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Update CONSTITUTION.md #107
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@@ -3,7 +3,7 @@ | |
_TODO: add phATOM from README.md_ | ||
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_This document is a work in progress. This document assumes familiarity with | ||
the current workings of cosmoshub4 as of Oct 11th 2022. What is described here | ||
the current workings of cosmoshub4 as of Oct 11th, 2022. What is described here | ||
are modifications to what already is. This clause will be removed with future | ||
revisions, and the corresponding parts of the document updated with a full | ||
description of the constitution of the hub._ | ||
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@@ -21,43 +21,43 @@ ordain and establish this Constitution for the AtomOne Hub. | |
Cosmos is the interchain network composed of many sovereign zones connected by | ||
IBC. | ||
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A zone is an independent chain (or an application hosted on a parent chain) | ||
**A zone** is an independent chain (or an application hosted on a parent chain) | ||
with a well-defined governing body or bodies that dictate the governance and | ||
economic rules internal to that zone. By definition, a zone is sovereign or | ||
partially sovereign. A treasury DAO of the AtomOne Hub is partially sovereign. | ||
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IBC is short for Interchain Blockchain Communication, and includes all | ||
**IBC** is short for Interchain Blockchain Communication, and includes all | ||
protocols that allow one chain to communicate state or messages with another | ||
chain by tracking the consensus state of the other. | ||
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The ATOM is the primary staking token of the AtomOne Hub. | ||
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ICS is short for Interchain Security, and includes all protocols that allow the | ||
**ICS** is short for Interchain Security and includes all protocols that allow the | ||
consensus of one chain to be partially or wholly secured by mechanisms on | ||
another chain. | ||
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ICS1, also known as Simple Replicated Security, includes all protocols where the | ||
**ICS1** also known as Simple Replicated Security, includes all protocols where the | ||
validator set is simply replicated across multiple blockchains, and slash | ||
conditions are always submitted to a root chain. | ||
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ICS2 includes all protocols where slash conditions for complex failure | ||
**ICS2** includes all protocols where slash conditions for complex failure | ||
scenarios of one validator set are handled by another validator set, where | ||
slashing affects tokens on the latter validator set. | ||
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ICS2A includes all protocols of ICS2 where stake is entirely managed by the | ||
**ICS2A** includes all protocols of ICS2 where stake is entirely managed by the | ||
AtomOne Hub (in the form of ATOMs or other derivatives). | ||
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ICS2B includes all protocols of ICS2 where stake is entirely managed by the | ||
logic of the other chain. | ||
**ICS2B** includes all protocols of ICS2 where stake is entirely managed by | ||
the logic of the other chain. | ||
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Auto-staking is staking across all current validators in proportion to their | ||
**Auto-staking** is staking across all current validators in proportion to their | ||
voting power. For example, if a validator that had 10% of the voting power were | ||
to get slashed 30% on the AtomOne Hub, and 50% of ATOMs were either staked onto | ||
the AtomOne Hub or free (not auto-staked), everyone who auto-staked ATOMs | ||
on the AtomOne Hub would get slashed 1.5%. Inflationary ATOMs are paid to | ||
auto-stakers such that they do not suffer from the inflation rate of ATOMs. | ||
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A two-thirds supermajority is where more than 2/3rd of all participating staked | ||
**A two-thirds supermajority** is where more than 2/3rd of all participating staked | ||
ATOMs vote YES and the vote is above the current governance quorum value and | ||
the voting period has concluded. ABSTAIN votes do not count toward the 2/3. | ||
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@@ -66,7 +66,7 @@ the voting period has concluded. ABSTAIN votes do not count toward the 2/3. | |
### Article 1.A. Fundamental Principles | ||
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This Constitution of the AtomOne Hub, hereinafter “the Constitution” hereby | ||
establishes the foundations of the governance model, economical model, and | ||
establishes the foundations of the governance model, economic model, and | ||
operating system of the AtomOne Hub. | ||
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All subsequent governance proposals must align with the provisions of | ||
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@@ -108,7 +108,7 @@ on the AtomOne Hub. | |
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Any Cosmonaut can also become a Citizen of the AtomOne Hub by using their | ||
address to stake ATOMs toward the AtomOne Hub and participate actively in | ||
governance. The status of citizenship is granted in an autonomous manner. | ||
governance. The status of citizenship is granted autonomously. | ||
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### Article 1.E. Rights, Liberties, and Obligations in the AtomOne Hub | ||
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@@ -150,7 +150,7 @@ UX interfaces that present the results of voting on governance proposals should | |
also display the content of the memo field of each voting transaction such that | ||
the reason for the vote can be seen. | ||
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TODO: fill in rules of cosmoshub4 governance. | ||
TODO: fill in the rules of cosmoshub4 governance. | ||
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### Article 2.C. Air-drops and forks | ||
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@@ -182,7 +182,7 @@ To enable the well-functioning of Treasury DAOs and the separation of powers in | |
the utmost interest of the AtomOne Hub, each member can hold just one type of | ||
role within each Treasury DAO. | ||
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The members of the DAO must perform efficiently in their role in line with | ||
The members of the DAO must perform efficiently in their roles in line with | ||
their job description. They are accountable to each DAO’s Oversight Committee | ||
and the Hub Governance. They can be dismissed from their functions by a | ||
two-thirds majority vote by the DAO’s Oversight Committee or the Governance | ||
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@@ -392,7 +392,7 @@ complexity demands more intracellular security.) | |
Imagine how easy it would be to create a fund and simply buy VISA… well not | ||
even buy, but simply bond the capital of the market cap of VISA, of $391B. | ||
That’s a lot of money, but if bonding that capital means one can take control | ||
over the financial system, people would lend their money in a heartbeat. But | ||
of the financial system, people would lend their money in a heartbeat. But | ||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. maybe, but |
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thankfully VISA shares are not money, and there are probably plenty of | ||
shareholders who don’t want to sell. | ||
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Do you really believe
autonomously
is better here? the difference is subtle, but to mein an autonomous manner
seems more explicitThere was a problem hiding this comment.
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I believe "autonomously" makes more sense here.