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, which are earned by staking the BOT tokens. 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. A quarter of the BOT daily rewards (currently 128 per day) will be distributed to stakers in the governance pool. The staking rewards will be distributed to stakers using the same mechanism as the transaction fee staking.
2. Onchain Proposal
Anyone with at least 1% of BOT total circulating supply 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
1 to 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:
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. These staked tokens will also qualify users for the reward in daily tokens mentioned above.
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.
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.