What are the 5 phases of First Governance?
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
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
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
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
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