The time has come to kick off the process for inaugural Threshold Council elections.
This forum post is the spot to nominate yourself or another community member ahead of official token holder snapshot votes.
For a full overview of the Threshold Council election process check out this blog post.
What is the Threshold Council?
The Threshold DAO is primarily composed of three bodies: the Token Holder DAO, the Staker DAO and the Threshold Council. Each body will play a unique and important role in governing Threshold.
The inaugural Threshold Council is composed of 9 members. 4 members elected from the original Keep community, 4 members elected from the original NuCypher community and 1 member mutually appointed by both teams to ensure neutrality. There will be more information shared about the final appointed member at a later time.
The Threshold Council is responsible for determining per application staking reward allocations across the protocol and holds the ability to veto proposals in either the Token Holder DAO or the Staker DAO. Council vetos serve as a last defense against dangerous proposals (such as one impacting the DAO Treasury) passing in our DAO and executing onchain.
How Do Council Elections Work?
The process for inaugural Threshold Council elections is simple. Terms last one year:
Nominate yourself or someone else by replying to this forum post. The nomination post can include a quick introduction, which original community you wish to represent (Keep or NuCypher), involvement in our community so far, other relevant web3 background info and reasons why you want to participate in the Threshold Council.
All nominated individuals from the original Keep community will be listed on a KEEP token holder snapshot. All nominated individuals from the original NuCypher community will be listed on a NU token holder snapshot. Token holders will vote on the snapshots. Individuals with the 4 most votes on each side will be elected to the inaugural Threshold Council. I will double check that those who are nominated by someone else wish to continue with their candidacy before they are listed on either token holder snapshot.
Ties on the token holder snapshots will be determined by separate Discord-based votes.
Team members from either Keep or NuCypher can run but must be nominated by the community and not themselves.
This is important! There will be token grants for all individuals elected to the Threshold Council to compensate these community members for their time, analysis and important contributors to the DAO. Grant size will be determined and approved by the Token Holder DAO as an early proposal. It makes most sense for the community to determine council member grant size plus this way funding comes from the DAO treasury and does not impact inflation calculation on the Keep side.
Finally, the Token Holder DAO holds the ability to remove elected members from the Threshold Council if necessary before the 1 year term is up and is responsible for electing future Threshold Council members.
Members of the Threshold Council will play an important role in governing the protocol. Make sure you fully understand the responsbilities of the Threshold Council before nominating yourself or someone else. If you have any questions join us on Discord and ask away!