Klaytn Foundation, the primary developer and code maintainer of the Klaytn blockchain, has announced changes to the network’s governance system and token model for native KLAY tokens.
The Foundation aims to make Klaytn blockchain a wholly permissionless validator structure, allowing more public participation in block validation and decision-making processes.
This move is expected to enhance Klaytn’s overall technical capabilities, revenue sustainability, and decentralization aspects, contributing to making KLAY more valuable eventually.
Klaytn Foundation will work alongside the Klaytn Governance Council (GC), which currently oversees governance of the Klaytn network.
The GC members’ decision-making authority will be expanded, and the Foundation will promote projects based on their decisions.
The Foundation will also strengthen governance transparency by disclosing on-chain voting agendas and statuses through Klaytn Square, a governance protocol.
To prevent governance drama, the Foundation will present a revamped tokenomics proposal to the GC starting Monday. The finalized agendas and proposals will be made public on Feb.28 alongside a technical roadmap for 2023.