With Konomi’s followers exceeding 60,000 on all major social media platforms, we realized that the time is here to establish the Konomi Community Governance Board. The establishment of the Konomi Community Governance Board will be an important milestone in transitioning Konomi from semi-centralization to complete decentralization. When Konomi product development phase is complete, we will dissolve the Konomi Community Governance Board and let the community carry out complete decentralization. Currently, the Konomi Community Governance Board, which is the highest authority in the Konomi community, will be responsible for the governance of Konomi’s lending and Oracle programs.
In terms of organization, the Konomi Community Governance Committee will now comprise three divisions, namely the Technical Committee, the Finance Committee and the Revenue Allocation Committee. Each committee will consist of five permanent members, including Konomi team experts, expert advisors and community representatives. Each proposal would require the approval of at least three permanent members.
The Konomi CTO will head the Technology Committee, while the CEO head the Finance Committee, and the COO will head the Revenue Allocation Committee. At the same time, the Konomi team will actively contact the top investment institutions in the Polkadot ecosystem and invite them to send representatives to serve as expert advisors for the committee. Finally, we will select community representatives from the candidates who submit their CVs to us through a community voting process, and successful candidates will receive a monthly token bonus.
In terms of the governance process, the Governance Committee will now be responsible for the governance of the lending and Oracle regimes. The Revenue Allocation Committee will calculate the revenue of all Konomi projects on a monthly basis and determine the amount and method of revenue allocation. For lending, the Finance Committee will vote on the initial Collateral Factor, Base Rate, Multiplier, and other parameters of the interest rate model for each currency. At the same time, the committee will also handle various proposals submitted by the community in operation to modify parameters, add or delete a variety of currencies, etc. As for the Oracle, since the governance of the Oracle will focus more on the technical aspects, the Oracle project will be mainly handled by the Technical Committee, which will be in charge of the implementation of the validation process and handling unexpected events with large fluctuations in the currency price.
The Konomi Community Governance Committee is expected to establish by the end of October, and we believe it will be the most important component of Konomi’s community governance at this stage and also an important milestone in the transition from semi-centralization to full decentralization.
About Konomi Network
Konomi is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the network aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets and earn interest through decentralised money market products. Konomi also issues its native network token in order to kick-start liquidity and decentralised governance.
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