Proposed Framework for the Governing Committee
Establish the Governing Committee
Mattr Holdings suggests a Governing Committee to ensure transparency and inclusivity. The Committee should represent the interests of the blockchain industry and the general public. All the Committee's decisions should be accessible to the public, including the initial objectives, membership criteria, and routine evaluations of industry progress towards realizing the Mattr One vision.
The Committee, in collaboration with the community, will oversee the development of the Mattr One Protocol to ensure inclusivity of all stakeholders and make decisions that facilitate cross-solution payments and achieve broad adoption through safety, integrity, trust, and interoperability.
The Committee has powers to perform certain Emergency Actions and Non-Emergency Actions, as delegated to it by $EMBR holders and Mattr Holdings Limited.
The Governing Committee is vested with the authority to swiftly execute software upgrades or undertake any necessary measures to address a security emergency, should the need arise. These measures, known as "Emergency Actions," necessitate approval by at least 75% of the Committee. However, the Committee is obligated to exercise its power to perform Emergency Actions solely in genuine security crises, such as situations where a severe vulnerability could substantially undermine the confidentiality, integrity, or availability of Mattr, its products, or services.
Upon executing an Emergency Action, the Committee must make publicly available a comprehensive report (at an opportune juncture post the security emergency) elucidating the actions taken and the rationale behind the justification of such Emergency Action.
The Governing Committee holds the power to authorize and execute routine software upgrades, conduct regular maintenance, and make other parameter modifications in non-emergency situations, denoted as "Non-Emergency Actions." These actions necessitate a majority approval for implementation. Once approved by the Committee, any Non-Emergency Action bypasses the protocol voting process and proceeds directly to the implementation phase.
The community possesses the ability to limit or abolish the Committee's authority to conduct Non-Emergency Actions through the submission and approval of a MIP (Mattr Improvement Proposal).
The composition of the Committee is determined via election and comprises individuals and entities from each designated industry sector. The Committee's membership is limited and follows the structure specified below.
Committee Chair (Mattr One Representative) [1 member]
Large DeFi Organizations (>$500m Market Capitalization) [2 members]
Medium DeFi Organizations ($100m to $500m Market Capitalization) [2 members]
Small DeFi Organizations (<$100m Market Capitalization) [2 members]
Business End Users [2 members]
Community Appointed Individuals (includes community members, influential individuals, industry commentators) [5 members]
Other (includes key business stakeholders, representatives from industry organizations, consultants) [6 members]
In addition, the Committee and Community may appoint additional members, as necessary to ensure needed expertise.
It is important to note that the Governing Committee does not need to be filled fully in order to operate effectively. As the Mattr One Protocol grows and gains adoption, positions on the Committee will be filled accordingly. The member limits specified are intended as a guide only and may be adjusted as needed to ensure effective decision-making and representation from all relevant areas.
The Chair will be responsible for overseeing the operation of the Committee. The Chair will not have voting rights, but will play a crucial role in ensuring that the Committee operates efficiently and effectively. The Chair will be responsible for setting the agenda for meetings, facilitating discussions and decision-making among Committee members, and representing the Committee to external stakeholders. In addition, the Chair may be responsible for ensuring that the Committee complies with relevant standards. Overall, the Chair will play a crucial role in ensuring the smooth and successful operation of the Committee.
Individuals will be voted into the Governing Committee by holders of $EMBR through a process of elections. In this process, holders who are eligible to vote cast ballots to select their preferred candidates for the Governing Committee. Each holder will be eligible to cast a single vote in each of the defined industry segments above.
To be eligible to run for a position on the governing committee, an organisation / individual must meet the criteria outlined below. Once the votes have been counted, the individuals who receive the most votes are declared the winners and are elected to the Governing Committee. This process allows holders to have a say in who represents them on the Governing Committee and ensures that the elected officials are accountable to the community.
The Governing Committee of Mattr will undergo elections on a bi-annual basis, wherein the community of $EMBR token holders and their delegates will have the opportunity to vote and elect their representatives. In case a Committee member is unable to fulfil their duties for the designated time, an interim election will be held to elect a new member. This election process is integral to ensure a continual representation of the community's interests and perspectives in the governance structure of Mattr.
Eligibility Criteria – DeFi Organisations
Financial stability: The DEFI organization should be financially stable and able to demonstrate a history of successful operations. This will ensure that they are able to make informed decisions about policy rule changes and will not pose a risk to the stability of the system.
Expertise in decentralised finance: The DEFI organization should have a strong understanding of decentralised finance and the technology behind it. This will ensure that they are able to make informed decisions about policy changes and will be able to effectively contribute to the Governing Committee.
Security protocols: The DEFI organization should have robust security protocols in place to protect against potential cyber threats. This will ensure that they do not pose a security risk to Mattr One Protocol.
Reputation: The DEFI organization should have a good reputation within the Decentralised Finance community and should not have any history of unethical or illegal activities. This will help to ensure the integrity of the Governing Committee and Mattr One Protocol.
Community support: The DEFI organization should have the support of the community and should be able to demonstrate that they have the trust and confidence of their users. This will help to ensure that they are able to effectively represent the interests of the community on the Governing Committee.
Eligibility Criteria – Individuals
Identity validation subject but not limited to:
checking government-issued identification documents, such as a driver's license, passport, or national identification card, to verify that the individual is who they claim to be.
Comparing the individual's physical appearance to the photo on their identification documents to ensure that they match.
Asking the individual to provide additional information personal information, such as their name and date of birth, to confirm this matches the physical documentation
Verifying the individuals identity through the use of a third-party identity verification service, which can provide an additional layer of security by checking multiple sources of information.
Mattr One Protocol will only be successful if the industry participates, and momentum and engagement continue into the future. The Committee invites all industry stakeholders to participate in and support the governance framework. The benefit of doing so ensures Mattr One achieves:
expanded reach of any given solution through interoperability with other blockchain solutions and;
baseline requirements (which helps encourage trust in and adoption of Mattr One).
The Committee will believe that an industry-led framework for cross-solution collaboration and decision making is needed to support achievement of Mattr Ones core objectives.
Establish Protocol rules, standards, and baseline requirements that support broad adoption; safety, integrity, and trust; and interoperability.
The Committee in the governance framework will establish and enforce cross-solution rules and standards to achieve the ecosystem goals of broad adoption, safety, integrity, trust, and interoperability. These rules will ensure secure and reliable cross-solution payments and transparency for end-users on timing, fees, error resolution, and liability. The committee, with the help of the community, will oversee the development of these standards.
To ensure payments that go through the Protocol do so safely and securely, and to build trust and confidence of end users, the Committee within the governance framework will recommend and establish a core set of baseline principles and/or policy rules, which could include:
Requirements for strong security, including those for identity management, end–user and payment authentication, payer authorization, data protection, and fraud prevention and mitigation.
Requirements that demonstrate participants using Mattr products can fulfil their financial and legal compliance obligations pertaining to cross–solution payments.
Minimal acceptable standards for the end–user experience, such as uniform disclosure requirements and standard terms.
The Governing Committee will also play a role in upholding the platform's Anti-Money Laundering (AML) policy. This includes monitoring and ensuring compliance with regulatory requirements related to AML, as well as implementing and enforcing measures to prevent money laundering and other illicit activities on the platform. The Committee, with the help of the community, will oversee the development and implementation of these measures to ensure that Mattr One remains a safe and trustworthy platform for all users.
Updated on: 23/08/2023