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https://github.com/Instadapp/boardroom-inc-protocol-Info.git
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30 lines
2.0 KiB
Markdown
30 lines
2.0 KiB
Markdown
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**Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.**
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There are two major components of the governance system:
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1. Spartan Council
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2. Synthetix Proposals
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- The Spartan Council will consist of nominees who are voted in by the Synthetix token holders, re-enabling the influence of community representatives who are able to debate and distill technical changes while also not directly providing large SNX holders a disproportionate voting weight in the outcome of proposals.
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- Synthetix Proposals - Changes in the protocol (initially SCCPs, but eventually SIPs) that are submitted to the [SIPs Github repository](https://github.com/Synthetixio/SIPs) will be posted on the Synthetix Proposal space. Proposals must reach an supermajority agreement on a option for it to be enacted.
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Governance Process
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------------------
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1. A new Snapshot instance is created
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2. This instance will have an open ended proposal to elect seven council members
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3. Voting weight will be based on a users debt at the last fee period
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4. Voting weight will be scaled quadratically
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5. The seven highest vote weights will be the elected council
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6. Council members can be removed via token holders modifying their votes
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7. Every three months a new election will be held for the Spartan Council
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The seven council members will then vote directly on SCCPs under these conditions:
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1. One council member one vote
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2. If the constitution of the council changes during a proposal it is invalidated if it would have changed the result
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3. Proposals require a minimum of three positive votes to pass
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4. Minimum proposal length is 24 hours
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5. The pDAO can require a revote at its discretion
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6. The number of seats can be modified via SCCP
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