What is First Governance?
First Governance forms part of the Ice Age Test Net phase of Storecloud’s launch and is aimed at incentivizing the community to stress test the economics of the Storecloud computer by participating in and voting on governance proposals.
In other words, it is a way of launching decision-making on the network so that the community can familiarize itself with both the governance framework and the tooling that will be available at Main Net.
How does First Governance work?
Participants will be rewarded with $STORE tokens based on the following qualification criteria;
- 1.$10,000 of $STORE tokens staked
- 2.Authenticated voter status (i.e. KYC-verified)
- 3.Number of proposals vote on
The rewards equation is then calculated in the following way:
n = (((w/x) * a) *vr)) + (w/x) * b)) - z
n = # of voting rewards earned per voter, per quarter
w = # total voting rewards available for the quarter
a = allocation of voting rewards (w) for bonus voting
b = allocation of voting rewards (w) simply for being an authenticated voter
vr = voting rate i.e. the number of ballot measures voted on divided by the number of measures on the ballot
x = # of authenticated voters per quarter
z = amount of rewards slashed per quarter per voter
How are Voting Rewards allocated?
There will be a total of 20 million $STORE tokens set aside from the long-term ecosystem fund of the treasury as voting rewards for participating in First Governance and this will be split in the following way;
- STORE governance will receive 20%
- Voters will receive 80%
Voting rewards will be distributed on a quarterly basis and this will continue over 5 Phases, beginning in Q1 2021 and ending in July 2025 (or until formal governance is ratified by the 4 branches of the network).