The FLASH Governance Model
FLASH GovNodes are another unique and streamlined feature of FLASH that we think will help keep FLASH as a “low tax” zone for crypto.
- There will be 101 FLASH GovNodes (Goverance Nodes) operated by FLASH Delegates.These govern the FLASH blockchain.
- GovNodes are digital assets and software that help administer the FLASH ecosystem.
- They will use special keys to sign a transaction for registering your vote.
- Donations for the development of FLASH GovNodes will be used for the development of the GovNodes QT wallet feature, which includes the ability to send FLASH transactions with up to 40 bytes of data inside. This data sending feature will also be enabled on the FLASH web wallet.
Because FLASH is a very simplified and high performance version of Bitcoin/Litecoin, there are relatively few governance matters
The remaining governance issues are determined via two requirements, depending on the governance task: 51% or 75%, 51/101 (Majority) or 76/101 (Supermajority)
Changing the delegated PoW processor requires Majority
Changing the rate and distribution of transaction fees requires Supermajority
Major code changes requires Supermajority
Set the rate and distribute fees to insert data into the blockchain requires Majority
All other proposals require Majority
New proposals can be submitted by any FLASH coin holder, but 10 GovNode votes are required before posting on the flashcoin.io web site and GovNodes only vote in favor of a proposal, which will need to be proffered by at least 10 votes in favor. Any proposals that don’t pass within 30 days will be removed.
A GovNode may be transferred to any other party at will and for any reason, however, it can only vote once on any issue. It allows secure digital signing to prove ownership of the asset and will be used in the future to migrate to a FLASH wallet that integrates the GovNode.
For more information or to get a govnode, please email to: email@example.com.