Introducing SeaChain’s Governance System
One of the integral components of SeaChain is a governance system that empowers token holders to control the project and elect core team members. SeaChain’s tokenomics include a community treasury whose use is determined by holders. The governance system is now active, meaning that SeaChain functions as a Decentralized Autonomous Organization (DAO).
SeaChain holders can vote now at https://snapshot.org/#/seachaintoken.xyz
Fully decentralized, community-led decision making
SeaChain is a community-driven blockchain token that employs multilayered governance to grant holders direct influence over the project, new initiatives, key decisions, and ultimately its future. Through SeaChain Governance, holders can make proposals, vote on important decisions, elect members to the core team, and dictate the use of funds in the community treasury.
The community can select or remove members of the core team at the end of defined terms through an election process. The first vote for core members of the team will take place 1 year after launch of the token to allow the original team time to create the project foundations. The first election will also allow the community to decide the duration of the next term for those who succeed in the elections.
Under direct governance, proposals can be made at any time by Core Team and Community members who hold more than 100 million SeaChain tokens in a single BSC wallet. The SeaChain token will be the utility for governance that dictates voting power on the proposals and each individual SeaChain token counts as one vote.
Voting rules and required limits: Minor proposals
For proposals relating to simple, short-term decisions such as marketing, a change in communication, spending of community wallet, the addition of new community moderators, or promotion strategies there is a minimum required quorum of 10 billion SeaChain votes for the proposal to be considered passed.
Voting rules and required limits: Major proposals
For critical proposals that change key functions or aspects of SeaChain, such as replacing or removing a member of the core team during their elected term, amending the contract, or changing network, a supermajority of more than 50 billion votes towards one proposal option will be required for the results to be honored. This list of critical proposal categories can only be altered by voting.
The core team has the right to veto any proposal; however, in the event a veto right is exercised, the SeaChain team must publish an explanation to the community within 7 days. The community may resubmit the proposal after 1 month if the reasons have been adequately taken into consideration. After the first use of a veto for a specific proposal, the Core team will not have the right to veto that same proposal again and it will be up to the community to decide if it passes.
Limitations on proposals
Nonsensical or unrealistic proposals, including but not limited to insufficient financial capacity, any idea or activity, action that could cause legal risk, or liability for SeaChain will not be honored regardless of the outcome in the governance. Due to current technical limitations, initially tokens staked in pools, allocated for liquidity farming, or held in a CEX will not contribute to voting power as they cannot be verified through the governance system. As such, to participate in voting the holder must hold their SeaChain tokens in a private wallet.
The first proposal now available for voting is whether community treasury voting rounds should occur weekly or monthly.