In the spirit of fostering a decentralized and user-empowered digital world, we, the participants of the Mycel network, establish this constitution. Our aim is to craft a governance model that ensures fair, transparent, and efficient management of digital identities (IDs). We believe in the collective wisdom of the network's participants to guide the evolution of the ID infrastructure in a way that respects individual sovereignty and promotes interoperability.
- Resource Allocation for Management: We assert that the fees generated from domain registrations should be directly allocated to the management and operational expenses of those domains. This ensures that the resources are used efficiently and are reinvested into the system to maintain its robustness and integrity.
- Decentralized Governance of Interoperable Domains: We believe that domains capable of interoperability, bridging different networks and communities, should not be governed by a singular entity. Instead, these domains should be under the stewardship of a governance model that represents the collective of networks managing these domains. This approach ensures that no single point of authority can exert undue influence over the interconnected system.
- Rational Decision-Making: The governance of the Mycel network shall be based on rational decision-making processes. Proposals, changes, and improvements to the network must be reasoned, documented, and made transparent to all members of the network.
- Inclusive Participation: Every stakeholder in the Mycel network has the right to participate in the governance process. We encourage active involvement from all participants, ensuring that the network's evolution reflects the diverse perspectives and needs of its members.
- Dynamic Adaptation: The governance model of Mycel is not static but is designed to adapt and evolve. As the digital landscape changes, so too should our governance, ensuring that it remains relevant, effective, and aligned with the core philosophy of the network.
- Security and Stability: While fostering innovation and adaptability, the governance model shall never compromise on the security and stability of the network. Safeguarding the digital IDs and the transactions associated with them is paramount.
- Transparency and Accountability: All governance processes shall be conducted transparently, with decisions and their rationales made available to the entire network. Accountability mechanisms shall be in place to ensure that those in governance roles act in the best interest of the network and its participants.
Participate in Mycel Network
The Mycel network thrives on the active participation of its community members. Whether you're looking to secure the network as a validator, contribute to its stability as a delegator, or engage in the governance processes, there are various ways to get involved.
In the CometBFT consensus model used by Mycel, validators are at the heart of the network's security and stability. Their responsibilities include proposing, verifying, and committing new blocks to the blockchain.
- Block Proposal and Validation Validators are responsible for proposing new blocks and validating the transactions within them. They ensure that all transactions in the block are valid according to the network's rules and have not been included in the blockchain previously. 1. Block Proposal: In each round of consensus, a validator is chosen by the protocol to propose a new block. This validator collects transactions from the transaction pool, assembles them into a block, and broadcasts this block to other validators. 2. Prevote and Precommit: Validators participate in two rounds of voting for each block. In the first round (prevote), validators tentatively agree on the proposed block. In the second round (precommit), validators commit to the block if they see that a majority of other validators have also agreed to it. 3. Commit: Once more than two-thirds of the validators have precommitted to the same block, the block is committed to the blockchain. This ensures that even if some validators act maliciously or fail, the network remains secure and can reach consensus.
- Network Security and Stability Validators play a pivotal role in maintaining the security and stability of the network. They are expected to run reliable nodes, be online consistently, and participate actively in consensus and governance processes.
Rewards and Incentives
- Earning Rewards Validators are rewarded with MYCEL tokens for committing new blocks and storing data, the reward being calculated as a specified percentage of the total stake. Additionally, they receive transaction fees as rewards for processing transactions. Validators may have the option to set a commission rate on the rewards that are distributed to their delegators. This commission is meant to cover the operational expenses of running a validator node and to compensate for the validator's services. The commission structure and rates can be determined by the validator within the parameters set by the network governance. Validators should transparently communicate their commission rates to their delegators, ensuring that there is clarity and understanding about the reward distribution.
- Governance Validators engage in discussions regarding network rules and policies, participate in voting, and collaboratively shape the network's governance with the community. As token holders, validators vote on governance proposals, collectively determining the network's direction. The token economics facilitates incentives to validators through allocation of voting rights and a reward system, thereby enhancing the network's safety and efficiency. This structure motivates validators to maintain the network's integrity and to actively engage in the governance process.
Becoming a Validator
- Setup and Registration: To become a validator, you need to set up a node and register it on the network. This involves running the necessary software and following the network's guidelines for validators.
- Staking MYCEL Tokens: Validators are required to stake MYCEL tokens as collateral. This stake contributes to the security of the network and serves as a form of insurance against dishonest or disruptive behavior.
- Active Participation: Validators are expected to actively participate in the consensus process, propose blocks, validate transactions, and contribute to the network's governance.
By delegating tokens to validators, delegators augment network governance and security, and in turn, earn rewards. However, this process encompasses risks, necessitating prudent selection and management of validator delegation.
Rewards and Risks
- Rewards Validators authenticate blocks and allocate a portion of their rewards to delegators. The rewards for delegators are proportional to the amount of tokens delegated, enabling delegators to receive regular staking rewards through delegation.
- Risks The selection of a validator is pivotal as voting for dishonest validators could incur penalties. In instances where delegators vote for a validator exhibiting dishonest behavior, they could face penalties and potentially lose their delegated tokens. It is imperative to choose efficient and trustworthy validators to minimize risks and maximize rewards. Delegators bear the responsibility of meticulously selecting validators, which in turn enhances network governance and security, with their choice of validator directly impacting their rewards and risks.
Becoming a Delegator
- Choosing a Validator: Delegators should carefully choose a validator to delegate their MYCEL tokens to. This decision should be based on the validator's performance, reliability, and contribution to the network's governance.
- Delegating Tokens: Once a validator is chosen, delegators can delegate their MYCEL tokens to them, thereby contributing to the network's security and governance.
- Earning Rewards: Delegators earn a portion of the rewards that their chosen validators receive for their contribution to maintaining the network.