The Klaytn Foundation, a key developer and code maintainer of the Klaytn blockchain, is making changes to the network’s governance system and token model of native KLAY tokens. These changes are expected to enhance Klaytn’s overall technical capabilities, revenue sustainability, and decentralization aspects while contributing towards making KLAY more valuable eventually.
The Foundation will aid Klaytn blockchain’s transition to a wholly permissionless validator structure, provide opportunities to the general public to participate as block validators, and introduce a communication channel for Klaytn’s community members to participate in decision-making processes. Validators are one of the main entities of any blockchain and are responsible for verifying transactions on that network.
The Foundation will continue to serve as a decision-making body for Klaytn ecosystem expansion projects, and propose major agendas for the Klaytn platform. GC members’ decision-making authority over Klaytn blockchain business will be further expanded, and the Foundation will promote projects based on GC members’ decisions rather than its own. Additionally, the Foundation will strengthen governance transparency by disclosing GC’s on-chain voting agendas and statuses in real-time through Klaytn Square, a governance protocol.
The Klaytn Foundation will present a revamped tokenomics proposal to the GC starting Monday. This includes a proposal on handling the uncirculated (reserve) KLAY tokens in response to community feedback. Finalized agendas and proposals will be made public on Feb.28 alongside a technical roadmap for 2023.
The changes proposed by the Klaytn Foundation are expected to bring more decentralization and transparency to the Klaytn blockchain. This will help ensure that the network is not subject to the whims of any single entity, and that the decisions made by the GC are made in the best interests of the network and its users. With these changes, Klaytn is well on its way to becoming a more secure and reliable blockchain platform.