Governance Philosophy and Application

Dear Community,

Since our inception, Auric Network has operated anonymously under the pretext of realizing a fully decentralized, fair, and independent economic system where its agents contribute to becoming key decision-makers of the protocol. That is, our fully democratic governance mechanism endows the community with sufficient powers to propagate changes to the protocol.

In order to assist in the process of exercising your right to governance and to maximize the submission of proposals, we are launching our new governance interface. Our goal is to foster community collaboration and instigate the changes the “community” deems as viable in strengthening the network.

Decentralized governance is the process by which the decisions for updating the protocol are proposed, executed, and managed by the community. As an AUSCM holder, you are entitled to voice your ideas individually and vote to implement changes collectively as long as you meet the minimum threshold for participation.

Auric Network’s governance consists of three simple parts, which include the presentation of new proposals, voting of proposals, and execution of votes. We have outlined the criteria and the steps required for participation below:

1. Presentation of New Proposals

  • Anyone can suggest proposals on a forum or community board, but proposals must be voiced on our governance interface for an official review.
  • Participant must hold 9000 AUSCMs in order to present a proposal on-chain
  • Each account has the voting power equivalent to the number of votes it had when the proposal goes into the voting phase, meaning voting is not influenced by rebases that happen after the voting has started.

2. Voting of Proposals

  • Handled by a contract called AUSCMGovernor.
  • Once the proposal is registered, there is a 24 hour period (5,760 blocks) where a community member with at least 1% of voting power (can also be done through delegation) needs to approve it to carry the proposal to the next phase.

3. Execution of Proposals

  • Once the approval has been reached, the proposal will have 72 hours before the majority vote moves a proposal forward to pass or fail. A minimum of 4% positive votes are required for the proposal to pass, along with the number of positive votes being higher than the negative ones.
  • If the vote passes, it is not immediately executed. Instead, it is passed then enqueued inside the TimeLock contract for 24 hours. All the participants of Auric Network can see that the transaction is lined up for execution, and they can choose to exit the network if they disagree with its effects. After the time lock expires, the transaction can be executed within the following 14 days.

Governance principles can be changed if a proposal for new governance is campaigned and deployed on-chain, according to the governing principles that are currently in place. You can even propose and vote to ascertain a mutually agreeable and beneficial way to utilize the Auric DAO and Governance Pools, which have been sitting idly, simply accumulating AUSCMs, and waiting for your instruction. So Go Vote!!!

Every project goes through its ups and downs and through every downturn, weak hands leave and diamond hands prevail. Based on the current performance of AUSCM, some people may be contemplating an optimal point of entry, but by the time we’re bigger and more successful, you won’t be able to afford it. You can affect the destiny of this project today!!

Click here to take ownership and voice “your” ideas to strengthen “your” protocol: https://gov.auric.network

About Auric Network

Auric Network (AUSCM) is a layer-2 cross-chain liquidity protocol with an elastic supply that references the price of gold.

Website | Whitepaper | Github |Telegram | Twitter | Governance

AUSCM is not an investment product. It is not intended in its design or distribution to be utilized as a form of investment, speculation, or a financial product. No communications from Auric Network Limited to users constitute financial advice, a solicitation for investment, or a guarantee of a financial return. Please do your own research and investigation before participating in this project.

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A Gold-Based Synthetic Commodity Money

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