The key for successfully facilitating a change in an organization

I was a young cadet , just over 20 y.o , in the school of communications officer training course. I was assigned to be the facilitator and organizer of all the motorcades needed to a drill, including…

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Onchain Governance System

Phantasma Chain is building the blockchain which is easy to use for its users. However, the blockchain needs to be flexible and easy to update. The Phantasma team put in a lot of efforts to make this a reality. Preceding generation blockchains usually have their blockchain rules coded into their nodes. Whenever the chain developers need to tweak a rule of the blockchain, no matter if it is just a small change like changing a single number, it can have catastrophic consequences.

The problem occurs due to the fact that it is impossible for a decentralized blockchain to force their nodes to upgrade their software at the same time. If a new block is produced under the new rules, while not being accepted by nodes following the old rules, a fork of the blockchain happens. Some blockchains claim to be unforkable, but in reality they are doing a trade off. Instead of forking, the blockchain will not accept new blocks until a new consensus is reached, which can stop the whole blockchain from operating in the meantime.

Phantasma offers a next generation approach with the introduction of the Onchain Governance System, actually removing forks and other known drawbacks. This system allows the blockchain rules to be parameterized in a way that those rules can be edited onchain, as long as there is consensus for that specific update. This consensus is reached by running a poll for either the block producers or the whole community. Block Producers polls all have equal voting power, while the community polls are based on multiple criteria such as the amount and duration of SOUL staked.

Each poll operates in three different modes:

The mode of the polls are pre-defined per poll and are based on the requirements of the update.

Naturally we have designed a system which is going to be adopted by Phantasma’s very own blockchain, here are a few examples adopting the Onchain Governance System:

By directly adopting the Onchain Governance System, Phantasma adds another layer of decentralization. The community will have a voice, which is key to the future success and growth of Phantasma Chain. Our next milestone is what the whole Phantasma community is waiting for. Exciting times are ahead with the Phantasma main net launch around the corner. Q3 might actually end sooner than you are expecting.

For more information about Phantasma Chain:

Medium: https://medium.com/phantasticphantasma

The key for successfully facilitating a change in an organization

Onchain Governance System

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