We are firm believers of Decentralized Autonomous Organization (DAO). As the project moves forward, Derify protocol will be completely owned by the community, run by the community and created by the community. Every holder of DRF token can participate in the governance of the community, and may hopefully earn substantial rewards from the growth of this project.
Most of the decisions of Derify Protocol will be made directly by DAO community, including the adjustment of system parameters, the use of eco fund, the amendment to mining rules, etc.
In order to ensure efficiency, we still retain a minimum core team in the early stage to carry out the basic project R&D, iteration and operation works.
We promise, that decentralized concept will be fully implemented and complete DAO governance will be achieved in the future.
The governance process consists of four stages, namely proposal, discussion, voting and execution, all decisions made by DAO community shall go through all four stages.
The proposal stage is divided into two: draft and proposal.
Any member of the community can submit his own draft.
There is no restrictions or cost for submitting a new draft.
If community members want to turn a draft into a proposal, the author of the draft (including other community members who support the draft) needs to burn a certain amount of eDRF for the draft. After the eDRF burned for the draft reaches the specified amount, the draft will become an official proposal.
Official proposals will be listed on the voting system for open debate.
The discussion stage generally lasts for 2-8 weeks, depend on the number of eDRF burnt during the proposal stage.
During the discussion stage, community members can burn eDRF to support a proposal. When the number of eDRF burned for the proposal reaches a specified number, the proposal will become a motion.
Motions will be listed on the voting system for all eDRF holders to vote.
If a proposal does not gathered enough votes during the discussion stage, the proposal will be expired and filed. In principle, expired proposals will not be accepted for discussion again, unless the author launched a new draft with proper improvement.
A formal motion will be voted by all eDRF holders to decide whether it can be implemented.
The voting stage generally lasts for 1-4 weeks, depends on the number of EDRF burned during the discussion stage.
In the voting stage, all holders of eDRF can burn eDRF to support/against a motion (or other options within the motion), the option gathers simple majority (> 50%) votes will be selected as result.
Voting results are published on the voting system and subject to audit.
If at the end of the voting stage, there is no option selected as result, the motion will be aborted and filed. In principle, the aborted motion will no longer be accepted for voting, unless the author launched a new draft with proper improvement.
For all selected results, a resolution will be published as official decision of the community.
A formal motion that was passed by the community will be executed no matter what.
However, the implementation time and cost may vary.
The adjustment of parameters, the use of eco fund and amendment of of mining rules can be implemented immediately or at the time specified in the motion.
For the motion about design and development iteration, such as new functions, new derivatives, etc., the project core team and developers will propose an execution plan after the motion is passed, and carry out the development, deployment and launch accordingly.
Under special circumstances, e.g. the new motion is "ending a motion in the process of implementation", and the new motion is passed, the implementation of the rejected motion will then be terminated, otherwise, all passed motions will be strictly implemented according to the voting results.