EpiK’s Protocol Decentralized Autonomous Organization (DAO) and Principle of Design
There is a lot to know about Epik Protocol. Here, DAO and the principle of design will be the main focus.
The term “EpiK” is derived from “Epigraphic Knowledge,” which refers to the decoding of previously recorded knowledge on the stele.
EpiK Protocol aspires to create a worldwide collaborative decentralized knowledge network by leveraging four fundamental trustworthy capabilities:
- Trusted storage
- Trusted incentive
- Trusted governance
- Trusted finance
With the goal of facilitating cooperation among users of the global knowledge community at a very cheap cost.
Thus, human information from diverse fields is transferred into an everlasting knowledge graph, broadening AI’s boundaries and ushering in the cognitive intelligence age.
EpiK Protocols Principle of Design: Governance does not directly resolve problems, but it does give instruments for resolving them. The goal of the EpiK governance model is to give the EpiK community a mechanism for resolving local issues and maximizing overall benefits.
When building the governance model, EpiK followed two fundamental concepts to achieve this aim.
Principle of Information Disclosure: In the EpiK governance paradigm, decentralized governance will take the form of a Decentralized Autonomous Organization (DAO).
DAO (Decentralized Autonomous Organization) is a type of proposed governance based on blockchain smart contracts.
All proposals, votes, and execution information in the DAO will be revealed and recorded on the blockchain in real-time, and no one will be able to manipulate it.
Without authorization, every member of the DAO community can monitor and participate in the whole governance process.
Interest Relevance Principle: Everyone in the EpiK governance model has the right to vote solely on ideas that are relevant to their personal interests.
This means that a single account’s voting power in various proposals varies, and the magnitude of that power is determined by the degree of interest relevance between the account and the proposal.
Voting power is 0 when something is completely irrelevant; the greater the degree of relevance, the larger the voting power.
EpiK Decentralized Autonomous Organization (DAO)
EpiK DAO will be introduced in four parts.
- Proposals
- Votes
- Rulings
- Awards.
Proposals: Anyone can start a proposal; however, each proposal will cost 99 EPK, which will be directly destroyed to prevent too many useless ideas from consuming community governance resources.
If you’ve read our Economic Whitepaper, you’ll know that the Domain Expert Application is a unique type of proposal.
EpiK DAO structured ideas into three categories to meet various needs: referendum proposals, storage ecology proposals, and knowledge ecology proposals.
Votes: Each proposal in EpiK DAO is allocated to one of three types: Referendum Proposal, Storage Ecology Proposal, or Knowledge Ecology Proposal, and each proposal has only one kind. The criteria are determined by looking at the breadth of each proposal’s impact.
Because each proposal has a varied impact on different categories of users, the manner to vote for different sorts of proposals is also diverse, according to the concept of interest relevance Let’s take a closer look at each one separately.
The Referendum Proposal: A referendum proposal is one that impacts the supply and consumption of tokens in circulation across the network, and it is one that is significant to the interests of all token holders.
Setting a minimum number of votes for domain expert activation, for example, has a direct impact on the total amount of tokens withdrawn from circulation as a result of voting in the domain expert vote.
Referendum initiatives have the greatest potential for influence. Because they are linked to the interests of all token holders, they may be voted on by all token holders.
Furthermore, based on the concept of interest relevance, token holders who are more closely connected to the referendum proposal’s interests should have more voting power.
The voting power of each token holder is equal to the amount of EPKs they have locked up for voting on the referendum proposition.
This part of the locked EPK can apply for withdrawal at any time, but there is a 90-day lockdown period following the withdrawal application, and EPK can only be removed once the lockup period has passed.
The extended lock-up time is in place to prevent centralized exchanges or centralized token custody services from using users’ EPK to engage in governance, which leads to an excessive concentration of voting rights and harms general interests.
Token holders who engage in the referendum’s governance, such as voting domain experts, must lock their EPK holdings, which implies they must forfeit the liquidity value of their EPK holdings.
As a result, users that vote in the referendum governance vote will be able to share the governance benefits, just as they did in the domain expert vote.
Storage Ecology Proposal: The storage ecology proposal is one that is only concerned with the needs of all knowledge nodes. The top number of nodes that store new files, for example, can obtain double the computational power.
This suggestion will only influence the difficulty of knowledge nodes obtaining double computing capacity, therefore altering the income disparity between them.
Each knowledge node’s voting power is proportional to the amount of original computing power it possesses.
Note that the weight of the vote is the knowledge nodes’ original value, as opposed to their effective computing power.
Under normal circumstances, knowledge nodes’ effective computing power is equal to their original value, but if knowledge nodes are fortunate enough to receive a file’s double computing reward, the extra computing power will be added to effective computing power, and the twofold computing power awards will have no effect on the initial computing power.
They must lock EPK in order to obtain voting rights, unlike token holders who participate in the referendum proposal. At no additional expense, knowledge nodes participating in the governance of storage ecosystem proposals have the ability to vote.
As a result, knowledge nodes that vote in favor of the Storage Ecology proposal will not gain any further governance benefits.
Knowledge Ecology Proposal: A proposal for knowledge ecology is one that is solely applicable to all producers of knowledge data.
Setting the technique for determining domain experts’ weight, for example, will solely alter how domain experts divide advantages based on their contributions, and will have no impact on non-domain experts.
Bounty hunters, like domain specialists, are also providers of knowledge data, and ideas that connect to bounty hunters’ interests are included in the knowledge ecosystem proposal.
Setting the address of the knowledge fund, for example, has a direct impact on the regulations for distributing bounty hunters’ profits.
Despite the fact that both domain experts and bounty hunters are involved in knowledge ecosystem ideas, bounty hunters are token holders, and domain experts are chosen by token holders.
Only domain experts are permitted to vote on knowledge ecology ideas here, in order to increase the decision-making efficiency of knowledge ecology proposals.
If the domain experts’ vote fails to reflect the bounty hunters’ appeal, the bounty hunters can cancel the domain expert’s vote, which will not violate the EpiK DAO’s concept of interest relevance.
Rewards: Users who take part in the storage ecology and knowledge ecology proposals don’t have to pay anything more to have voting rights, therefore they won’t get any additional governance benefits.
Because users who participate in the referendum proposal will need to lock more EPK in order to vote, EpiK DAO offers a particular incentive for them.
According to the economic whitepaper, every 30s on the EpiK mainnet, a Tipset will be produced, including 115.2 EPK freshly minted tokens, which will be part of a total token number of 700,000,000 tokens that will live for 50 years.
The governance bonus pool will get 1% of these newly generated tokens, resulting in 1.152 EPK per Tipset.
The sole governance proposal before EpiK DAO went live was to vote for domain experts, and voting for domain experts also requires locking EPK, therefore all of the EPK in the governance bonus pool will be allocated to the people that vote for domain experts.
Users who engage in voting on referendum proposals inside EpiK DAO will split the 1% governance bonus pool with users who vote for domain experts after EpiK DAO becomes live.
We develop an advantage factor for various lockup periods since the lockdown time for voting domain experts is 3 days, but the lockup period for voting referendum proposals is 90 days. The bigger the benefit factor, the longer the lockup time.
In Conclusion
The EpiK DAO governance’s objective is to continually correct the resource mismatch in the EpiK community so that fresh EPK may be employed in the most valued area in each time period over the next 50 years.
The community can engage in governance using the Snapshot tool before Mainnet 2.0 is launched, and the vote results will be recorded by the Foundation and updated when Mainnet 2.0 is released.
Users of EpiK must have a thorough grasp of the system in order to not only contribute to the Knowledge Graph’s cooperation, but also to vote in the administration of the decentralized Knowledge Graph ecosystem.
