Network Governance
Harmony Network Governance voting is currently available via Harmony Governance App and HMY CLI. As with other projects and networks, the decisions should be made by the community, or in this case, the validators, on what upgrades, incentives or changes we should make for the Harmony network so that it becomes even more attractive to community validators and participants.
As the network and core protocol are complicated and require a deep knowledge of EPoS and some technical/blockchain background, we are only letting validators create and vote on proposals. The network governance model includes proposal, voting, and implementation processes.
First, a proposal has to be submitted by an elected validator. The proposal shall include a summary in the content and a link to a post in the “Governance” section of the forum https://talk.harmony.one so that the community can discuss and debate in the forum post. A proposal will be moved forward when the majority is reached. Otherwise, it is rejected. The majority of the quorum is defined as more than 66% of all the staked tokens.
Since only the validators can propose/vote in the proposal, for token holders who delegate to validators, it is highly encouraged to work with your validators to vote on the proposals. Also, in order to encourage the participation of the voting process, additional token rewards may be distributed to validators who voted in the proposals. The detailed plan will be announced later.
- The voting power is equal to the number of staked ONE tokens on your validator regardless you are elected or not.
- Only elected validators can create proposals, while unelected validators are still allowed to vote on the proposals, enabling them a voice of their own. The proposal stays pending for the first 7 days after creation, so that all validators have time to get familiar with the topic and the impact of the proposal’s results.
- After the initial 7 days, the voting period starts and lasts for 14 days. Once you submit your vote, you cannot change it. The voting power is equal to a validator’s total ONE token staked, and can vary in terms of voting power depending on delegation or undelegation. We have made this choice to passively include delegators in the governance process. If a delegator does not agree with the vote of the validator he/she delegated to, he/she can simply redelegate to another validator, to support it’s vote.
- Final snapshot of voting power is taken at the epoch in which the proposal closes, so with epochs passing, you might see your total voting power vary a bit. The staked amount of ONE tokens at that time is your final voting power. For a proposal to successfully pass, 66% of all the staked tokens is needed to reach a majority quorum.
Last modified 1yr ago