Notice on the establishment of the DeepBrain Chain Council

As DBC has already launched on the mainnet and has been running smoothly, the foundation will take the decentralized on-chain governance, based on Polkadot Governance module, as its next priority. After in-depth discussion, the foundation decide to establish DBC council, which will run separately from the foundation and aim to improve DBC’s development.

DBC council is an on-chain entity consisting of 13 members. All theses members are elected by voting. This governance system will run for test within 2021. During the test period, the council will be elected every 14 days, and since 2022 it will be elected quarterly. According to polkadot governance system, the council can decide the priority of the proposals, and has access to the Treasury.

Accourding to DBC whitepaper, the foundation will unlock 1.5 billion DBCs within 6 years.

However, for better decentralized on-chain governance, DBC foundation decide to extend the period to 15 years, which means unlocking 100 million per year. Since 2022, each year the 51% of the 100 million will be monthly distributed to DBC Treasury, enacted by intelligent contract. If the DBCs in Treasury of the current year are not used up, they will be automatically burning. The remaining 49% will be used as the operating expenses of the foundation. The foundation will make financial disclosure and release financial reports regularly every quarter.

The funds in DBC Treasury is managed by council. All members of the DBC community can submit a proposal and apply for Treasury funds. If the proposal is approved by the council, the budget will be automatically allocated from the Treasury.

Proposals may consist of (but are not limited to):

  • Infrastructure deployment and continued operation.
  • Network security operations (monitoring services, continuous auditing).
  • Ecosystem provisions (collaborations with friendly chains).
  • Marketing activities (advertising, paid features, collaborations).
  • Community events and outreach (meetups, pizza parties, hackerspaces).
  • Software development (wallets and wallet integration, clients and client upgrades).

(*refer to the polkadot wiki.)

Candidates for the council can campaign in the community to attract votes, focusing on what you can do and what value you can created for the DBC ecosystem.

Commencing in July 2021, NFT awards will be nominated by members of the community and determined by a vote of the Council. In 2021 the Council can decide to award 2 NFT Gold Medals, 20 NFT Silver Medals, and 200 NFT Bronze Medals at most. From 2022 to 2027, 1 NFT Gold Medal, 10 NFT Silver Medal and 100 NFT Copper Medal can be awarded each year according to the NFT award rules (Description of NFT awards: https://deepbrainchainglobal.medium.com/dbc-mainnet-launching-nft-commemoration-coin-explained-4fb9bf66ae3d). The NFT Medal repurchase costs will be afforded by the Foundation until December 31, 2026, UTC+8.

If you have any suggestions, please feel free to send us an email: service@deepbrainchain.org and the deadline is 23:59 on June 30, 2021, UTC+8.

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