Core devs of YFII are building a governance contract to be hosted on Genesis. The contract is not about token issuance, since the owner key is burned already. so no inflation, no change in monetary policy, or what so ever.
YFII token holders will be able to participate in the decision making for the future growth of YFII, while devs and many other volunteer dev continue to contribute in the code and focus on shipping.
The governance contract, which will be handled by 9 multi-sig key holders, similar to what YFI did. 7 out of 9 are early devs and contributors to the projects, which will be announced later on both WeChat, Weibo, and Twitter.
We will be doing a signing party on Twitter with signed proof, like proof of PGP
the multi-sig is handling the gov contract which can only change 4 parameters as below
We are looking for 2 KEY HOLDERS FROM COMMUNITY, for whoever wants to be the community key holder, please send me your bio and why you are interested in the future development of the project will send to the other 7 key holders and we vote.
Q: Does it need to have significant YFII holdings to be a keyholder?
Not at all.
This is a separation of power:
- Keyholders can only change the governance parameters as above
- Decisions are made by coin holders collectively
That’s why key holders have nothing to do with bag holders. Also, maybe the initial keyholders need to initiate the first gov voting proposal. Like whats the gov mechanism and voting formula.
Like we are thinking, unlike 1 YFII 1 VOTE, maybe a scheme like the square root of (total YFII) * staking time period can be a good try.
This balance out the power of whales, and make it possible for long-tail small YFII holders who stake longer a chance to out.