Governance Process
Proposal introduction and discussion
The first step in the governance process is to introduce a proposal to the community. Minto’s official Telegram and Discord channels serve as the primary platforms for discussing proposals. Any member of the Minto community or team can propose an idea and receive feedback from the community on these platforms.
Snapshot
Minto governance votes are conducted on Snapshot, where Minto holders and stakers can express their support for governance proposals. Anyone with voting power greater than 10,000 BTCMT can initiate a Snapshot vote. A Snapshot proposal should include an English-language description of the proposal's purpose, the specific details of the proposed changes and allow for three voting options: “For”, “Against” or “Abstain”. Proposals that require the purchase of new miners or any other actions that would affect mining power (total Minto TH/s) should include the following information:
expected change in Minto’s total mining power;
expected change in BTCMT supply and the recipients of newly minted BTCMT tokens (if applicable);
expected improvements in Minto's energy efficiency.
For a proposal to pass, the following quorum and voting requirements must be met:
Quorum. The proposal must receive a minimum of [500,000 votes (500,000 BTCMT)];
Approval. Once the quorum is reached, the proposal requires a simple majority (>50%) of “Yes” votes among all votes to pass.
Voting begins 24 hours after a proposal is submitted on Snapshot and lasts for 3 days (72 hours).
Publication
The results of Snapshot voting, along with an implementation report, are published on Minto's official channels: in Telegram and Discord channels, and Minto Blog.
Execution/Implementation
A successful proposal will be executed after an execution delay of 7 days. Depending on the nature of the vote, it may require an action from the multisig. Refer to the Multisig section to see the individuals currently responsible for organizing the on-chain execution of governance. Proposals that do not require any on-chain actions are executed by the Minto team.
Multisig
Governance is managed through a single multisignature wallet, which is currently owned by a group of respected community members. Any BTCMT holder can nominate themselves or another individual to become a multisig signer. The role of the multisig is to enact and execute on-chain the decisions made by BTCMT holders via off-chain voting, as well as to assist community members in the governance process. The Minto multisig, which has the ability to alter protocol operations or access treasury funds, requires 3 signers to authorize transactions. The signer structure of the multisig may change if approved through the governance process.
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