- Governance Proposal - Phase 2 The Proposal has made it into Phase 3, congrats everyone. Voting in Firefly in BOTH networks started on 12th October. Voters are asked to cast their votes during the 7-day Pre-Vote Phase. The seven-day-lasting counting Phase will begin on 19 October; therefore, the final result will be available on October 26.
- The Governance Framework will be updated to include IOTA. I will work on finalizing this, and @Werner has offered to help.
- The Development process for the Shimmer EVM Treasury Governance System to secure has already started. Please read my post where the concept is explained
- IOTA Foundation engineer Tien-Trung Trinh (Mido) has started to code and deploy the contracts, has already built unit tests, and is progressing well with the solution. The codebase and progress can be followed in the public Repository
- Mido introduced himself to the community and explained how the project progressed. He answered several questions from community members about his experience and technical details
- We expect the initial codebase to be mature at the beginning of next week (Monday, 16th) and envision a first ability to do public testing on the Ethereum Sepolia testnet then.
- The implementation on the Shimmer EVM Testnet will happen after the recently announced Testnet reset that will happen on Tuesday the 17th. As soon as the testnet is up, we will contact Tally so that they will include the Shimmer EVM Testnet on their platform. From the point of integration, we can start proper Testing of how the solution would work in combination with the Governor contracts with the Tally Frontend. We invite our community to take part in the testing and will reach out to you once we aim to start.
- We also answered several questions regarding the user experience and workflow of the system, especially about the Question of the Quorum Value that I brought up here in this posting. Consent was that we should potentially start with a lower value and see where we end up after the first vote to adjust it then. An idea was brought up by @Buddhini to set the quorum for every vote only at the time when the proposal is submitted into the system to be able to adjust it to the really existing supply and voting power in the EVM at this point. We are checking if this would be possible from an engineering POV and if this would not impose additional security risks and attack vectors. Especially the question of who would decide on which value to set it at that point in time is likely a showstopper. You would likely need to have a vote first to set this value new for every vote, and it seems like an additional unpractical burden. We will discuss it again in the next meeting. Currently, a lower quorum threshold seems more practical to achieve, and then we can work on adjusting it via governance votes in the future.
- The next point discussed was the Setup of the Multisig Wallet, which will be the whitelisted account to input proposals in the system after they have successfully passed Phase 1 and Phase 2 of our Governance process. We plan to have our @Governance_moderator group as signers (4 community members: @linus, @werner, @Deep_Sea, @overclocked) and an additional three members of TEA. A vote can only be put in the system if four signatures of the multisig occur. This means the four moderators usually introduce a proposal after thoroughly checking it. The involvement of TEA members here is meant to be a fallback mechanism in case some of the moderators are unavailable, unresponsive, or unwilling to put a proposal in the system. Further discussions about the setup need to happen. Also, a potential community vote to establish/select the governance moderators could be done.
The Multisg Address will be exchangeable though a Governance vote by the community.
- We are already speaking with different auditors to get a spot so the system will be fully audited after testing and adjustment is concluded.
Next Governance meeting: 19/10/23, 4 pm CET in the IOTA Discord