SWARM Proposes Governance Upgrade
As part of efforts to evolve to match its growth, SWARM will be introducing an upgrade to its governance model. The team has already published a number of proposals and are calling on community members to vote. Some of the proposed changes include introducing a network constitution, adding more members to the SWARM Council and formal approval of issuance staking.
The proposed SWARM Network Constitution will define concrete parameters on who can or cannot participate in the network. It addresses issues such as “who is a SWARM network member and what qualifies them to be called members of the community.” This definition will be built upon the Market Access Protocol.
The constitution will also define how members can participate in the decision-making process; from creating proposals down to voting and approval. The constitution recognizes other network participants including investors, issuers, channel partners, and of course the SWARM Council.
This version of the SNC defines the SWARM Council as “helping hands” dedicated to the network’s purpose and its members. With a rolling nomination and appointment schedule, we have set up the council to continuously self-renew and change its face and composition. In our view, the SWARM Council holds a transitional role until more governance actions can be automated or carried by other network participants before it ultimately dissolves.
Talking about the SWARM Council, the team has proposed appointing three additional members, bringing the total number of seats to five. The proposed additions are Zachary K. Perryman, Richard Steward, and Sam Stone.
Once elected, the five seats will be up for reelection on a quarterly rolling schedule, with one seat per quarter re-elected starting in 6 months.
Finally, there is a proposal to formalize the Network’s policy for issuance staking. The staking model which allows individuals otherwise known as issuers to stake based on the value of their security token has garnered a lot of attention in the last few months. The move will officially incorporate issuers into the network.