Here's How FLR Owners Will Participate in Flare Networks' Governance: Comprehensive Explanation
FTSO.UK, an oracle provider for Flare has shared infographics that cover the governance methods avaliable for FLR tokenholders.
On-chain democracy in Flare
According to the explaination by the FTSO.UK team, three grades of referendums will be envisaged by Flare's documents. Every community-driven proposal would be approved by either a simple majority, a super majority or a super super majority.
To be approved by a simple majority, the proposal should gain more than 50 percent of votes cast with 30 percent of Spark (FLR) tokens accumulated by its supporters. A "super majority" means 66 percent of votes cast and 50 percent of FLR tokens.
The most crucial proposals will be approved by 80 percent of tokenholders with at least 70 percent of FLR.
Depending on the potential impact this or that proposal may have on Flare processes, all governance decisions fall into one of three categories.
Flare's infrastructure takes shape
While a simple majority can approve transaction costs, parameter changes and oracle composition adjustment, a super majority can customize other oracle parameters, rewards policies and F-asset releases.
Changing the project's codebase, the additional distribution of Spark (FLR) tokens and oracle methodology adjustments will be approved by a super super majority only.
Vladislav SopovAs covered by U.Today previously, numerous oracle services have been launched among other infrastructure additions to Flare Networks' toolkit.
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