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  • 🪙DUCAT
    • The Ducat Protocol
  • 🔳Unit
    • Philosophy
  • 💠How DUCAT works
    • Overview
    • Architecture
    • Vaults
      • Open Vault
      • Deposit BTC
      • Borrow UNIT
      • Repaying UNIT
      • Withdraw BTC
    • Canonical Reference Satoshis
    • Multi-Party Computation (MPC) Network
    • Indexer
    • Oracles
      • How It works
      • Price Quotes
      • Generating Keys and Signatures
  • 📊Liquidations
    • Basic Mechanics
    • Profit settlement
      • Example
  • 🤝Trust Assumptions
    • Overview
    • Asset management
    • Liquidations
    • Supply Control
  • 📩Governance
    • Governance
    • Risk Management
  • ⚠️Disclaimer
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  1. Governance

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  • Clients can spend their DUCAT using a time-locked bitcoin transaction in order to participate in governance. These transactions are marked with a special OP_RETURN output and indexed by the validators.

  • There are two types of governance transactions: Proposals and votes.

  • A proposal transaction carries inscription data, and publishes the new terms being proposed.

  • A vote transaction also carries inscription data, and references the proposal(s) that it is voting for.

  • Validators will index and validate these proposals, and tabulate the votes for/against them for a pre-defined voting period.

  • If a proposal is successful, validators will automatically update their contract state to reflect the new changes.

  • If all participants run the same validator software (including guardians), then there should be network consensus on the state of the contract.

  • There should also be consensus on the historical state of the contract for any given block height, which allows older vaults to be processed with the correct contract state.

Last updated 24 days ago

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