In the early stage of WePiggy’s governance, in order to get more WPC holders participate in the governance system, WePiggy should adopt a more lightweight governance method, emphasizing ease of use and universality.
The basic process, as shown in the figure below:
The whole process can be divided into three stages:
1) Proposal Discussion Stage
Community members should participate in general and high-frequency initial discussions in social media such as Discord or WeChat groups, then form draft proposals in governance forums, engage in more efficient and in-depth discussions, and even complete pre-voting.
2) Proposal Voting Stage
After the draft proposal is fully solicited in the governance forum, a formal proposal can be formed. The relevant representatives submit the formal proposal to the Snapshot voting system to initiate voting. At the end of the voting period, if the proposal receives more than 51% of the votes, it passes; otherwise, it fails. Unless there is an emergency that seriously affects the normal operation of WePiggy, the voting period for the formal proposal is 2 days. In order to avoid the voting system being flooded with junk proposals and taking up a lot of time and energy of community members, in the early phase of governance, a wallet address hold at least 1,000 WPC to be eligible to initiate a proposal. In the later phase, due to the increase of WPC circulation, the relevant parameters can be set by community voting.
3) Proposal Execution Stage
If the formal proposal is passed, it will enter into the execution stage. The proposal involving technical adjustment of WePiggy protocol will be implemented by the core development team according to the details of the passed proposal, using Timelock to deploy and execute. The proposal will take effect 48 hours later. A proposal without technical adjustment can be implemented by designated community volunteers, and the community can jointly supervise the implementation progress.
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