Jet Governance Process
Participants: Interested Parties, Governance Committee/Facilitator
Proposals begin life as an idea about how to contribute to the protocol and its offerings, with one or more Interested Parties who are willing to propose and discuss the idea with the community. The Interested Party submits the proposal for review in the forum and the Governance Facilitator reviews the proposal for completeness. If the proposal is satisfactory, it is approved for the next phase.
Participants: Interested Party, Jet Community, Governance Committee
This phase involves a community review and internal proposal review, conducted in parallel. Community review is structured as a public discussion on Jet forums and community calls aimed at uncovering proposal’s merits and shortcomings. At this stage, the Jet Community is encouraged to challenge the proposal and share their opinions on the potential impact to the protocol if the proposal is implemented. Interested Parties are encouraged to engage the community in the forum and at community calls with an open Q&A session. This review period is expected to last for at least a week with forum polls created to gauge community sentiments.
In parallel, the Governance Committee will carry the internal review process to ensure the proposal meets minimum technical, reputational, legal, and protocol engineering requirements. The Governance Committee holds ultimate responsibility for the approval or rejection of the proposal at this stage, but the sentiment of the community is an important consideration that will be incorporated into the final decision. The domain experts within the Governance Committee carrying out internal review must reach a unanimous agreement to defer the proposal or accept it for a token vote.
Participants: Governance Committee, $JET token holders
At this stage, the proposal has been accepted by the Governance Committee and published on the JetGovern app for the vote by $JET token holders. Users must stake their $JET tokens to the governance module to vote on proposals for a fixed period. $JET stakers may vote for or against a proposal and proposals pass by simple majority of cast votes - a proposal advances to the next phase when >50% of the votes made are “in favor” of that proposal. A majority of “against'' votes means the proposal is rejected and will not be implemented in its current form.
Participants: Governance Committee, Jet Core
At this stage, the proposal has been accepted by the community with consensus reached after a finalized token vote. The Governance Committee will publish the accepted proposal on the JetGovern app and Jet Core can begin development on the proposal for eventual implementation. As the protocol matures and the DAO progresses towards an increasingly decentralized structure, JetDAO will be able to accept proposals from contributors outside of Jet Core.
Governance is critical for putting resources to work in the best interest of the protocol, and JetGovern is a big step towards making decentralized governance useful, powerful, and practical. We welcome our community of globally distributed stakeholders to help us forge new flight paths and reach greater heights!