Governance
AarmaChain is a community governed blockchain network that uses a governing token (ACT) for taking key-decisions regarding the growth and developments.
What is Blockchain Governance
Blockchain governance refers to structures and processes which ensure that the development and use of blockchain are compliant with legal regulations and ethical responsibilities [6]. This topic has received great attention as it is considered essential to improve the trustworthiness and efficiency of blockchain. Nonetheless, existing IT/data governance frameworks and standards can hardly be applied to blockchain, as there is no explicit declaration of a central source of authority within blockchain.
Recently, there are some works that discuss governance structures for blockchain platforms, either focusing on customized governance methods in permissioned blockchain or investigating regulations about financial sectors. Some studies also propose governance frameworks for blockchain. However, existing blockchain governance frameworks mainly discuss scattered governance mechanisms lacking stakeholders and process related linkages, which provide limited guidance to relevant stakeholders and the broader community who are interested in this topic.
AarmaChain Governance
AarmaChain uses an open governance model for committing changes to the blockchain network and creating a pathway for its growth. While the blockchain landscape has become much more competitive with a number of layer 1 and layer 2 networks launched, it is necessary for AarmaChain to continually keep developing additional features and functionalities.
As said, AarmaChain has an on-chain governance process to oversee the protocol amendment and development, which codifies the procedure for every update. The on-chain process refers to the actions which are executed on the blockchain network. The technique for deciding and implementing upgrades on ArmaChain is on-chain, which is directly incorporated in the core infrastructure of the AarmaChain.
The improvement proposals in AarmaChain governance are carried out via AarmaChain Community Token (ACT). It can be acquired from live markets or swapped using AARMA coin on AarmaDEX, a native decentralized exchange for AarmaChain. After acquiring ACT, users can vote for proposals in Governance and help the developers to choose best path for growing AarmaChain ecosystem.
How it works
Following is the life-cycle of an improvement proposal in the AarmaChain governance:
Proposal: A governing member posts improvement proposals in the AarmaChain forum. All other members vote on the proposal whether they want changes. In the forum, proposals with the most votes go to the next step.
Analysis: After governing members vote on the selected proposals from the first round, the proposal is moved to the testing round. Here, the risk and analysis is performed by core community members and its potential benefits are discussed.
Testing: The proposal is later tested on a separate testnet environment of blockchain to ensure that it would be stable and safe to adopt permanently onto the AarmaChain. The proposal is only to send further if it meets technical requirements.
Final Implementation: Once the thorough testing is done, the proposal is moved further for the final voting where all the governing members vote on the successfully tested version of the proposal to ensure there is no error left behind.
Deployment: The upgrade comes at the deployment once majority of the voting comes in the favor. At the passing, this deployment is scheduled for going live on AarmaChain.
This novel method makes the AarmaChain Governance process one of the best among latest generation blockchain networks.
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