Connect with us

Press Release

Calamari Network Rolls Out Community Governance Measures As Decentralization Efforts Advance

mm

Published

 on

Boston, Massachusetts, 14th January, 2022, Chainwire

Feature Will Invite More Widespread Community Participation In Key Network Decisions 

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. 

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 January 7, 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 Manta 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 Manta 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 Manta 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.

About Manta Network

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.
 

Contacts
  • Kenny Li
  • Kenny@manta.network

This is a paid press release. Securities.io does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Securities.io is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Newsletter Subscription

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.