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- Community to poll on critical existential issues from the start;
- Set up of NuNet Governance Council and Technical Council;
- One year Community Engagement Exercise sets detailed governance options;
- Community poll to approve final governance roadmap timeline and parameters;
- Close NuNet governance guidance as platform rolls out in first three years;
- New NuNet Articles of Association to reflect the final governance plan;
- Institute decentralized progressive governance as approved by the community;
- Establish any necessary new bodies for community-NuNet organization governanceinterface if and when required by the ecosystem.
NuNet plans to organize and institute a decentralized democratic governance structure for the network in a progressive manner to ensure beneficial usage of the network for all and a sustainable development framework.
In the rapidly changing world of crypto markets, the issue of progressive governance is at the forefront of debate and in a state of constant fluctuation. Founders, governance experts, and management teams all work to ensure their entities serve the needs of their community and provide a voice in the direction of the business while complying with the rules and regulations in which that entity resides. Often issues such as voting mechanisms and methods by which to adhere to the will of the community are colored by regulatory dictates and moral obligations. Within this governance ecosystem, some projects excel and others do not meet the grade.
NuNet has a significant benefit when it comes to setting the stringent parameters of progressive governance. NuNet organization governance forms a part of the SingularityNET Foundation ecosystem and as such has the benefit of SNET’s unique evolution towards decentralized democratic governance. In the early stages of the governance evolution, the decision-making power often resides at the Governing Board or Board of Directors level. This ensures a relatively smooth transition in a volatile crypto market environment from the token generation event (TGE), a time swayed by speculators eager for a quick return, to operations designed to stabilize activities.
The essential point of this evolution is that it progressively moves to provide an ever-greater voice in the key decisions and future course of a utility token while allowing the day-to-day decisions to be handled in a smooth and seamless manner. Based on the experience of the SNET ecosystem – NuNet has structured its initial organization governance to reflect the need for flexibility. This flexibility allows the Board of Governors of NuNet the unique opportunity to conduct a somewhat different experiment in setting decentralized governance standards.
Progressive democratic decentralization is often depicted in a roadmap set in stone at the start of a TGE that extends over four to five years. NuNet takes the approach of starting with a more or less blank roadmap in setting the decentralized governance initiative, one that will be finalized in detail over the next year with community participation. NuNet will provide a voice to the community from the start on all critical decisions that have a direct existential impact on the network. A polling mechanism managed by the Governance Council will be instituted and a regular flow of community communications established through the usual chat groups, social media, and other media.
Minor decisions on business strategy and other operational decisions are made in the initial phase by NuNet, its partners, or the pool of owners of network operations agents, depending on the case. Initially, NuNet will be the only owner of network operations agents, so this distinction can be refined via consultation with counsel during the network's first years of operation. NuNet and its partners could in time elect a Technical Council to include representatives of owners of network operations agents, partner frameworks, and active community developers.
NuNet, partner frameworks, and owners of network operation agents will work together towards the monitoring of implementation, fine-downing, and adaptation of the technical roadmap and the timeline, an updated version of which will be regularly published on NuNet’s website. These milestones will be evaluated and may be voted on by the Technical Council. Eventually, milestone releases and their development roadmaps are expected to be approved by a larger community, service users and the majority of owners of network operations agents via independent decisions, staking mechanisms, and token purchase.
It is anticipated that it could take up to three years before NuNet’s operations and platform network become fully operational. In the first year of this Phase, update NuNet will take the initiative to interface with its existing token holders and community to put in place and approve by community polls a progressive decentralized governance roadmap in line with the ever-changing regulatory landscape. In this way, NuNet can accelerate the progression and avoid the pitfalls of other crypto entities that have had to reverse governance policies after the fact.
In this engagement exercise designed to set the governance structure, the community has a major say in setting the details of the roadmap, including prioritizing the type of devices for onboarding on the network, operating systems, and features to be rolled out. This short respite prior to setting a comprehensive governance plan will be used by NuNet to conduct surveys, one on one interfaces, and other communications initiatives designed to provide a platform of options upon which the community will provide their views.
One such initiative of the engagement exercise is to delve deep into how the community wishes to engage with NuNet governance on core issues. For instance, does the community wish to appoint a Supervisory Council to act as the oversight body for the community or is it satisfied to deal directly? If a Supervisory Council is needed, issues such as how will the cost be borne, how can independence be assured, how will members be elected and the scope of powers can be addressed.
Another key topic for which a mechanism needs to be devised is the network operation rewards’ distribution. Initially, the proportion of reward distribution among owners of network operations agents is simple: all rewards go to the NuNet organization, since all network operations agents are owned by NuNet. As new network operations agents are introduced, a scheme for dividing reward among owners of network operations agents could be approved by the community. The final goal of the NuNet framework and tokenomics development is to allow network operations agents, resource consumers and users to ask and bid for resources in a competitive meta-market, where resources, intellect and knowledge are directed towards socially beneficial tasks via democratic ecosystem participation and individual staking.
As can be seen by the complex nature of the many particular issues at hand, NuNet’s flexible, inclusive approach to governance adheres to the usual framework expected by token holders in the opening phase, but in the case of NuNet the governance roadmap is to be set by consultation with actual community members in a precise and representative manner.