🌄Engen Proto-Governance
Last updated
Last updated
Thanks to the highly successful Engen Launch Program, Kinto has successfully onboarded a staggering 25,000 users onto the network. These users, who have verified their identity through KYC, are not just numbers but real humans who are the pioneers of the Kinto Network. They are the founding members, and their participation is invaluable.
Now, the Kinto network can leverage the voice of all the founding members to create a truly decentralized network launch from day one. Engen founding members receive Engen Token Credits that they can use to vote on the three crucial Proto-Governance proposals. These proposals define the future of our network, and the founding members' vote will determine its future.
Deploying Kinto's on-chain governance module, Engen Governor has been the first step in our process of progressive decentralization.
Engen Governor enables anyone who holds $ENGEN, the launch program token, to vote on the proto-governance proposals.
Engen Governor is deployed using Open Zeppelin’s Governor on Kinto. The contract is compatible with Governor Alpha and Bravo, and we are using Tally to provide a simple user interface to visualize the status of the proposals.
The ENGEN token is a non-transferable, non-tradeable ERC-20 token used to bootstrap the Kinto network. $ENGEN holders are the founding participants of Kinto. As such, they will receive unique benefits moving forward, including a gas refund for all the gas spent during the launch program, a gas subsidy to cover their transactions on Kinto, and exclusive benefits on future initiatives, like the 15% boost on the Mining program.
The proto-governance proposals will run a shortened process as follows:
Phase 1: Public Discussion on Discord. Engen users can discuss the proto-governance proposals on Discord for five days. Every proposal will have a separate channel.
Phase 2: Voting Period. Engen users will use $ENGEN credits to vote on these proposals. A proposal will be considered approved if it receives a majority of votes and at least 15% of the $ENGEN user's participation. Users vote directly on the Engen website:
Phase 3: Implementation. If a proposal is approved, the Foundation will work and direct the Core team to complete all the necessary work to implement these proposals.
You can head to the Tally Page below to see all the results from the three proto-governance proposals
ENIP-1: Kinto Constitution - Approved
ENIP-2: Kinto Token $KINTO (K) - Approved
ENIP-3: Kinto Mining Program - Approved
