Bounce Governance V1
Our Mission
We intend to fully decentralize Bounce — removing the largest single point of failure (our team) and creating an indestructible protocol that can evolve in entirely new ways.
We are proud to introduce a governance system that will replace the administrator system with community governance, allowing you to suggest, debate, and implement changes to Bounce — without relying on, or requiring, our team whatsoever. Bounce Token (BOT) empowers community governance — it isn’t a fundraising device or investment opportunity.
For Bounce Governance V1, there are four parts:
1. Staking for Governance
You need to stake BOT to be able to participate in governance. To participate, you must have governance shares. When you execute your rights such as making a new proposal or voting for or against a proposal, your BOT tokens will be staked. You cannot unstake these tokens if a proposal is live.
2. Onchain Proposal
Anyone with at least 2% of BOT voting power in their address can propose a governance action; these can be simple or complex sets of actions, such as adding a new auction type, changing parameters or variables of the protocol that currently only the administrators can modify.
All proposals are subject to a 3to 7 days (set by proposers)voting period and any address with voting power can vote for or against the proposal. If (number of votes for - number of votes against) ≥ (number of absentee votes/6), the proposal will be passed. If (number of votes for - number of votes against) < (number of absentee votes/6), the proposal will be failed. A passed proposal will be queued and can be implemented after 5 days. Proposals are in the form of executable codes or auto-generated templates. During the lifetime of a proposal, the community will be able to audit and inspect the proposal to verify its standards. If the proposal is in the form of an auto-generated template, the community can decide whether to use tokens in the governance vault to fund development or community members can develop it themselves. After development, a discussion will be held to check the viability and validity of the code and a vote will be enacted to pass the proposal.
3. Governance Vault
As mentioned in the token economics article, there will be 75000 BOT tokens stored in the governance vault for the future development of the Bounce platform. The use of these tokens needs to be initiated through on-chain proposals and voting. The governance vault needs a multisig which will execute funds quickly to keep the pace with proposed changes. The Bounce governance vault will have 9 signers and needs at least 6 signers to access funds in the vault.
The inital 9 multisig wallet addresses are:
0xdD981b2a5c8B63a225f8bb436d8dE2bA9b121924
0xE37E8F1EE43D4F29E015e6A42fA3156115790a7E
0xb0325DbE7fA891436E83A094f9F12848c78e449b
0xDc8D6300ed8a038BaA494bADF4a76338a9a668CF
0x5a28E5897b19940A488c768D5f91f17F940F9332
0x64152ededa3927e7b437e0c720f48a95da41a580
0x9f26964717F38b47BcBb450118E913d8649E8cEA
0x1eBef03483030dd746c0BBa924E828Ce2C0534ea
0x5b97680e165B4DbF5C45f4ff4241e85F418c66C2
Note that, the bounce team does not hold any of the 9 keys and will not be one of the signers. Signers will announce their roles through their social media accounts in the coming days for public verification and record.
4. Social Trust
It is difficult to define what is a scam pool on Bounce, but it is possible to define what is not a scam pool on bounce through our implementation of Social Trust. Social trust is one of the governance branches which performs social due diligence on projects. Stakers in the governance pool with at least 0.5% of the BOT total circulating supply can propose a new bounce project and people can share their opinions on projects using the support and against buttons. This 0.5% amount for the project proposer will be staked for 7 days. Stakers can choose the amount of tokens from their wallet holding amount used in support or against a certain project. These tokens used to vote in the social trust table will need to be staked, but can be unstaked anytime.
Governance Forum
The governance forum is a place to discuss all proposals, amendments, and desired upgrades to Bounce. This includes but is not limited to:
- Governance Frameworks
- Proposal Discussions
- Auction types
- BOT token economics and token metrics
Proposals in the governance forum can be made by anyone; however, it should be noted that just because a proposal is submitted to the forum does not mean it will (or should) go to an on-chain vote. Only those which are put to (and pass) an on-chain vote will be ratified. The official governance forum can be found at https://www.bounce.community.
Future precedent
We are now activating the governance V1 and it should be live in a few days. Bounce governance is taken one day at a time. There is no set-in-stone roadmap to introduce new features. By participating in governance, you fully understand that the continued governance is entirely based upon community interest and participation. Is there a proposal you want to see implemented? Head to the forum and let us know why.
