Governance
Through the introduction of the staking-based governance model and FNCY voting mechanism, governance participants who receive a lot of support from the community can create FNCY ecosystem according to their preferences.
However, in order to ensure reliability in the early stages, we intend to limit participants to proven companies, and when the platform enters the development and stabilization stage, we plan to expand it to a decentralized autonomous organization (DAO) in addition to the initial builder (FAM).
We will ensure transparency and fairness by decentralizing the sovereignty of FNCY ecosystem by not only making proposals for the norms, culture, laws, and codes of FNCY chain, but also expanding the business area through DAO.
Proposal Voting
Validators on FNCY chain can make new proposals and vote on those proposals. Voting power will be distributed according to the amount of $FNCY staking deposited in the system.
Implementation of new proposals requires a quorum of ⅔ and a majority of 51% in favor. Governance can manage staking parameters, such as felony threshold and jail period.
The governance contract of FNCY blockchain stores system variables that can be changed by proposals and votes, and the parameters supported in the current version are as follows.
Add a Validator
Add an Active Validator through governance
Validator Staking (minimum)
The minimum amount of staking to be staked as a validator
Gas-Free Whitelist Admin
The address of the admin who manages zero gas-free whitelist
Voting Period
Proposal voting period
Active Validators Length
The maximum number of validators that can participate in the block generation of the chain
Epoch Block Interval
The interval of a consensus active validators
Misdemeanor Threshold
How many times an epoch does not produce a block, there is no reward
Felony Threshold
How many times an epoch does not produce a block before it will be jailed
Validator Jail Epoch Length
How many epoch if be jailed
Penalty of Misdemeanor of Validators
There are two types of penalties to prevent misbehavior of validators.
Penalty: Will lose the rewards earned within the epoch.
Slash: Can be deleted from the validator set.
Penalty Rules
If the selected validator fails to generate a block in a specific epoch, the procedure below is performed.
Increments the validator's missing blocks metrics by one.
When the missing blocks metrics reach the misdemeanor threshold, a misdemeanor event is triggered and the validator's reward revenue is distributed to the System Address. By default, the misdemeanor threshold is 240 blocks, and the felony threshold is 500 blocks.
When the felony threshold of the Missing blocks metrics is reached, a felony event is triggered, and the validator's reward revenue is distributed to the System Address and the validator is deleted (slashed) from the validator set.