PolkaPower Governance Structre

"Governance"is the core proposition of a blockchain project. Onlya blockchain project with decentralized governance and multi-party participation will have the longest vitality.

Governance structure and mechanism

"Governance" is the core proposition of a blockchain project. Only a blockchain project with decentralized governance and multi-party participation will have the longest vitality. PolkaPower introduces people and code into the complex governance system of the public chain through the combination of on-chain and off-chain governance, so as to ensure the effectiveness, rationality and efficiency of governance while achieving decentralization of governance. Every PolkaPower asset holder has the right to participate in decentralized governance. The operation and development dlirection of the public chain ecology will be determined by all PPE holders through consultation and voting.

PolkaPower's on-chain governance structure consists of a council (Committee) and a power node (PowerNode).

On-chain governance

Board——equivalent to the board of directors on the chain, responsible for the initiation and voting of global parameters such as PolkaPower transactions and handling fees

- Composed of 11 members, each member must be one of the power nodes.

- Power node- responsible fortransaction accounting, transaction verification, and transaction confirmation of the PolkaPower network.

- It is composed of at least 21 node members, and the first 11 public trust nodes automatically become members of the council.

Off-chain governance

Non-profit organization registered in Singapore

- It is composed of 7 departments including the desision-marking committee,the executive committee,and the ecological construction committee.

- Responsible for PolkaPowers's major decision-making,technology development,global promotion,financial management and conference organization.

On-chain governance

"Governance" is the core proposition of a blockchain project. Only a blockchain project with decentralized governance and multi-party participation will have the longest vitality. PolkaPower introduces people and code into the complex governance system of the public chain through the combination of on-chain and off-chain governance, So as to ensure the effectiveness, rationality and efficiency of governance while achieving decentralization of governance. Every PolkaPower asset holder has the right to participate in decentralized governance. The operation and development direction of the public chain ecology will be determined by all PPE holders through consultation and voting. PolkaPower's on-chain governance structure is composed of a council (Committee) and a power node (PowerNode).

PolkaPower Council and Power Node

There are three roles in PolkaPower's governance ecosystem:

- Coin holder: An individual or institution that holds any number of PPE。

- Dynamic nodes: Individuals or institutions voted by all PPE holders. The votes are counted every 1 hour. There are 21 power nodes in total.The 21 nodes are composed of the top 21 nodes by voting. The power node is responsible for transaction accounting, transaction verification, and transaction confirmation of the PolkaPower network. The power node accepts the supervision of the PolkaPower community.

- PolkaPower Council: Public trust nodes are elected as PolkaPower council members according to the top 11 votes。

The PolkaPower Council is the core chain governance organization of the PolkaPower community. Its main responsibility is to set reasonable global parameters of the blockchain to promote the long-term healthy development of PolkaPower.

Node election

Every PPE holder can become a candidate for the power node. Candidates need to pledge 2100 PPE to the system (the specific amount is determined by voting by the counci), and they can withdraw it after 30 days (system dynamic parameters can be adjusted by voting by the council) when they withdraw from the election. If the node does evil, the PPE pledged by it can be voted by the board of directors. In order to ensure the efficient conduct of node elections, PolkaPower has formulated a series of standards and rules for power node candidates. The ecological construction committee of the PolkaPower Foundation will review the candidate nodes according to standards and rules.

Power node candidates must meet the following basic conditions:

- Have an organization body ,and have an official website or social account

- Have a certain scale of community users.

Node revenue

The income of the power node mainly comes from the rewards of each section in the economic model,and the amount if rewards is determined by the board of directors.

Power node voting

Each PPE is regarded as one vote and can vote for multiple candidate nodes. The PEE participating in the voting of the power node will be pledged in its own wallet for temporary freezing, and if the asset is transferred out, it will be deemed as withdrawn. The top 21 nodes with cumulative votes are automatically elected as power nodes. The voting method is mainly operated through the PolkaPower Dapp.

Off-chain governance

Establishment of PolkaPower Foundation

The PolkaPower Foundation was formally established in Singapore in May 2020. It aims to promote and maintain the foundation and the construction and healthy development of the PolkaPower ecosystem through scientific, reasonable and effective governance mechanisms, and to provide PPE holders with appropriate protection and equal rights,To build efficient communication channels between PPE holders, communities, nodes, mining pools and other different sectors.

The PolkaPower Foundation will disclose PolkaPower's development, operation and PPE usage to the community every year, and will introduce a third-party audit agency to supervise the project' S financial operations. The audit report will be announced in the annual information disclosure.

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The organizational structure of the PolkaPower Foundation

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