network has the right to vote for their own GBs.
After the release (unfreeze, available after 3 days), users won't have any frozen assets and lose all LP accordingly. As a result, all votes become invalid for the ongoing and future voting round unless LGCY is frozen again to vote.
Note that the LGCY Network only records the most recent vote, which means that every new vote will negate all previous votes.
REWARD
The reward payout for being a GB in the LGCY Network ecosystem is called USDL, a stablecoin used for gas and to serve as a base pair within the LGCY ecosystem. This will help alleviate the sell pressure from miners selling LGCY tokens and facilitate a growing decentralized stable coin ecosystem. Paying out GBs in LGCY is not a sustainable model, so changing it to a stable coin both adds value and increases the longevity of the network. Also, changing the energy model from a non trade-able energy to a trade-able fuel token both brings value to the ecosystem and provides a second avenue for collecting energy.
COMMITTEE
GENERAL
The committee is used to modify LGCY dynamic network parameters, such as block generation rewards, transaction fees, etc. The committee consists of the 27 GBs in the current round. Only the LB will have the right to propose and vote on proposals. When a proposal receives 5 votes or more (simple majority), it is passed to the EB for veto or approval (simple majority to veto or approve). If the proposal is vetoed it is passed to the JB to rule (again, simple majority). The proposal is either accepted or rejected at this point. If the proposal is accepted the new network parameters will be applied in the next maintenance period (3 days).
CREATE PROPOSAL
Only the GB accounts have the rights to propose a change in dynamic network parameters.
VOTE PROPOSAL
Only committee members (GBs) can vote for a proposal and the member who does not vote in time will be considered as a disagree. The proposal is active for 3 days after it is created. The vote can be changed or retrieved during the 3-days voting window. Once the period ends, the proposal will either succeed or fail.
In the first year the proposal will either succeed with 19+ votes or fail. After the implementation of the Libertas Protocol, the Legislative Branch will vote with a simple 5-4 majority needed to pass the proposal.
CANCEL PROPOSAL
The proposer can cancel the proposal before it becomes effective.
STRUCTURE
GBs are the witnesses of newly generated blocks. A witness contains 8 parameters:
- 1.address: the address of this witness – e.g. 0xu82h…7237.
- 2.voteCount: number of received votes on this witness – e.g. 234234.
- 3.pubKey: the public key for this witness – e.g. 0xu82h…7237.
- 4.url: the url for this witness – e.g. https://www.noonetrust.com.
- 5.totalProduced: the number of blocks this witness produced – e.g. 2434.
- 6.totalMissed: the number of blocks this witness missed – e.g. 7.
- 7.latestBlockNum: the latest height of block – e.g. 4522.
- 8.isjobs: a boolean flag.
Protobuf data structure:
message Witness{
bytes address = 1;
int64 voteCount = 2;
bytes pubKey = 3;
string url = 4;
int64 totalProduced = 5;
int64 totalMissed = 6;
int64 latestBlockNum = 7;
bool isJobs = 8;
}
Last modified 1yr ago