Klaytn Preps For Governance Changes

Klaytn Preps For Governance Changes

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The Klaytn Foundation has unveiled its plans to introduce a new governance system to provide opportunities for community involvement while encouraging various decentralized projects to operate on the Klaytn platform

Klaytn Foundation Unveils New Measures

The Klaytn blockchain will soon be much more transparent and have better provisions for community involvement. The blockchain will soon be administered by a new governance system that is being established by the Klaytn Foundation to improve its technical capabilities, sustainability, and decentralization. The foundation was first set up to build and decentralize the Klaytn blockchain, which is the leading Layer 1 blockchain in South Korea. On Sunday, the foundation unveiled its final Decentralization Phase of Governance Roadmap, which will focus on increasing community involvement in decision-making and opening up block validation processes by 2024. Dr. Sangmin Seo, Representative Director of the Klaytn Foundation, said, 

"With our new initiatives, the Klaytn blockchain has an opportunity to take yet another step towards decentralization. The Foundation remains steadfast in its commitment to advancing blockchain technology, fostering community trust, and relentlessly working towards decentralization."

Klaytn’s Governance Roadmap

The announcement revealed that it would continue acting as the decision-making mediator for the Klaytn blockchain ecosystem for all new projects and major agendas focusing on new technology applications and business directions. The foundation will facilitate and manage on-chain GC voting to this avail and channel its energy toward championing the members’ decisions rather than its own. The GC on-chain voting would be disclosed in real-time through the Klaytn Square governance portal, which will officially launch in the first half of 2023. 

Additionally, the foundation also spoke about its plans to speed up its move to a permissionless blockchain and start the block verification process by the end of next year. 

The foundation said,

“This will allow general validators who stake a to-be-determined amount of KLAY on the Klaytn mainnet to be able to develop and operate various Klaytn-based decentralized services utilizing not only validation but also the scale of their deposits.”

Community Involvement To Promote Inclusivity

The foundation is also looking into expanding its scope and capabilities by fully taking over all the operations from the original developer of the Klaytn platform - Krust Universe. Another focus of the Governance Roadmap is to include the community in its decision-making to improve technology and consensus algorithms to become an open blockchain ecosystem. 

The foundation will also present its revamped tokenomics on February 22 for the governance council to vote on. The on-chain voting agendas and statuses will be disclosed in real-time on the Klaytn Square governance portal. The 2023 roadmap is to be released on February 27. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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