Governance and Incentives
Last updated
Last updated
As a community-driven open platform, Emerald Orbs E3's on-chain governance model introduces new, essential roles along with an incentive model to ensure that all participants are rewarded accordingly.
The new governance model consists of candidates, committee members, and consensus nodes. Among them, the committee is responsible for parameter adjustment of the main net and maintenance of the on-chain environment; consensus nodes are responsible for packaging transactions and generating blocks. Committee members and consensus nodes are elected from certain number of candidates with most votes. Their relationship can be described in the following picture. There is no explicit relationship between committee members and consensus nodes but, as default committee member amount (21) is more than that of consensus nodes (7), generally speaking consensus nodes are a subset of committee members.
Any and all individuals or organizations can register to become a candidate and seek votes from voters to become a committee member. After the registration transaction has been recorded on-chain, EMERALD ORBS holders can vote for the candidates they believe are best equipped to make the right decisions for EMERALD ORBS. The votes received by a candidate are calculated every 21 blocks as the sum of $EO tokens on all wallet addresses that have voted for that candidate over the past epoch.
To ensure that committee members are truly supported by the community, elections are only effective when more than 20% of EMERALD ORBS tokens are used to vote. Afterwards, a certain number of candidates with most votes automatically become committee members and consensus nodes.
The committee members are elected from candidates with the top 21 most votes. The votes received by a candidate are calculated every 21 blocks, so voters can adjust their voting strategies flexibly according to the performance of the committee.
For any proposal to be approved, over 50% of committee members must reach an agreement before signing a transaction to update blockchain params on-chain.
Moreover, the committee can appoint a number of node roles, including:
Oracle nodes
StateRoot consensus nodes
EMERALD ORBS Inner Ring nodes
