How and why Hubble will become a DAO.
Governance will allow the community to propose, debate, and vote on protocol changes, implement new features, or delegate implementation to the core team.
- Voice - We want to empower the users and early adopters who actually have a stake in the system, those that are most impacted by the system.
- Trust - Decentralized decision-making reduces sub-optimal executive decisions motivated by one individual's self-interest.
- We’re only humans - We recognize our shortcomings and welcome guidance from the community. We are keen to build a decentralized organization for the community.
Decentralized governance, in order to be meaningful, needs to allow the most active participants in the community to have an effective voice. To incentivize participation we are combining features of existing models that we find work best, especially:
- General directive proposals where development work from the core team is dictated by the community, once a quarter.
- Group proposals where the community can unite to make a proposal even if individually voters wouldn’t have enough voting tokens.
Hubble will begin as centrally controlled and move slowly towards full decentralization, a situation where decision-making and protocol changes are handed over to the community. There will be two types of proposals the community will vote on:
- Executable code proposals will be the majority of the proposals, implemented by the community and, upon successful voting, will be swapped out for the old programs.
- General directive proposals will happen once a quarter where part of our developers’ time will be dedicated to community-driven decisions, subject to the previous quarter’s directive being completed.
Governance will follow the model of community implementation and community voting. Voting power at first will be conferred holding HBB holders, but we will slowly be granted by also owning USDH, LPing HBB or USDH, or holding an open debt position.
Users with at least 0.5% voting power will be able to vote or delegate their voting rights and propose changes. After a 7 days period of voting and debate, using our Governance forum and Governance platform, a proposal can succeed and be automatically queued up for going live.