How REI DAO works？
Proposal Generation
1.Community proposals generate votes:
Required qualifications: REI Network governance 50,000 $REI, or collects an equal number of proposal support.
2.Proposals produced by the Council members:
2.1 REI DAO Council
The Council is a community-based organization specially established to promote the prosperity of on-chain governance. In this organization, in order to more efficiently promote the actual governance utility of DAO, the first batch of REI DAO Council members will be invited by the team and will be generated within 10 working days.
2.2 Proposal power of Council members
Council members can directly put forward proposals.
The first step in participating in governance is to initiate any discussion that benefits the REI network and build influence in the community to get more people to agree with your proposal.
Then get in touch with Council members to discuss your proposal on the Community Call and Twitter Spaces. After making a formal proposal, it will be upgraded to the voting session.
Proposal language
We try to keep the discussion of the content of the proposal in English. While we welcome discussions on REI Network development in other languages, such as Korean, French, Chinese, Spanish, etc. (eg, in REI Forum), English is currently preferred due to the consistency of discussion.
Types of proposals
REI Network operating mechanism proposal
E.g:
Modify the dynamic parameters of the blockchain, such as block size, block interval, and other smart contract creation and call rates, and modify the dynamic parameters of the blockchain, such as block size, block interval, etc.;
The block reward of trust nodes, the number of trust nodes and the number of active council members, etc.;
Transfer, issuance of assets, and various transaction fees;
Smart contract creation and call rates, etc.
Adjustment at the strategic level of REI Network: change the project name, adjust the technical structure, adjust the roadmap, etc.
Fund application proposals
Including ecosystem construction, team building, developer incentives, REI Network marketing, public welfare donations, etc.
Applying for proposals with different amounts will involve different voting approval rates and voting durations.
Proposal voting process
Voting duration:
Once the proposed proposal meets the above requirements, the REI DAO begins a 7-day voting period. Ongoing discussions are conducted in the REI DAO Forum. If the proposal is successfully passed, there will be a two-day lock period before the proposal code is executed, and then the relevant proposal content will be finally executed.
Turnout requirements:
In order to get the vote passed, it is generally required that at least a certain amount of $REI (2%-10%) must vote in favor. The purpose of this quorum is to ensure sufficient legitimacy and actual participation;
If the following situations are involved, the minimum approval rate needs to be increased to 10%
The content of the proposal involves the evolution of the major strategic level of the project: for example: changing the project name, adjusting the technical structure, splitting tokens, significantly adjusting the evolution route of the roadmap, etc.
The total amount of REI tokens requested to be used must be more than 5% of the total number of tokens.
Initial principle:
The content mentioned in this part is the initial setting of the on-chain governance section, and the specific setting of this part is also within the scope of the operating mechanism proposal.
Good to know : The following content statement is an initial value setting and the turnout requirement can be modified in the future through community governance.
| REI Network operating mechanism proposal | Minimum approval rate required for proposal | Voting duration |
|---|---|---|
On-chain parameter modification | 5% | 7 DAYS |
Transfer, issuance of assets, and trading fees | 5% | 7 DAYS |
Staking and quota adjustment | 5% | 7 DAYS |
REI Network strategic adjustment | 10% | 10 DAYS |
| Grants/Marketing application type proposal | Minimum approval rate required for proposal | Voting duration |
|---|---|---|
Under $100,000 | 2% | 3 DAYS |
$100,000-200,000 | 3% | 5 DAYS |
$200,000-400,000 | 3% | 7 DAYS |
Over $500,000 | 5% | 7 DAYS |
More than 5% of the total number of tokens | 10% | 10 DAYS |
Principles of Proposal Implementation
Orderly execution of proposals:
When multiple on-chain proposals or tasks need to be executed, the executor should take into account the enthusiasm of REI Network development and the limited timeliness of the proposal execution content to execute or approve the corresponding funds
Not against the fundamental interests of REI Network:
All on-chain proposals should be for the purpose of actively promoting the development of REI Network. Under this premise, all proposals will be considered invalid if there is the malicious use of corresponding funds or any part that is not related to the development of REI Network.
Force Majeure:
In the process of proposal, voting, and implementation, if force majeure factors arise in the location of the participants, such as war, natural disaster, political control, etc., the proposal link should be postponed or carried out on another day as the case may be.
Do not violate local laws and public order and good customs:
In the use of REI Network funds, it should abide by local laws and the public order and social ethics of the place of use, so as to avoid unnecessary conflicts and brand losses.
Security mechanisms implemented by REI DAO:
a. The governance security mechanism mitigates or eliminates the adverse impact of harmful proposals on the REI network or the REI DAO community by setting a time delay before the proposal is formally implemented.
b. Before new code is deployed to REI Network, there is a 24-hour publicity period, during which all community members can review the code to confirm the security of REI Network. If the code is reviewed and deemed to have any adverse effect on REI Network, the deployment will be canceled immediately.
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