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Governance Mechanism

For the purpose of governing and updating the platform, there is a governance process in place which is controlled by a group of keyholders that have an interest in the success of the platform. Two keys are held by ubinetic AG and five keys by five parties that are completely independent of ubinetic AG. The independent keyholders are encouraged to become significant holders of governance tokens over time, which they can acquire by either the claiming process or through alternative channels.

The keyholders are members of a multisig contract, requiring any action to be approved by four of the seven members. A change of the configuration of the multisig requires the same quorum.

Any decisions on actions, updates and changes are made ordinarily on an annual basis. For urgent matters, however, an extraordinary vote can be requested by any of the keyholders. The vote then takes place within 48 hours.

Subsequently, elements which require frequent adjustment will be moved to a voting system which is open to everyone and is purely based on governance token holdings. Examples are the selection of available oracles or other matters raised by the youves community. These votes will likely be done in a six-month rhythm.

In any case, suggestions and planned changes will be discussed on the community discord server.