Klaytn Foundation, a key developer and code maintainer of the Klaytn blockchain, is making changes to the network’s governance system and token model of native KLAY tokens. The Foundation will transition Klaytn blockchain to a permissionless validator structure, allowing the general public to participate as block validators. It will also introduce a communication channel for Klaytn’s community members to participate in decision-making processes. This will provide more opportunities for the public to get involved in the Klaytn blockchain and help to ensure its long-term success.
Klaytn, a blockchain platform, is making changes to enhance its technical capabilities, revenue sustainability, and decentralization aspects. The Klaytn Governance Council (GC), a group of network participants, will work with the Foundation to implement these changes. Validators are a key part of any blockchain network, responsible for verifying transactions. These changes will help make KLAY more valuable and ensure the network is secure, reliable, and decentralized.
The Klaytn Foundation is a decision-making body for Klaytn ecosystem expansion projects. The Foundation’s Global Council (GC) members have the authority to make decisions about Klaytn blockchain business. The Foundation will promote projects based on the decisions of the GC members, rather than its own. The Foundation will also propose major agendas for the Klaytn platform to ensure its continued growth and success. The Klaytn Foundation is committed to providing a secure and reliable platform for businesses and users to benefit from the blockchain technology.
The Klaytn Foundation is taking steps to ensure governance transparency on the Klaytn blockchain. Through Klaytn Square, a governance protocol, the Foundation will disclose GC’s on-chain voting agendas and statuses in real-time. This will help prevent a repeat of the governance drama seen in February, when decentralized exchange Uniswap experienced contention among community members over the voting rights held by big-name investor a16z. The Foundation’s measures will ensure that all stakeholders have a say in the governance of the Klaytn blockchain, and that the voting process is fair and transparent.
The Klaytn Foundation is introducing a new tokenomics proposal to the Governance Council (GC) on Monday. This proposal will address the handling of uncirculated KLAY tokens, based on feedback from the community. The finalized agendas and proposals will be made public on February 28th, alongside a technical roadmap for 2023. The new tokenomics proposal is part of the Klaytn Foundation’s efforts to create a more transparent and equitable blockchain ecosystem. The proposal will provide a framework for the distribution of KLAY tokens, as well as a plan for how the reserve tokens will be managed. The Klaytn Foundation is committed to creating a secure and reliable blockchain platform for users and developers.
