Governance
Last updated
Last updated
The Nerif Network operates as a Decentralized Autonomous Organization (DAO) with a multi-tiered governance structure, comprising the General Assembly, the Council, and Committees.
a. The General Assembly: The General Assembly comprises and represents all NERIF token holders and holds the highest decision-making power. It votes on significant matters such as governance model changes, inflation rates, and allocation of the DAO Treasury's funds.
b. The Council: Elected by the General Assembly, the Council consists of 15 members responsible for executing decisions made by the General Assembly. They oversee daily DAO operations, prepare proposals, and act as intermediaries between the community and the General Assembly.
c. The Committees: Specialized groups formed by the Council to handle specific areas like development, marketing, and community engagement. Committee members are chosen based on expertise and community contributions.
Each NERIF token grants the holder one voting credit. However, the Nerif Network implements Quadratic Voting to provide a more nuanced decision-making process.
Under Quadratic Voting, the number of votes cast for a proposal is calculated as the square root of the voting credits used, allowing token holders to express both their preference and the intensity of that preference. Additional votes require exponentially more voting credits, striking a balance between fairness and representation.
Any member of the General Assembly can submit a proposal outlining the idea, expected network benefits, and associated costs. The Council reviews the proposal for feasibility before presenting it to the General Assembly for voting.
During a predetermined period, the General Assembly casts their votes based on preference and the intensity of their preference for each proposal. The proposal requires a majority vote to be approved.
Council members serve a fixed term and can be re-elected. Elections are conducted by the General Assembly using Quadratic Voting. Candidates can nominate themselves or be nominated by others, and the 15 candidates with the highest number of votes are elected to the Council.
The Council appoints Committee members based on their skills, experience, and contributions to the network. Committee members serve for a set term and can be reappointed.
The Council and Committees are accountable to the General Assembly. Regular reports on activities and network progress are provided. In case of failure to fulfill their duties, Council or Committee members can be removed by a General Assembly vote.
