Governance
DAO governance mechanism for InsurAce.io

Governance

InsurAce.io will adopt the DAO governance mechanism commonly deployed in DeFi projects nowadays, with INSUR as the governance token for voting and incentive purposes. The principles for InsurAce.io governance are:
    Security of the capital that members deposit is of the highest priority. The community shall decide every use, movement, investment, and/or any other fundamental change to member capital;
    The day-to-day operations of the InsurAce.io platform will continue to function without community involvement;
    The goal is to encourage maximum community participation in vital areas such as business design, product listing and delisting, feature addition and removal, technology evolution and version releases.
    In the event that community governance fails, there should be contingency procedures in place as a safety net to protect members.
The governance framework will comprise two approaches:
    Community Voting. When there are any new proposals, the community can vote for or against the proposals until consensus is reached.
    The Advisory Board, which consists of InsurAce.io employees as well as 3rd-party independent advisors with technical, insurance, compliance and other related expertise. They work as the oversight committee to set specific rules, review the community proposal and execute contingency plans when the community voting mechanism fails.
The fundamental voting mechanism is that the INSUR token shares stand for the voting rights with a cap per member set to avoid the concentration risk. The voting outcome will be based on the quorum, majority and voting right weights. The general process for handling community proposals is:
    1.
    Proposal Raise: members of InsurAce.io bring forward a proposal.
    2.
    Advisory Board Preview: the Advisory Board previews the proposal using their expertise, provides their comments as a reference for the community, sets the proposal's incentives and defines the default outcome should voting fail.
    3.
    Member Vote: members vote for or against the proposal in which INSUR token lock-up might be needed and conclude with a definite outcome.
    4.
    Execution: the InsurAce.io project team and community contributors work together to implement the proposals and disclose them with complete transparency.
We hope to build InsurAce.io as a secure and fair platform, by the community, of the community, and for the community.
Last modified 1mo ago
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