We have designed our blockchain to be very agile and flexible. One feature that enables such characteristics is the governance mechanism. It allows for the key settings of the blockchain to be voted on regularly by LOC holders.
In case of a voting event, separate smart contracts will be set up that represent different outcomes each (for example a “yes” and a “no” smart contract). In order to place their votes, holders can send LOC to the smart contract they prefer. The outcome of the smart contract that holds the most LOC at the end of the voting period will be considered the result of the voting and the blockchain setting that was voted on will be changed accordingly. All LOC used for the voting will be destroyed.
The following settings will be subject to voting:
- Burning rate at protocol level
- Fiat fee for gas (fixed in fiat)
- Block size (and thus transaction capacity)
- Reimbursement rate to token projects
- Promoting new admins (they can initiate new votes)