The development direction.
SETHEUM - SETHEUM - SETHEUM - SETHEUM - SETHEUM
Setheum takes a phased approach to employ various governance mechanisms that will allow it to progressively decentralize while ultimately holding on to its purpose and character as The DeFi Network for Islamic Finance to be governed by a Shari'ah-Compliant Jury. There should be no pretense of governance decentralisation
We take much inspiration from Polkadot for technical and governance mechanism design, and adapt it to best serve the Setheum Network.
The Shura Council is the overarching chamber that governs The Setheum Network. The Shura Council appoints these specialist councils to manage aspects of the network: the Financial Council and the Technical Council (Committee).
Phase I: Council Governance
At this stage - The earliest stage of developing the Setheum Network, Setheum is led by Muhammad-Jibril B.A. of Setheum Labs, Setheum Foundation, in a way not much different from a normal star`tup: agile planning, lean development, tight execution, and always quick learning. There should be no pretense of governance decentralisation
Proposals & Motions
- Submission: only council members can submit a proposal at this phase, and it will be open to the public in the next phase with
- Voting: is continuous (no set time) through motions that comprise of a proposal and required approvals.
- Execution: if a motion is approved, it can be executed using one of the following strategies, made possible by Open Web3 Stack:
- immediately: a super majority is required.
- at a delayed time: specialist councils can cancel an uncontroversially dangerous or malicious motion before it is applied. A simple majority is required.
- Durations: all motion durations are set to 7 days in this hase.
We are watching closely good practices and tools for documenting governance proposals, gathering opinions and debates, publishing voting result and execution status etc. As an example, Polkassembly seems to be good place to start, and we might consider integrating or using similar approach for the Setheum governance.
Phase II: Coming soon...
The governance model will improve and be more inclusive overtime.
- Setheum Will have a dedicated LaunchPad and LaunchPad Council to help launch projects in Setheum and add their tokens to SetSwap.
- Setheum Will have a dedicated CrowdFunding Donation Protocol - "Ethaar Protocol". And governed by the EthaarCouncil
- A 2000 Validators program will soon kick-off to support more decentralization by supporting and granting funds to validators.