New Governance on BNB Chain After BC Fusion

BEP
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Proposal for New Governance Model as Part of BC Fusion on BNB Chain

In the spirit of continuous improvement and evolution of the BNB Chain ecosystem, particularly with the upcoming BC Fusion integration, a new governance proposal is being put forward for community review and feedback. This proposal is pivotal as it aims to enhance the governance framework, aligning with the BC Fusion’s objectives to streamline processes and foster a more robust and participatory ecosystem.

Overview of the Proposed Governance Changes:

As part of the BC Fusion initiative, which integrates governance functionalities directly onto the Binance Smart Chain (BSC), the following adjustments to the governance settings are proposed:

  1. Proposal Submission Limitation: To ensure a focused and efficient governance process, it is proposed that individuals with 200 or more BNB staked can make proposals, and will be limited to having one active or pending proposal at any given time. A new proposal can only be submitted if the individual’s previous proposal has been executed, cancelled, or expired. This change aims to streamline the decision-making process and ensure that each proposal is given the appropriate attention and deliberation by the community.

Staking Redelgation Mechanism Adjustment:

To align with the new governance model and facilitate a seamless transition, a proposal for modifying the staking redelegation process is also under consideration:

  1. Facilitated Redelgation Process: Recognizing the need for stakers to transition smoothly within the new governance framework, a reduction in the cross-chain redelegation cost to approximately $0.6 is proposed. This measure is designed to lower barriers for stakers to redelegate from the original validator on the Beacon Chain to a new validator on BSC, ensuring active and inclusive participation in the ecosystem’s governance and staking rewards.

Call for Community Engagement:

This proposal is now open for discussion, and the BNB Chain community is highly encouraged to participate in this pivotal governance model review. Your insights, feedback, and active engagement are essential in shaping a governance model that reflects our collective vision and values for the BNB Chain ecosystem.

How to Provide Feedback:

Community members interested in contributing to the discussion can do so through the following channels:

  • Official BNB Chain Forums: Detailed discussions and feedback can be posted here, providing a platform for in-depth analysis and suggestions.

Next Steps:

Following the feedback period, all contributions will be thoroughly reviewed, and necessary adjustments to the proposal will be made based on community input. The revised proposal will then undergo a community vote, empowering every member to directly influence the final decision.
The active participation of each community member is crucial for navigating this transition successfully.

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Here are some ideas and improvements that could be implemented in the governance model of the BNB Chain: These ideas and improvements can help make the governance model of the BNB Chain more efficient, transparent, and engaging for the entire community.

  1. Enhanced Decision Transparency: Implementing a more open and transparent decision-making process, including publishing meeting protocols, activity reports, and financial data.
  2. Development of Decentralized Voting Mechanisms: Introducing advanced blockchain-based voting systems that allow ecosystem participants to participate in important decision-making processes.
  3. Broader Community Engagement: Creating mechanisms to involve more community members in the governance process, such as through incentive programs and rewards for active participants.
  4. Development of Contribution Reward Systems: Introducing mechanisms to incentivize and reward participants who make significant contributions to the development and improvement of the BNB Chain ecosystem, such as proposing innovative ideas or developing useful tools.
  5. Improvement of Feedback Mechanisms: Establishing open communication channels for feedback from community members to better understand their needs and expectations.
  6. Creation of Educational Programs and Resources: Developing educational materials and programs for community members to better understand governance processes and make more informed decisions.
  7. Development of Decision Execution Monitoring Mechanisms: Implementing a monitoring and control system to track the implementation of decisions and ensure their timely and quality execution.
  8. Improvement of Information Accessibility: Ensuring easy access to key information about governance processes and the current state of the BNB Chain ecosystem for all stakeholders.
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