AIP-014: Addition of Multisig signers and Multisig’s Capacity in Crisis Management

Governance Proposals
#1

Abstract

We have a shared mission with our community and partners to create a DAO that looks to work with others and welcome any partnership or contribution to bring about a decentralised economy.

Currently, three out of five in a multisig quorum govern protocol code updates. As mentioned in the latest update, we propose the addition of community members who are reputable and proactive to the multisig, increasing its threshold to five out of seven signers. We are open but exclusive, therefore we would like to include members of the community. We believe that this yields a more transparent and decentralised decision execution process.

The team would love to have community members like @thebillionnet, @Dannyo (Daniel W) @JoelJohn (LedgerPrime) & Aurum Law Firm onboard. Their active contribution and support - both in terms of social media activity & product advice - are much appreciated. However, we still want to give everyone in the community an opportunity to come forward and propose themselves as candidates.

If this proposal goes through and there is no other suitable candidate to be added to the multisig, we will onboard @thebillionet, @Dannyo (Daniel W), @JoelJohn (LedgerPrime) & Aurum Law Firm as signers.

Criteria and Specifications

Multisig participants must be responsible, constantly be involved in the project and take the necessary actions for its rapid development.

The ideal candidates would be:

  • reasonably active and available for signing;
  • have shown deep involvement, forum/discord/telegram activity or other forms of contribution;
  • understand/ask what they are signing (as opposed to “I sign what you send to me”);
  • (stars - not mandatory) understand smart contracts & keep themselves informed/updated on how the system functions.

Precautionary Measures Against Contingency

While we remain committed to transparency and decentralised processes, we find it necessary to exercise caution in time-sensitive scenarios. For example, the multisig members will immediately implement a contingency plan to protect the platform and its users if a security breach is detected.

Although governance votes should trigger the majority of the smart contract’s operations, multisig has to retain the ability to perform actions that require immediate response without a governance vote. Considering that:

  • Vortex is still new - contracts & strategy are not battle-tested yet (both in terms of TVL and time since launch).
  • Leaving all pauses or upgrades to governance proved to be a bad practice in the space, even with veteran DeFi protocols (see Compound exploit).

This practice does not mean a decrease in transparency, though. All such events would be announced for the public to verify. Please note that multisig members’ capacity is substantially limited to:

  1. Emergency cases: should an event to pause or upgrade the contracts arise, multisig signers may do it without a governance vote. Contracts upgrade would have at least 24 hours notice, and emergency cases with need to pause contracts would be announced as the decision is made.
  2. Cases approved by DAO: cases suggested & voted on by the community in the future governance proposals.

As the need and/or ability to change the power of multisig arise, there should be an additional governance proposal discussed and approved by the community.

The discussion will be open for 3 days & voting will start on Friday, Feb 4

Vote

FOR: Add @thebillionet, @Dannyo (Daniel W), @JoelJohn (LedgerPrime) & Aurum Law Firm as Multisig signers & approve the power of the multisig against contingency in time-sensitive situations.

AGAINST: Not adding community members to the multisig and declining the power of the multisig.

4 Likes
#2

It will be an honor and a pleasure for me to be part of Akropolis Multisig! As you know me, I’ve always been doing the best for Akropolis and it’s holders and will not stop!

2 Likes
#3

As thebillionnet said before me. It would be an honor to serve for our community in this role. Akropolis.io / $AKRO - the team behind it and we as a community are on the right path into a solid future. Would love to do that part for this project!

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#4

Hello @Sidzuka,

I think the multisig expansion to the community is a great idea. I think it would be nice to have introductions from the community members that are seeking or being proposed to be multisig signers.

  • What will be the typical term/duration of the multisig signer?
  • Will there be opportunities to rotate multisig signers from the community in the future?
  • Will the of multisig signers increase in the future?
  • Can you update the Akropolis Gitbook account to include a section for multisig that describe roles, responsibilities, powers, etc of the signers?
1 Like
#5

Reposting my answer to the same questions from Discord:

  1. It depends on their activity as contributors & signers
  2. Yes, that’s why we added CTA for candidates to propose themselves
  3. Possible, but the more signers there are - the more signatures we need - the more time till proposal implemented, so we’ll see if it’s needed
  4. We’ll do in the coming days
1 Like
#6

@Sidzuka Thank you for your feedback! I originally posted the questions here first ;). The post in Discord was a derivative of my post.

  1. Ah ok, the term/duration is based on performance and not a specified period of time. Will the multisig signers agree to some form of contract to ensure accountability to the expected performance or is that too formal?

  2. I first perceived the CTA to be restricted to this current AIP. That is good to know we can rotate the multitsig signers in the future.

  3. Yep, to a certain point the efficiency would drop…but that is the cost of decentralization. I wonder what will be the happy medium?

  4. Nice.

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#7
  1. Too formal imo at this point of time, but we’ll see if we need it in the future
  2. I think that given the rotation possibility it’s already a fine medium. Imo, being sufficiently decentralised (as opposed to overly decentralising for the sake of decentralisation itself) is better and allows for more agile project environment (just my 2c). Team won’t be a majority in multisig if the proposal is accepted either way.
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