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Governance on the Core Chain

Core Chain's governance system is designed to ensure a decentralized and democratic management of the Core Chain network. It empowers the community to actively participate in decision-making processes that shape the ecosystem's future, from protocol changes to feature implementations and more. This section outlines the governance structure of the Core Chain ecosystem.

Progressive Decentralization Strategy​

The Core Chain's governance is designed to evolve over time, with a phased approach that begins with necessary centralization for network establishment and progressively hands over control to the community as it grows and stabilizes.

  • Stage 1: Offchain Governance

    • Proposals and decisions are conducted offchain through Core Improvement Proposals (CIPs).
    • Community members, regardless of their stake size, can submit proposals for consideration.
    • A majority vote determines the outcome of each proposal, with a voting period of seven days to ensure community participation.

  • Stage 1.5: Current Hybrid Model

    • Represents a midpoint between offchain governance and the goal of partial onchain governance.
    • This stage allows for learning, adjustment, and the laying of groundwork for more onchain elements to be integrated into the governance process.

  • Stage 2: Partial Onchain Governance (Upcoming)

    • This stage will introduce the ability to adjust fixed parameters directly through onchain voting.
    • The 'm Parameter,' which governs certain economic variables, is already under community control.
    • Additional parameters, such as the percentage of burned fees (currently set at 0%), will be subject to onchain governance.
    • Discussions are underway to implement time delays in voting to mitigate vote selling and similar concerns.

  • Stage 3: Full Onchain Governance (Goal)

    • Details for this stage are currently being developed with active community participation.
    • Plans include mechanisms such as requiring collateral to post proposals, ensuring that proposers have a vested interest in the network's health and longevity.

Current State of Governance​

Core Chain's governance is currently in transition, situated at Stage 1.5, with the objective of reaching Stage 3, which represents full decentralization. Governance is facilitated through the CORE token, empowering the community to guide the development and direction of the Core Chain.

Governance Oversight​

In the current governance model of Core Chain, The Core team, together with the Core community, is tasked with overseeing the network. Responsibilities include, but are not limited to, expanding the validator set, adjusting governance parameters, and determining the percentage of block rewards and transaction fees that are burned. For more details on proposed and implemented improvements related to governance of Core Chain, visit the official Core Chain Governance Website.

Conclusion​

The governance framework of Core Chain embodies a phased approach, beginning with offchain governance and advancing through stages towards full onchain governance. By adapting to the evolving needs and maturity of the network, Core Chain aims to foster a strong, decentralized, and active community governance model. This gradual transition ensures that Core Chain can maintain security, stability, and user trust, while progressively enhancing community control and participation in its governance processes.