The Foundation will support the Klaytn blockchain’s migration to a fully permissionless validator structure and give everyone the chance to take part in block validator roles.
The Klaytn Foundation, a key developer and code maintainer of the Klaytn blockchain, has informed CoinDesk over the weekend that it will be changing the governance structure of the network and the token mechanism for native KLAY coins.
The Foundation will assist the Klaytn blockchain in moving toward a fully permissionless validator structure, give the general public the chance to engage as block validators, and establish a channel for Klaytn’s community members to participate in decision-making processes.
These adjustments should improve Klaytn’s general technological capabilities, revenue sustainability, and decentralization features while eventually increasing the value of KLAY. The Foundation will collaborate with the Klaytn Governance Council (GC), a collection of network users who currently manage the Klaytn network’s governance, to implement these modifications.
One of the key components of each blockchain is the validator, which is tasked with confirming all network transactions.
The Foundation will continue to act as the organization that makes decisions regarding initiatives to expand the Klaytn ecosystem and to provide broad plans for the Klaytn platform. The Foundation will support initiatives based on GC members’ decisions rather than its own, and the GC members’ decision-making ability on Klaytn blockchain business will be further increased.
The Foundation will also increase governance transparency by using the governance protocol Klaytn Square to reveal the GC’s on-chain voting agendas and statuses in real-time. These steps can help prevent a recurrence of the recent governance drama: Community members on the decentralized market Uniswap clashed earlier in February over the purportedly disproportionate voting rights held by prominent investor a16z. In a protracted political struggle that lasted for weeks behind the scenes, the fund ultimately lost the vote.
Starting on Monday, the Klaytn Foundation will offer the GC with a revised tokenomics plan. In response to comments from the community, this also includes a recommendation on how to handle the uncirculated (reserve) KLAY tokens. A technological roadmap for 2023 and the finalized agendas and proposals will be made available to the public on February 28.