Klaytn Foundation, one of the key developer and code maintainers of the Klaytn blockchain, is making changes to the network’s governance system and make changes to the token model of native KLAY tokens, it told CoinDesk over the weekend.
The Foundation will aid Klaytn blockchain’s transition to a wholly permissionless validator structure, provide opportunities to the general public to participate as block validators, and introduce a communication channel for Klaytn’s community members to participate in decision-making processes.
These changes are expected to enhance Klaytn’s overall technical capabilities, revenue sustainability, and decentralization aspects while contributing towards making KLAY more valuable eventually. To make these changes, the Foundation will work alongside the Klaytn Governance Council (GC), a group of network participants that currently oversee governance of the Klaytn network.
Validators are one of the main entities of any blockchain and are responsible for verifying transactions on that network.
The Foundation will continue to serve as a decision-making body for Klaytn ecosystem expansion projects, and propose major agendas for the Klaytn platform. GC members’ decision-making authority over Klaytn blockchain business will be further expanded, and the Foundation will promote projects based on GC members’ decisions rather than its own.
Additionally, the Foundation will strengthen governance transparency by disclosing GC’s on-chain voting agendas and statuses in real-time through Klaytn Square, a governance protocol. Such measures can help prevent a repeat of governance dramain recent weeks: Earlier in February, decentralized exchange Uniswap saw contention among community members for the allegedly skewed voting rights held by big-name investor Andreessen Horowitz (a16z). The fund eventually lost the vote following the culmination of a behind-the-scenes political battle that lasted weeks.
The Klaytn Foundation will present a revamped tokenomics proposal to the GC starting Monday. This includes a proposal on handling the uncirculated (reserve) KLAY tokens in response to community feedback. Finalized agendas and proposals will be made public on Feb.28 alongside a technical road map for 2023.
