The Metakings project was born out of a desire to create a collectable NFT game that was open, transparent, and community-governed. We detail the process via which the community of $MTK holders will control and maintain the protocol through the Metakings Council, as well as the sorts of amendments that can be suggested. It's worth mentioning that we designed the governance process after the Ethereum EIPs and early versions of change control in open-source software, with feedback from numerous Synthetix key contributors.
To elect council members, holders of $MTK have the option of either nominating an individual or delegating their vote to a nominee. Candidates for council members must be submitted prior to the election deadline, followed by a 72-hour official voting procedure to determine the five persons most qualified to manage the platform.
The eDAO will then compile all suggested members from the Metakings Telegram Channel's Metakings Council and prepare candidates for Snapshot voting. (Our original governance plan, which includes the "eDAO" and "Measures Council," is subject to modification. We seek to develop the finest decentralized governance models possible).
This technique will be used to weaken the voting power of large $MTK holders and so contribute to the abolition of plutocracy. This technique is effectively employed by a number of other protocols and inside Bitcoin Grants, and we feel it is the most equitable method of voting weighting.
There are two major components of the new governance system:
The Metakings Council will be comprised of nominees elected by $MTK token holders, allowing for the influence of community representatives capable of debating and distilling technical modifications but also preventing major $MTK holders from directly voting on the result of proposals.
Metakings Proposals (protocol updates through MCCPs and MMPs) that are submitted to the IIP's Github repository and will be made available on the Metakings Proposal area. To be approved, proposals must receive a supermajority vote.
Defining an MCCP
Proposals for Metakings Configuration Changes (MCCPs) are documents that make the case for changing one of Metakings' System Configuration Variables. The goal is to give a thorough history of each configuration modification and the rationale for its implementation at the time it was made. The document's author is responsible for fostering community agreement and documenting dissenting views. A second blog article will be published later on how to properly write an MCCP.
System Configuration Variables that can be changed via MCCPs may include:
- Configurable Council Values (see below)
- Marketplace fees
- Capture mechanics
- Balance changes
Defining an MIP
Metakings Improvement Proposals (MIPs) are intended to guarantee that improvements to Metakings are transparent and well-governed. MIPs are design documents that notify the Metakings community about a planned system improvement. The author is accountable for fostering community agreement and noting dissenting views. A second blog article will be published later on how to properly write a MIP.
Improvements made via MIPs may include:
- New contracts
- New systems
- Character sets
The Metakings Council members will serve for one complete Council Epoch (the duration of which may be set by an MCCP), and their primary tasks during the Council Epoch will be discussing and voting on MCCPs and MIPs in a public discord forum. If a council member is forced to resign during an Epoch, the Council will continue to function, but the supermajority formulas will alter (there must be a supermajority on each normal proposal).
There will be instances when adjustments to the $MTK council must be made. Any initiatives for meta-governance must be unanimously approved..
Initially, $MTK payments to Council Members will be made manually at the conclusion of each Council Epoch by the MetakingsDAO. If a sufficient number of Council Members' votes are withdrawn prior to the conclusion of a Council Epoch to remove them from the Council, they will get $MTK rewards proportional to their time on the Council during that Epoch, up until their NFT is retrieved. The replacement Member will be compensated in $MTK in proportion to their tenure on the Council following the issuance of their NFT..
A supermajority is defined as (N+1) / 2, where N is the number of council members.
Executioner DAO Discretion
Regardless of whether the council agrees on a proposal, the ExecutionerDAO functions as a backup for the protocol and can intervene in an emergency.
The Executor DAO (eDAO) will need to construct a modified version (or custom contract) of an NFT that can be revoked and issued to EOAs (Externally Owned Addresses), indicating that the wallet is a member of the Metakings Council. A new section of Snapshot will be built to host the process of electing the Metakings Council. (currently available at council.metakings.ai) The addition of a new "Metakings Proposal" area that makes explicit use of a new technique for counting eDAO-issued NFT. (now gov.metakings.ai)
Council Nominations Deadline — The initial setting is 72 hours prior to the start of the Election Period. Election Cycle Duration – The duration of an election cycle. Council members will get their NFTs at the conclusion of the Election Period.
Council Epoch — the time period after which token holders must redelegate their votes to new and current council members (to avoid stagnation and ephemeral power) — initially set at three months, with the genesis election scheduled for February 18th, 2021. (0:00 UTC)
Timelock period — the time period during which a proposal is reviewed before it is adopted, which is originally set to 24 hours.
Metakings Council seat numbers — the number of seats available on the Metakings Council, and hence the number of votes necessary to achieve a supermajority.
Because the core Metakings technology is data-driven, balancing updates may be done much more dynamically than in typical games. Each patch will be a Neural Network-Assisted update that takes into consideration the game's thousands of anticipated matches and is voted on by the council.l.