✅Governance

Governance: The governance system contract is based on the default Genesys governance implementation, where the voting power is 1 vote to each BlueNode (Consensus Validator Node) in the network. The validator owner is responsible for voting up or down on governance proposals. Currently, the quorum required to be reached is 30 votes in favor of the 33 consensus validating nodes.

👍Under what circumstances does the proposal apply? GChain implements the Genesys governance of Compound, where voting power is distributed among the owners of the 33 BlueNode Validators based on 1 vote per Node. Once a quorum of 30 votes in favor is reached, a proposal can be submitted. This governance is completely free and autonomous which allows anyone to make a proposal to the Genesys Government, It allows the creation of proposals with a voting period of 3 days and also allows proposals with a personalized time period covering the gas to be paid for the requested time. For some methods, it is important to have a shorter voting period. For example, when it is necessary to apply some emergency actions. To achieve this, we can extend the original implementation by adding the propose with custom voting period method that allows us to specify the voting period for the proposal.

👎Under what circumstances is the proposal defeated? Once the quorum of voting power is reached for the proposal, it must be executed in a period not more than 180 days after the end of the voting period. If a proposal cannot reach the required quorum in the voting period, it is rejected. And it can be submitted again 365 days after the rejection.