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8. Governance

Ethanim is the infrastructure to support the metaverse application and the stable running of the economic system, so effective governance becomes particularly important. For a market-based decentralized system, no single entity can force changes to the whole system on its own. Maintaining decentralization and efficient improvement are contradictory to some extent, yet both are essential and rely on governance for coordination. Excellent governance mechanisms are the basis for ensuring the sustainable iteration of decentralized systems. The governance mechanism of Ethanim aims to provide an efficient, flexible and scientific way to improve technology iteration, economic regulation and resource allocation. It also ensures that the community can exercise the right to speak, supervision and decision rights to maintain the independence of Ethanim.

8.1 Design Principle for Ethanim Governance Mechanism

  1. 1.
    Continuous Decentralization
As the platform grows, there will be more and more stakeholders and people involved in the system. The governance mechanism should allow for the expansion of the number of stakeholders involved in the governance to fully express their claims and ensure that no party has overwhelming power.
2. Fast and Efficient
The system should be able to respond timely and iteratively to handle the rapid changes in the market. A delayed response will make the system uncompetitive. Any improvement proposal should be made, resolved and implemented rapidly.
3. Scientific Decision
Making a wise decision often requires the decision-makers have sufficient knowledge and thorough consideration. How to select better decision-makers and monitor the behavior of decision-makers is what a good governance mechanism must consider.
4. Simple and Executable
Complex governance will reduce the interest of people to participate in community governance. A sustainable governance mechanism must be simple to understand and execute.

8.2 Governance Mechanism

8.2.1 Overview

In order to ensure the scientific high-efficient governance of the system, the major decisions of Ethanim will be made by a "rotating committee" composed of experts from various parties to ensure the professionalism and foresight of the final decisions. And the election of the committee members will be voted on by the community to avoid the centralization of system governance. Everyone can make a proposal for system improvement, and the proposal will be voted by all $EPU holders on whether to enter the final "Governance Conference", ensuring efficient decision-making and decentralization.
At the beginning of the Ethanim system, the development, iteration, and governance of the system will be coordinated by the Ethanim Foundation, which is an independent non-profit entity. As the system governance is improved, the Foundation will gradually delegate power to the community, eventually achieving the goal of shared governance by all parties in the community.

8.2.2 Governance Mechanism of Ethanim and Its Key Elements

  1. 1.
    Governance Conference
The governance conference is a regular conference to vote on proposals together. The committee acts as a member to vote on the submitted proposals.
2. Rotating Committee
Ethanim is composed of experts with sufficient knowledge, experience, decision-making ability and interest in the Ethanim ecosystem, representing the interests of all parties. The term of office is time-bound with a rotating system of election by the EPU holders, which will be renewed upon expiration. The composition and number of experts eligible to participate in the election of the rotating committee will change flexibly according to the specific conditions.
3. Proposal
It can be proposed by any user in the community. Any $EPU holder can vote on the proposal. The voting weight is proportional to the number and time of staking tokens.
4. Bill
The bills that receive the highest number of votes before the Governance Conference will be the official one to be voted in the conference.
5. Resolution
A resolution that is passed at the Governance Conference will enter the implementation stage and is called a resolution.
6. Ethanim Foundation
It is responsible for organizing the election of the rotating committee, holding of the governance conference, and for promoting, coordinating the implementation and monitoring of the resolution, and reporting progress to the community.
7. Community
The community is the most important part of the Ethanim ecosystem, which is the basic element of the governance mechanism. It consists of all users who follow and participate in the Ethanim ecosystem. All proposals are proposed from the community, and the rotating committee members are elected from the community.

8.3 Governance Goals

  1. 1.
    Continuous Iteration of Technologies
Obsolescent technologies and the inability to satisfy market demands are the key reasons why systems are gradually abandoned by users. The governance of Ethanim should keep the system capable of absorbing and improving the latest technology, and continuously perform rapid iterations to keep the system up-to-date.
2. Flexible Economic Regulation
Experience and facts have shown that good and effective economic regulation is far more effective for systemic prosperity than static economic policy. An important part of Ethanim governance is the flexible adjustment of economic policy, using economic regulation to respond to market and ecological changes, incentivizing behavior that is beneficial to ecological development and discouraging negative behavior.
3. Growing the Ecology
Ecology is the decisive factor for a system to be successful. The metaverse is a grand future, and the mission of Ethanim determines that the governance goal of Ethanim must keep up with the development requirements of the metaverse. It should carry and be compatible with different types of metaverse applications, support a larger number of users, continuously grow and make the metaverse ecology prosper.