The Klaytn Foundation announced the implementation of a new governance mechanism for its Klaytn blockchain ecosystem to boost its technical capabilities, sustainability, and decentralization.
In order to make the network interactive and user-centric, the foundation will collaboratively work with Klaytn Governance Council (GC) for the network’s transition into a permissionless validator structure.
Furthermore, the Klaytn foundation will introduce a communication channel for members to allow their participation in the decision-making process. The move follows the Klaytn Governance Roadmap, revealed in 2019.
Apart from this, the foundation will propose a comprehensive agenda for GC voting and a revised tokenomics proposal for GC voting, which will take place between February 22nd through February 28th. The proposal covers the mechanism of managing the uncirculated (reserve) KLAY tokens in response to community feedback.
The final agenda for 2023 and proposal will be decided on the completion of the voting.
Also Read: Klaytn Allies with OpenSea to Venture Further into Web3
The foundation has divided the process into three different phases, the Development, Stabilization, and decentralization Phases. The latest announcement is the last phase of the foundation’s efforts to bring transparency. Moreover, it has introduced the Klaytn Square governance portal to enable GC on-chain voting agendas and statuses in real-time.
The process of transition to a permissionless blockchain was started in December 2022 and is slated to complete in 2024.
