Klaytn Square Governance Council is now live in beta, official release is coming soon
Klaytn, a new-gen smart contracts platform focused on metaverse, GameFi and the creator economy, launches a beta version of its decentralized governance portal, Klaytn Square.
Klaytn Square portal launches in beta to advance on-chain governance
According to the official statement shared by Klaytn Foundation, a nonprofit that oversees the development and promotion of Klaytn blockchain, its governance mechanism, Klaytn Square, has launched in beta mode.
#Klaytn Square Governance Portal is now OPEN! 🎉
Klaytn Square aims to promote transparency and a more #decentralized ecosystem 🦾 Information about Klaytn GC members, their $KLAY transactions and staking deposits can be found on the beta website: https://t.co/jSaD8vrg4j pic.twitter.com/jbffKEGfMP
— Klaytn (@klaytn_official) November 23, 2022
Klaytn Square makes decentralized on-chain governance in Klaytn more transparent and inclusive as it displays information about each Governance Council (GC) member, as well as their KLAY transfers and staking deposit amounts.
Besides that, Klaytn Square provides its visitors with a lot of practical information regarding Klaytn’s progress, promotion and updates, including the agendas of Klaytn GC discussions and current on-chain voting status for Klaytn’s ecosystem management and improvement proposals.
Sangmin Seo, director of Klaytn Foundation, highlights the importance of Klaytn Square launch for the quality of the project’s communication with its users and builders:
The launch of Klaytn Square highlights our commitment to open and transparent communication with our communities. As the Klaytn ecosystem matures, we look to pursue further decentralization strategies to allow the voices of our communities to be heard through on-chain mechanisms.
As covered by U.Today previously, in October 2022, Klaytn (KLAY) spiked by 100% overnight due to a radical change in its reward mechanism.
New rewards design for better decentralization
The mainnet release of Klaytn Square is scheduled for the first few months of 2023. Besides that, the protocol is going to implement a series of upgrades focused on building more decentralized, democratic and fair governance.
Per KIP 81, more voting power will be granted to Governance Council members with bigger KLAY stakes, with a built-in cap on voting power to prevent Klaytn network from ending up whale-dominated.
In turn, KIP 82 will propose an updated fee structure to make block rewards distribution more inclusive through offering equal chances of receiving block rewards with no regard to the amount of KLAY tokens staked.