Propose System Upgrade
The governing contract has the control of the entire system. By changing the governing contract, the whole system can be updated to operate under a new set of rules.
The changes can be simple(slight modifications or fine-tuning) or the system could be entirely re-designed. Anyone can participate and submit their proposal,
but the decision can only be handled by the protocol miners, supervised by the senate.
Currently a minimum threshold 33% of weighted vote(total XPD minerd) is required for the proposals to be enforced. 80% agreement is required.
Miner Voting Mechanism (Consensus)
There are 2 types of voting. First one is done by commiting XPD tokens and is used to make faster decisions for
managing the system(reward boosts, fees, bonuses,...). The second option is voting through minerd(locked) XPD tokens. It is effectively the consensus
mechanism of the protocol that allows upgrades of the entire system in a decentralized manner. The long term miners in the protocol get to decide
on the future of the protocol as well as manage the treasury wallet. The longer the time-Miner, the greater weight(power) is assigned per each token minerd.
1 Month Miner
Voting Power:
20%
3 Month Miner
Voting Power:
30%
6 Month Miner
Voting Power:
50%
1 Year Miner
Voting Power:
75%
3 Year Miner
Voting Power:
115%
5 Year Miner
Voting Power:
150%