Decentralized Governance of the IoTeX Network

At IoTeX, our mission is to empower an Internet of Trusted Things — an open, borderless ecosystem where humans and machines can interact with verifiable privacy and trust. Turning our vision into reality requires not only robust technology and tokenomics, but also decentralized governance to ensure IoTeX provides value to its users and stakeholders, not profit-hungry institutions.

Today, we are excited to share our plans for decentralized governance of the IoTeX Network, including the formation of the IoTeX Governance Working Group. Throughout this multi-stage journey, we invite all IoTeX stakeholders to help us design the foundation for community-driven governance.

In this blog, we share our roadmap and initial design for decentralized governance of the IoTeX Network.

Why Decentralized Governance?

On-chain Governance Framework

Anyone with an idea can submit a proposal on-chain, which the community can review and support. Once a quorum (i.e., threshold of support) is reached, the proposal will move forward to a network-wide vote. If enough stakeholders vote and the majority of votes are in favor, the proposal will be confirmed and actioned by the IoTeX Foundation and developer groups. Typical proposals include:

  • Policy Proposals are qualitative in nature, where implementation requires reasonable technical effort. For example, re-allocating staking rewards across block and epoch rewards.
  • Technical Proposals must include executable schemes and code, not just ideas for others to implement. For example, moving from 5-sec to 1-sec block time sounds great but is complex in practice.

Want to participate in the detailed design of IoTeX governance? Join the IoTeX Governance Working Group, open to all IoTeX stakeholders. Just complete the TypeForm below:

Technical Design & Smart Contracts

  • OffChainIssueRegistration contract serves as the “registration desk” for all issues.
  • After creation, an instance of OffchainIssue will be created with all proposal details, such as the IPFS link to the proposal, hash of its content, submission date, and so on.
  • Once an issue is approved by the committee, voters can vote via https://member.iotex.io/polls
  • AdhocIssueSheet contract stores organizes all issues that have been approved, started, paused, or ended by quorum.
  • RotatableWeightedVPS contract records all staking information in the native staking v2 subprotocol every 25 hours, which tells an OffchainIssue how to count votes.

Contracts deployed on IoTeX Mainnet:

RotatableWeightedVPS: io1476tz4nx8v8qc5xdpu3hclk0uyanus6x2laddq

OffChainIssueRegistration: io17nq7vnm3wcs5a2cmhwhcnhwtwv4s6lxuv7qqj5

AdhocIssueSheet: io1j05ta0krxvpwc4kv2duyjfuyxglqyxkasp3pm9

What’s Next

If you are interested in shaping the future of IoTeX, please consider joining the IoTeX Governance Working Group, which is open to all IoTeX stakeholders. Let’s build the future together!

About IoTeX

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Building the Internet of Trusted Things: iotex.io