Substrate-based DeFi privacy protocol, Manta Network, has launched the community governance feature for its Kusama-based network Calamari Network. Earlier this year, the Manta team had activated the necessary features for on-chain governance on Calamari through a runtime upgrade.
The Launch of the Governance Feature on Calamari Marks a Significant Milestone for the Manta team.
Currently, the implementation of the core community governance feature is in live, with many additional features in the pipeline. As a rapidly expanding ecosystem, the launch of the governance feature on Calamari marks a significant milestone for the Manta team. Recently, Runtime Upgrade 3.1.1, which upgraded the codebase for Calamari Network, went live on Jan. 7th, 2021, based on community governance, marking a new chapter in decentralization for the relay chain.
Following the upgrade, the Manta Network core development will no longer be able to implement or remove any features without community consent. Each proposed change on the Calamari Network will now be driven by the community, which will be divided into three phases: the launch period, the voting period, and the enactment period.
Furthermore, the community will now consist of three distinct groups, all of which will be part of governance. A group of three individuals from the Core Development Team, called “The Council”, will select and submit proposals for community voting.
Anyone who holds the native Calamari (KMA) token will be considered “Public Token Holders.” Holders can use their stake to support proposals that are trying to become referendums and vote on proposals that have been accepted as referendums.
Finally, there is the “Technical Committee,” which consists of three members from the Core Development team. They will be responsible for fast tracking of the three phases and ensuring that the community reaches unanimous agreement for referendums.
In terms of development, the team has made noteworthy progress throughout 2021. From rolling out the mainnet version, participating and winning grants, executing several runtime upgrades, launching the Dolphin testnet, and now the community governance update, the Manta ecosystem is quickly shaping up as the go-to privacy-focused solution for DeFi.
Manta Network is the on-chain privacy solution for blockchain assets, offering a range of products, including an AM DEX and a payment protocol with built-in privacy. Founded in 2020, the team is comprised of cryptocurrency veterans, professors, and scholars from backgrounds including Harvard, MIT, and Algorand. Backed by Web3 Foundation, Hypersphere Ventures co-founder Jack Platts, and Polychain partner Tekin Salimi, Manta Network also counts on support from former Web3 Foundation co-founder Ashley Tyson, Consensys’ Shuyao Kong, and several other venture capital firms and angel investors.