What are the 5 phases of First Governance?

Phase 1

Goal: To set a market price for First Governance via a security-dependent auction whilst ensuring regulatory compliance with U.S. Securities Laws.

An initial auction will be held to determine the first participants in the first market, after which KYC / AML checks will be conducted of the auction winners

Main features introduced:

  • Voting & Market Rewards

  • Earnings Power (EP)

  • Demand Score

  • Competition Score

  • Marginal Cost

SECURITY BUDGET = 10%

No. of markets = 1

Phase 2

Goal: To begin forming a future decentralized democracy with protocol-level voting, as well as establishing communication tooling, committees, group earnings power (GEP), security budget & perpetual auctions.

Main features introduced:

  • Market Earnings Power (MEP)

  • Security Budget voted on by miners

  • Voter Registry & Reward Ledgers published

  • Voters sign up for Discourse & join Committees

SECURITY BUDGET = 20%

No. of markets = 2

Phase 3

Goal: To begin framing decentralized federalism within the decentralized democracy via Market-level voting, as well as incentivizing R&D inside Committees. This phase will also establish Voting & Reward distributions, as well as Founding Miner Rewards

Main features introduced:

  • Markets use Trust-your-Network (TYN) to form their own governance

  • First Founder Rewards awarded

  • Voting Rewards distributed to wallets

  • Committees submit proposals to STORE Labs, Inc.

SECURITY BUDGET = 30%

No. of markets = 3

Phase 4

Goal: To extend decentralized federalism with a Market-level vote on Market Rewards. This phase will also formally establish a global discussion and governance for STORE Governance to perpetually grow itself, with no limitations on size of the network.

Main features introduced:

  • Voters determine how to add future Markets

  • Markets vote on how to allocate Voting Rewards from the Protocol

SECURITY BUDGET = 40%

No. of markets = Unlimited

Phase 5

Goal: To establish cyclical and perpetual competition for Earnings Power while testing trust of the 1 entity 1 vote model, as well as installing macro-level crypto governance.

Main features introduced:

  • First ballot issued for governance in other blockchain projects #GovFi

  • TYN of 1 entity 1 vote facilitated

  • All miners re-bid in an auction for right to participate in markets

SECURITY BUDGET = 50%

No. of markets = Unlimited