This post presents an initial draft of the 0x Constitution for the community to provide feedback and clarifying questions on. We propose to ratify a 0x Constitution through a Snapshot vote for the community to ratify this document with any necessary edits after 2 weeks of open discussion (February 15th).
See the context provided in the forum post - 0x Protocol - The Unbundling.
The purpose of formalizing a 0x Constitution is two-fold:
- clearly define the mission, vision, and core values of 0x Protocol in writing so as to serve as a persistent guide for the continued development of the protocol
- provide guiding principles for how stakeholders of the 0x ecosystem should govern the 0x protocol and its treasury
Call to action: Please provide any feedback and clarifying questions about the constitution as a comment in this forum thread.
We plan to initiate a Snapshot vote for the community to ratify this document in two weeks (Friday, February 17th).
[Draft] 0x Constitution
0x Protocol is is a system of smart contracts purpose built to enable the ubiquitous exchange. 0x Protocol Governance has complete control over the development of the 0x Protocol, the stewardship of the 0x Community-Owned Treasury, and the evolution of 0x Protocol Governance itself in accordance with the principles and values set out by this constitution.
Build a tokenized world where all value can flow freely.
We believe public blockchains have potential to act as a potent equalizing force for the world. As more assets are tokenized and moved onto blockchain rails, public blockchains have a greater chance of democratizing access to financial services in the same way that the internet has democratized access to information.
We envision a world in which all forms of value are tokenized on public blockchains. This includes fiat currencies, stocks, bonds, commodities, debt instruments, real estate, video game items, digital collectibles, software licenses, reputation, and much more. Combined with a set of open financial primitives, we can build a global financial system that is more efficient, transparent, and equitable than any system that has existed in the past. This new infrastructure will be permissionless to use and run on open source code, stripping away layers of middlemen and providing individuals with greater financial sovereignty.
Strong security measures are table stakes to being the most trusted open standard for the exchange of value. The protocol and its governance should always prioritize the safety of user funds above all else.
Transparent, Fair, and Autonomous
As a fundamental building block for exchange functionality, 0x Protocol is designed to be reliable, unstoppable, and invulnerable to censorship or government intermediation. The system of open source smart contracts that settle trades will always be publicly accessible to verify and permissionless to integrate with.
Create Enduring Value
Smart contract platforms and the ecosystem built on top of them are constantly evolving so upgrades to 0x Protocol are unavoidable. However, to be a dependable core piece of infrastructure, 0x Protocol must be focused on changes that create enduring value for the ecosystem and the world.
0x Protocol is decentrally governed by an ever-growing and changing set of stakeholders that make up the broader 0x ecosystem — teams building on top of the protocol, teams creating new markets, teams creating new forms of value, ZRX holders, the underlying blockchains that 0x is deployed on, and others to come. These stakeholders create value for and get value from the network and are thus entrusted with guiding the future of the protocol for the long-term benefit of the whole ecosystem. That long-term decision making is coordinated through 0x Protocol Governance.
0x Protocol Governance refers to a broad set of actions undertaken collectively by the decentralized community to coordinate on collective actions to take. Activities that could be considered governance activities include but are not limited to, creating proposals, participating in general discussion, and voting on proposals.
The following articles are a set of principles that guide what governance actions the DAO should take.
I. 0x Protocol shall remain a credibly neutral and non-extractive system to settle the global exchange of value
0x Protocol shall always remain a credibly neutral and open source public good that supports the exchange of any form of value anywhere in the world. 0x Protocol Governance will not enact any changes that reduce the accessibility of the system of smart contracts to make up 0x Protocol or add excessive costs hindering its adoption and usage.
II. 0x Community-Owned Treasury shall be used to serve the guiding mission of 0x Protocol: Build a tokenized world where all value can flow freely.
The 0x Community-Owned Treasury is to be used to ensure 0x Protocol’s ability to operate in perpetuity. The treasury may be used to fund public goods within the broader blockchain ecosystem that aligns with 0x Protocol’s mission.
0x Protocol Governance shall not allocate funds to proposals that do not acknowledge and commit to aligning with the Mission, Vision, and Core Values outlined in this constitution.
III. 0x Protocol Governance shall embrace the necessity for change to ensure 0x Protocol’s relevance given the ever changing context that it serves within.
The social and technological layers that 0x Protocol is built to serve will change. As such, 0x Protocol Governance shall embrace experimentation in both the protocol and governance mechanisms.
IV. Amendment Ratification Process
Any changes can be made to this constitution under the following process:
- A formal proposal is published with a mandatory two week “request for comment” phase.
- A temperature check is held to indicate the end of the “request for comment” phase. This vote has a 5 day voting period, quorum of 0.1% of total supply, and simple majority.
- A formal vote is held to incorporate the proposed changes. This vote has a 7 day voting period, quorum of 1% of total supply, and two-thirds majority.