1. Background
The Klaytn Mainnet is operated and governed by the Klaytn Governance Council (GC). As a facilitator of the Klaytn ecosystem, the Klaytn Foundation (KF) has been delegated the authority to select and dismiss the GC Members. Since its launch in June 2019, 42 entities have joined the GC and 12 entities have retired in accordance with the decision of KF.
As part of the decentralization of Klaytn, KF proposes the following procedure for GC selection and dismissal to ensure transparency and enable community engagement:
Note: This procedure can be changed when Klaytn becomes a permissionless network
2. Proposal
a. GC member selection procedure
- Application:
Any legal entities or DAOs can apply to join the Klaytn GC. The applicant posts their application on the Klaytn governance forum (https://govforum.klaytn.foundation). The application should demonstrate how the applicant will contribute to the 6 strategic goals of Klaytn – Sound Tokenomics, Robust Network, Decentralized Governance, Transparency, Seamless Builder Onboarding, and Community Participation. Please refer to Klaytn Foundation Unveils Ambitious 2023 Vision Map to Achieve Mass Adoption Trifecta | Klaytn Foundation for details. Also, the application should include the applicant’s plan on how to ensure 5 million KLAY, which is the minimum requirement for a GC member.
- Endorsement:
The application should receive endorsement from KF, GC members, or the Klaytn Community (KC) to proceed to a GC vote.
KF and GC members can endorse an application by leaving a comment on the application. The KC can also endorse an application based on their KLAY. If the applicant can attract more than 5 million KLAY of support from KC, which is greater than the amount KLAY voted against the proposal, it is considered that KC endorses the proposal.
If a proposal is not endorsed within 14 days after the submission, it is considered a failure to gain endorsement.
- KF review of the application
KF reviews the endorsed application to check for any fraud there. If KF finds any fraud, KF will share it with GC and KC and reject the application. KF cannot reject a proposal without justification.
- GC Voting & Execution
KF posts the endorsed proposal on the Klaytn Square for GC voting. GC voting is conducted according to the procedures defined in KIP-81 (KIP 81: Implementing the on-chain governance voting method). KF shall implement the result of the voting accordingly.
b. GC member dismissal procedure
- Proposal:
KF, GC members, or any KC members can propose the dismissal of a certain GC member through the Klaytn governance forum. The proposal should explain how the GC member hurts any of the 6 strategic goals of Klaytn. The GC member can explain why it should remain in GC.
- Endorsement in case of proposals from KC members :
The proposals from KC members should get an endorsement from KF, GC members, or KC to proceed to a GC vote.
KF and GC members can endorse a proposal by leaving comments on the proposal. KC can also endorse a proposal based on their KLAY. If the proposal can attract more than 5 million KLAY of support from KC, which is greater than the amount KLAY voted against the proposal, it is considered that KC endorses the proposal.
If a proposal is not endorsed within 14 days after the submission, it is considered a failure to gain endorsement.
- GC Voting and Execution.
KF posts the endorsed proposal on the Klaytn Square for GC voting. GC voting is conducted according to the procedures defined in KIP-81 (KIP 81: Implementing the on-chain governance voting method). KF shall implement the result of the voting accordingly.
c. GC member selection and dismissal by the voting of the Klayn Community
When the community on-chain voting function is added to the Klaytn Square, GC members shall be selected and dismissed by the decision of KC through on-chain voting. As soon as the KGP-7 is approved, KF will propose the procedure of KC voting.
d. Timeline
- The procedure shall be effective as soon as the on-chain voting function of the Klaytn Square is operationalized except for the procedure on checking the KC endorsement.
- In the second half of 2023, KF will launch a channel for checking the community’s position on GC membership applications and GC member dismissal proposals. The procedure for checking the KC endorsement will be effective as soon as the channel is officially launched by KF.
- In 2024, the authority to select and dismiss GC members will be handed over to KC.
3. Voting Schedule
- Voting starts at 9:00:00 on 6 April 2023 (KST).
- Voting is closed at 23:59:59 on 12 April 2023 (KST)
