How will Fault Tolerant Democracy be ratified?
Decentralized democracy is ratified only after an election is held to decide the leader of the STORE Executive Branch (eBranch - core dev team). This is followed by the election of leaders on the Judicial (jBranch) and Security (sBranch) branches. After this, once miners undergo an onboarding process via Trust Your Network, they will vote on the First Governance model that helps //STORE to launch.
What is the process to ratification?
- 1.An Executive Director (ED) must first be elected and approved by a vote from the Miner Branch (mBranch).
- 2.The mBranch then need to reach a ⅔ agreement that one entity, one vote (1e1v) governance is operational.
- 3.Upon the election of the ED, the Judicial Branch (jBranch) is formed with the ED serving as a member by default. The jBranch is responsible for monetary policy, budget and leadership recommendations.
- jBranch members are nominated by the ED and approved by a vote from the Miner Branch (mBranch)
- Just as the ED serves on both the eBranch & jBranch simultaneously, it is possible for miners & non-miners to be nominated to the jBranch
- 4.The ED then nominates a Chief Security Officer (CSO) which the jBranch must approve. This leads to the formation of the Security Branch, who are charged with keeping the network safe.
- 5.Once 1e1v governance is fully ratified, all IP, trademarks, treasury, commit access & decision-making power is transferred peacefully from STORE Labs Inc. to the 4 branches of STORE governance: