TechFlow News, May 11 — The Korean public blockchain project Klaytn announced the launch of its on-chain governance platform, Klaytn Square. With the introduction of on-chain governance via Klaytn Square, the Klaytn community will now be able to view all discussions and decisions made by the Klaytn Governance Council.
All governance activities of each council member, including their participation in voting and decision-making, will be recorded on the Klaytn mainnet, along with the outcomes of every decision made by the council.
Under the new governance system, each GC member's voting power will be proportional to the amount of KLAY they stake on the network. For every 5 million KLAY staked, a GC member will receive one voting right. However, there is a cap: regardless of staking amount, no single GC member can hold more than 50% of total voting power.
