Governance

The Governance Model of the Setheum Network.

Governance is the way rules, norms and actions are structured, sustained, regulated and held accountable.

Setheum has a multi-cameral governance system with several avenues/chambers to pass proposals. All proposals ultimately pass through a public referendum, where the majority of tokens can always control the outcome. For low-turnout referenda, Setheum uses adaptive quorum biasing to set the passing threshold. Referenda can contain a variety of proposals, including fund allocation from an on-chain Treasury. Decisions get enacted on-chain and are binding and autonomous. Setheum has several on-chain, permissionless bodies. The primary one is “the Council”, which comprises a set of accounts that are elected in Phragmen fashion. The Council represents minority interests and as such, proposals that are unanimously approved by the Council have a lower passing threshold in the public referendum. There is also a Technical Committee for making technical recommendations (e.g. emergency runtime upgrade to fix a bug)

There will be 5 Chambers / Councils of the Setheum Government, as follows:

  1. Setheum General Council

  2. Setheum Technical Committee

  3. Setheum Financial & Monetary Council

  4. Setheum Investment Council

  5. Setheum Exchange Council

  6. Setheum Shura Council (Jury)

  1. General Council: The Setheum General Council will consist of 5 members from the start, they will be in charge of the governance of the general activities of the Network, while every DNAR holder has the right to vote Referendum and suggest proposals. The General Council will initially start with the First Liberators of the Network, then the DNAR holders will be responsible for voting the General Council Members. The tenure for the Members is 24 weeks (similar to Polkadot) for now on Setheum (half the time in Neom), any future change in constitution laws will be voted for by DNAR holders. Any future change in constitution laws will be voted for by DNAR holders. The current denomination is subject to change to best fit the Setheum Network.

  2. Technical Council: The Setheum Technical Council will consist of 3 members from the start, they will be in charge of the governance of the Technical aspects of the Network like bug fixes and maintaining open source projects for example. The Technical Committee will be voted by the General Council. The tenure for the Members is 24 weeks (similar to Polkadot) for now on Setheum (half the time in Neom), any future change in constitution laws will be voted for by DNAR holders. There are no limits to how many tenures any Council Member could serve at the moment, any future change in constitution laws will be voted for by DNAR holders. The current denomination is subject to change to best fit the Network.

  3. Financial & Monetary Council: The Setheum Monetary Council will consist of 3 members from the start and as the name implies, they will be governing the Monetary Regime of the Network. They will also be voted by the General Council. The tenure for the Members is 24 weeks (similar to Polkadot) for now on Setheum (half the time in Neom), any future change in constitution laws will be voted for by DNAR holders. There are no limits to how many tenures any Council Member could serve at the moment, any future change in constitution laws will be voted for by DNAR holders. The current denomination is subject to change to best fit the Network.

  4. Investment Council: The Setheum Investment Council will also consist of 3 members from the start and as the name implies, they will be responsible for governing the Setheum Investment Fund (SIF). They will also be voted by the General Council. The tenure for the Members is 24 weeks (similar to Polkadot) for now on Setheum (half the time in Neom), any future change in constitution laws will be voted for by DNAR holders. There are no limits to how many tenures any Council Member could serve at the moment, any future change in constitution laws will be voted for by DNAR holders. The current denomination is subject to change to best fit the Network.

  5. Exchange Council: The Setheum Exchange Council will also consist of 3 members from the start and as the name implies, they will be responsible for governing the Exchange, the built-in-DEX. They will also be voted by the General Council. The tenure for the Members is 24 weeks (similar to Polkadot) for now on Setheum (half the time in Neom), any future change in constitution laws will be voted for by governance. There are no limits to how many tenures any Council Member could serve at the moment, any future change in constitution laws will be voted for by governance. The current denomination is subject to change to best fit the Network.

  6. Shura Council (Jury): The Setheum Exchange Council will consist of 7 members from the start and as the name implies, they will be responsible for governing the general Jurisdiction of the network making sure it stays halal (free of economic corruption, usury, debt and interest). They will also be initially selected by the Setheum Foundation and then they will be voted by the Shura Council Members themselves not by the General Council. More members will be added to the Shura council as we move forward. The tenure for the Members is 24 weeks (similar to Polkadot) for now on Setheum (half the time in Neom), any future change in constitution laws will be voted for by governance. There are no limits to how many tenures any Council Member could serve at the moment, any future change in constitution laws will be voted for by governance. The current denomination is subject to change to best fit the Network.