Klaytn Foundation is making changes to the governance and token model of KLAY, the native token of the Klaytn blockchain.
In a statement to CoinDesk, the Foundation announced plans to transition the network to a permissionless validator structure, enabling the public to participate as block validators and introducing a communication channel for community members to participate in decision-making processes.
These changes are expected to improve Klaytn’s technical capabilities, revenue sustainability, and decentralization aspects while increasing the value of KLAY over time.
The Foundation will work with the Klaytn Governance Council to implement these changes and promote projects based on their decisions rather than their own.
To increase governance transparency, the Foundation will disclose on-chain voting agendas and statuses in real-time through Klaytn Square.
A revamped tokenomics proposal will be presented to the GC starting Monday, which will include a proposal on handling the uncirculated KLAY tokens in response to community feedback.
Finalized agendas and proposals will be made public on Feb. 28, along with a technical roadmap for 2023. These changes are expected to improve Klaytn’s overall governance transparency and prevent governance drama.
