Kusama is an open-source blockchain network that aims to provide a testbed for developers to experiment with new ideas before they are deployed on the Polkadot network. The network is built on Substrate, a blockchain-building framework that allows for the creation of customizable blockchain networks. A good cryptocurrency exchange like https://immediategp.org/ will only permit coins that have proven use cases and are being traded by people right now.Â
One of the unique features of Kusama is its governance structure. The network is governed by a council, which is made up of elected members who make decisions on behalf of the network’s stakeholders. In this article, we’ll take a closer look at Kusama’s council and how it governs the network.Â
Kusama’s Council
The council is made up of up to 13 members who are elected by KSM token holders. The election process is conducted through on-chain voting, and each KSM token gives the holder one vote. The council members are elected for a term of 2 years, and they can be re-elected for another term if they choose to run again.
The council’s main responsibilities are to make decisions on behalf of the network’s stakeholders and to ensure that the network is running smoothly. Some of the decisions that the council makes include the following:
- Deciding on network upgrades
- Approving treasury proposals
- Managing the network’s validator set
- Resolving disputes
The council is also responsible for managing the network’s treasury. The treasury is funded by a portion of the network’s transaction fees, and it is used to fund development projects and other initiatives that benefit the network. The council members are responsible for deciding how the treasury funds are allocated.
Kusama’s Referendum System
In addition to the council, Kusama also has a referendum system that allows for on-chain voting on important decisions. Referendums can be proposed by anyone who holds KSM tokens, and they can be used to propose changes to the network’s governance, parameters, or code.
To initiate a referendum, a proposal must receive a certain number of approvals from KSM token holders. Once the proposal is approved, it goes to a vote, and the outcome is determined by a simple majority.
Referendums can be a powerful tool for the Kusama community to shape the network’s future. They allow for decentralized decision-making and ensure that the network is truly governed by its stakeholders.
Conclusion
Kusama’s council and referendum system form a robust and innovative governance structure for the network. Through on-chain voting, KSM token holders can elect council members and participate in decision-making. The council is responsible for managing the network’s treasury and making important decisions on behalf of stakeholders. The referendum system allows for decentralized decision-making and ensures that the network’s governance is responsive to the needs of the community. Overall, Kusama’s governance structure highlights the power and potential of decentralized decision-making in the blockchain space.
