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Furyan Council

The Furyan Council — made up of Furya Validators and Delegators — will govern the deployed instance of the Furya Protocol that has been embraced by the community as the canonical “Furya”.

All governance actions occur on the Furya Chain. This includes everything from proposing changes, listing assets on liquidity protocols, requesting an allocation of Fury from the community pool, and applying for grant programs.

Anyone can create a proposal regardless of whether they’re a validator or staker. Participating voters must have been active validators or delegators at least 1 block before the proposal was created. All voters should approach these decisions thoughtfully as they may have consequences on third parties (users) and, in extreme cases, can lead to Shortfall Events.

Governance decisions that impact the Furya Blockchain are binding. Governance decisions impacting other chains will rely upon signal voting at launch. For the Furya Hub to realize the full potential of cross-chain governance, it will need to utilise Cosmos’ Interchain Accounts (ICA).

Furya is merely software designed to create certain incentives on the part of Furya holders. Governance is ultimately a discretionary process subject to numerous uncertainties, and no specific governance outcomes can be guaranteed.

For example, if the Furyan Council authorizes the creation of a dApp like Fanfury, which functions as intended and delivers fees, the Furyan Council will be rewarded for this effort through a pro rata share of a portion of the Rake Fees, that also includes rewards to Furya Stakers and Validators.

On the other hand, if the Furyan Council suffers from a governance failure which causes losses to users, Furya stakers should be incentivised to compensate users in order to maintain Furya’ usage levels and thus preserve the value of their staked FURY. However, there is no guarantee that they will do so.

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Delegated Proof of Stake (DPoS)

When staking tokens with a particular validator or fanclub, users are delegating the voting power of their tokens to that validator. In this sense, delegation allows users to indirectly participate in governance by staking their tokens with (and thereby increasing the voting power of) validators or fanclubs who align with their views. If they choose, delegators can actively vote and/or create proposals with their delegated tokens. If a delegator participates in a vote, it overrides the validator’s vote.

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Voting

Each FURY token staked will represent 1 unit of voting power.

To be eligible to vote on any given proposal, you must have been staking FURY at least 1 block before the proposal was submitted. This ensures only committed stakers are eligible to participate in governance votes.

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Proposals

Only Furya holders can submit proposals. To facilitate this process, we envision the following workflow for proposing and implementing changes.

Visit the Furya Improvement Proposals section for more information on proposals.

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1. Submit a Furya Request for Comment (FRC) in the Furya Forums.

FRCs are an opportunity to present your idea and solicit feedback before submitting it for a formal governance vote. Each FRC should be posted for at least 5 days to gather community feedback. After that time, the proposer should review and incorporate any feedback they believe will strengthen the proposal by editing their original post.

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2. Wait for the 2-day freeze period to elapse.

After gathering community feedback, the proposer can make any desired edits to their original post. Then, they must leave the full text of the proposal unchanged for at least two days before it can be sent on for a formal governance vote.

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3. Submit a Furya Improvement Proposal (FIP) for an on-chain vote.

The text of an FRC that’s been frozen for at least two days can be used to submit a formal governance vote or Furya Improvement Proposal (FIP). Proposers must submit an on-chain transaction with the FIP details and a link to the original Furya Request for Comment (FRC). At the protocol’s inception, the following parameters were set for on-chain governance votes: 100,000 FURY must be submitted with the governance proposal. If the proposal passes, all Furya tokens are returned to the proposer. If the proposal is rejected, the 100,000 FURY tokens will be distributed to FURY holders. The high FURY requirement is intended to protect the protocol from governance attacks in its nascent stages and it incentivizes proposers to listen very closely to community feedback in the forums before proceeding to an on-chain vote. To pass, a vote must hit the following targets as defined at launch: Participation: To be eligible to vote, FURY holders must have held their FURY at least 1 block before the FIP was submitted on-chain. Quorum: At least 33.4% of all available voting power (FURY supply + vesting FURY) must participate in the vote. Threshold: A simple majority (at least 50% + 1 of all cast votes) of participating voters must vote in favor of the proposal. The voting period will be open for 37028 blocks or approximately 3 days.

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4. Implementation.

Proposals that successfully pass an on-chain vote are authorized by the Furyan Council for implementation by Furya contributors.