The Klaytn Foundation, one of the main developers and code maintainers of the Klaytn blockchain, is making changes to the network’s governance system and KLAY’s token model.
The Klaytn Foundation will support the transition of the Klaytn blockchain to a completely permissionless validator structure, provide opportunities for the public to participate as block validators, and introduce communication channels for member participation, where Klaytn community members make decisions together.
These changes are expected to enhance Klaytn’s overall technical capabilities, revenue sustainability, and decentralization aspects, and help make KLAY more valuable in the future. To implement these changes, the Foundation will work with the Klaytn Governance Council (GC), a group of network participants that currently oversees the governance of the Klaytn network.
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A validator is one of the main entities of any blockchain responsible for validating transactions on that network.
The Klaytn Foundation will continue to serve as the decision-making body for projects that expand the Klaytn ecosystem and propose key agendas for the Klaytn platform. GC members’ decision-making power over Klaytn’s blockchain business will be further expanded, and the Foundation will promote projects based on GC members’ decisions rather than their own.
In addition, the foundation will disclose the voting procedures and status on the GC chain in real time through the Klaytn Square governance protocol to improve governance transparency. These measures may help prevent a repeat of the governance drama of recent weeks: In early February, members of the decentralized exchange Uniswap community disputed voting rights, allegedly held by prominent investor a16z. The fund’s defeat came after a weeks-long behind-the-scenes political battle that culminated.
The Klaytn Foundation will submit an improved token economy proposal to the GC starting Monday. It will also include a disposition of non-negotiable (reserve) KLAY tokens in response to community feedback. The full agenda and proposals, along with the technology roadmap to 2023, will be published on February 28.
At the time of writing, KLAY was trading at $0.33, down more than 3% on the day. The token was up more than 18% from an intraday low of $0.31 before the bearish reversal.
Source: Tradingview
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According to Coindesk
