At its core, Polimec’s governance involves three main groups: the public (PLMC holders), an on-chain council, and a technical committee. Each plays a critical role in the decision-making processes shaping Polimec's future.
The Public:
Every PLMC holder has the power to submit proposals. These can be general ideas for improvement (public proposals) or specific requests for funding from the treasury (treasury proposals). Public proposals follow a queue system, advancing based on community support, while treasury proposals need council assessment. High support can lead to a referendum, allowing all PLMC holders to vote on the referendum.
On-Chain Council:
The council consists of 9 members elected by PLMC holders, serving 4-week terms, which are automatically renewed. This group has significant influence, including submitting council proposals, canceling treasury proposals, electing the technical committee, and more. The council’s decisions can lead to referenda on treasury proposals, where proposals become subjects of community votes.
Technical Committee:
This 5-member group brings technical and business expertise, assessing proposals for urgency and importance. They can fast-track proposals to address immediate network issues, allowing these to be voted on swiftly and enacted without the usual waiting period.
Proposals and Participation:
Polimec thrives on proposals — suggested actions or code changes to the blockchain. These proposals can come from anyone holding PLMC tokens (the public) or the council. The journey of a proposal, from submission to potential implementation, involves several steps, including referenda, where the broader community votes on these suggestions.
Voting and Decision-Making:
Voting on referenda is a crucial aspect of community participation. Every PLMC holder can vote, with the power to lock tokens to show conviction, potentially increasing their vote’s weight. Proposals pass or fail based on various voting mechanisms, including simple majority or turnout bias, reflecting the community’s collective decision.
Understanding Polimec’s governance gives you a glimpse into the democratic and inclusive ethos at the heart of blockchain technology. It’s about collective decision-making, where every participant is involved in the network’s evolution. Whether you’re profoundly technical or participating in Polimec's future, your involvement is crucial for the protocol’s continued success and innovation.
For a detailed analysis of Polimec’s governance, please visit our dedicated page in the Knowledge Hub (Governance).
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More information about Polimec and its functionalities can be found in our Knowledge Hub!
