Development and maturization of Lucra Protocol will be driven by the Lucra community through democratic governance. Lucra will not contain any admin keys with privileged access. Lucra governance will be configured to be the sole authority allowed to apply protocol changes or upgrades.
After the initial deployment of Lucra smart contracts, the Lucra Gov contract will be set as the owner of all Lucra Protocol contracts. Further modifications and improvements to Lucra contracts can only always be made through the governance poll creation process.
Governance over Lucra will be managed by stakers of NEPRI Tokens (NEP). NEP will act as Lucra Protocol's governance token, used to vote on polls. Voting power will be given proportional to the vote's amount of staked NEP. Voters will be able to allocate a specific amount of voting power in staked NEP, capped by their total amount of NEP staked. Voters with a higher NEP stake will be therefore given a greater degree of influence in deciding whether to apply the changes listed in a governance poll.
New governance proposals in Lucra will be called polls. Any user can create a poll by paying an initial deposit of NEP tokens. If the poll fails to pass the minimum voting quorum, the NEP deposit is given to NEP stakers and distributed proportionately according to their relative stake.
Polls will consist of a text description of the proposition (with an optional URL to further resources / discussions), and includes a list of executable messages that encode the instructions to be run if it passes. The message will be executed with the privileges of the Lucra Gov Contract, which will have the power to invoke any function defined by the other Lucra smart contracts.
Once submitted, a poll can be voted on by the community until its voting period has concluded. If the poll passes quorum and threshold conditions (defined below), it is ratified and its contents can automatically be applied after a set period of time. These changes will take effect without requiring updates to the core Lucra Protocol contracts.
Governance polls in Lucra will follow the below procedure:
- 1.A new poll is created with an initial NEP deposit of
- 2.The poll enters the voting phase, where it can voted for by anybody with a staked NEP position. Users can vote
no, and can assign how many of their staked NEP to use for voting.
- 3.The total amount of staked NEP can be snapshotted to the poll within a time window of
Snapshot Periodbefore the poll's end. This value is used to calculate the poll's quorum.
- 4.The voting period ends after
Voting Periodhas passed.
- 5.The poll's votes a tallied. The poll passes if both quorum (minimum participation of all staked NEP, value snapshotted at step 3. used in calculation) and threshold (minimum ratio of
novotes) are met.
- 6.If the poll passes, its contents can be executed after
Timelock Periodblocks have passed. The poll must be executed prior to the
Timelock Period, otherwise it will automatically expire and no longer be considered valid.