UNFI token global governance model equity proof

Chain Capital: Nova Club institutional member, the fourth super node

 

Overview of unifi global governance

Model (GGM)-powered by UNFI

The UNFI token continues the innovative technology that Unifi has demonstrated, and combines the token economics and blockchain governance expertise of the development team. All in all, the team has many years of professional experience, which comes from cooperation with multiple top 100 blockchains, operation of multiple blockchain nodes, consulting for dozens of blockchain projects, and years of community building And representative governance incentives and participation.

 

UNFI will be the first sustainable DeFi token that incorporates the elements of proof of equity into its powerful DAO representative governance model. Under the UNFI PoS ecosystem, candidates for Unifi Representative Council will run for Council Representative (CR). CR will serve on the Unifi Representative Council and has the ability to make suggestions or vote on changes to UNFI DAO. The consensus will be determined by the majority vote of CR.

 

This will encourage global UNFI holders to upgrade their UNFI through the global governance model equity reward system so that they are eligible for increased rewards. Community Council Representatives (CCR) will be rewarded by receiving authorization from UNFI tokens. CCRs with sufficient UNFI authorization are eligible to participate in governance activities. UNFI token holders can obtain equity rewards by staking their UNFI tokens, and can earn more rewards from the CCR of their choice after authorizing UNFI to give the CCR.

 

This multifunctional governance system promotes innovation, increases community participation, and promotes positive development, which makes these communities financially motivated to support UNFI's expansion and ultimately success. Council representatives and their communities will span multiple blockchains to form a Unifi global governance model supported by UNFI.

 

UNFI token distribution update

Unifi has already cooperated with several well-known venture capital companies, exchanges, media and other blockchain companies. As Unifi continues to develop in the future, more partnerships will be announced. These partnerships provide a basic support structure for the entire UNFI global governance model and unified agreement. Together with these partners, Unifi revised the token distribution schedule to better support the rapid growth of the project and strengthen the governance of the community.

 

We have retained several core concepts of the UNFI token distribution plan. Among them, half of the minted UNFI tokens will be used exclusively to reward Unifi's liquidity providers and ecosystem development (LPED). Up to 100,000 UNFI tokens will be distributed from the LPED distribution every month. LPED will become the source of Designated Council Representative (DCR) rewards, governance rewards, community rewards, and equity rewards.

 

 

Unifi Representative Council

 

Types of board representatives

The Unifi Representative Council consists of two types of council representatives. Each type of Council Representative (CR) plays a role in the overall functions of the Unifi Agreement and GGM, ensuring that all stakeholders have a say in governance. Give different rewards to each type of CR in order to establish sufficient incentives for all participants in the GGM.

 

Designated Council Representative (DCR)

The Designated Council Representative (DCR) shall be the Unifi team or Unifi strategic partner. The existence of DCR ensures that the people who know the agreement best in GGM can express their opinions and create opportunities for the development of partnerships that benefit the entire agreement and all UNFI holders. During each voting period, Unifi will reward DCR from the DCR reward pool. It is important to note that DCR does not accept community equity, does not receive rewards from the governance reward pool, and does not accept community rewards. The service period of DCR may vary, and the rewards of DCR will vary according to the amount of value DCR provides for the Unifi agreement.

 

Community Council Representative (CCR)

Community Council Representatives (CCR) are elected by representatives who hold ELITE level 1 UNFI tokens. As the GGM and UNFI communities mature, CCR will have the greatest influence in GGM. CCR represents the voice of UNFI holders in the entire community. CCRs that cannot provide adequate representation can be voted and replaced based on any criteria that UNFI stakeholders deem important. With the continuous expansion of Unifi and changes in community needs, this type of representative governance will have the potential for innovation and development. CCR seats will be determined based on the number of ELITE level 1 UNFI token authorizations and available CCR seats.

 

Community Council Representative Award

Community Council Representatives (CCR) will be rewarded with ELITE level 1 UNFI tokens. CCR will be accountable to the community to ensure that they provide proper representation in GGM and receive proper rewards. CCRs that are unqualified in these areas can be deleted from the GGM by changing their authorization by the UNFI holder.

 

Types of rewards for community council representatives

 

Governance reward

  This reward is for community council representatives (CCR) to obtain a CCR seat by obtaining enough ELITE 1 level UNFI tokens. The UNFI token pool designated for this purpose will be divided equally among all CCRs during each voting period.

 

Community rewards

     Community Council Representatives (CCR) will receive this reward based on the size of the community, which is measured by the number of ELITE level 1 UNFI tokens awarded by UNFI. The more ELITE level 1 UNFI tokens allocated to CCR, the more rewards allocated to CCR during each voting period.

 

 

 

Nominated by community council representative

There will be a community council representative (CCR) nomination process. In order to be eligible for governance rewards and community rewards, CCR must successfully complete the nomination process.

 

Number of Council Representatives

The GGM will start with 5 Community Council Representatives (CCR) and 5 Designated Council Representatives (DCR) elected by UNFI holders. With the establishment of the UNFI community, the community will get more Community Council Representative (CCR) seats in GGM and will have a majority voice in GGM.

 

Increase seats for the representative council

Every 2 voting periods (approximately 1 new CCR position per month), a new CCR seat will be created until a total of 30 CCR seats exist.

Every 2 voting periods (approximately 1 new DCR position per month) will create a new DCR seat until a total of 10 DCR seats exist.

About 25 months after its launch, the complete GGM will include 10 DCR and 30 CCR.

 

 

 

CR activities in GGM

The Council Representative (CR) can suggest changes to eligible Unifi protocol DAO parameters. Then, all CRs will vote on these proposed changes. To approve the proposed changes, the CR (including CCR and DCR) must vote for more than 50% of all proposals. To submit a proposal, CR must pay the proposal fee at UNFI. The price of the proposal will be determined by GGM. If the change proposal has been approved by GGM, the CR will be refunded the cost of the proposal. UNFI fees for unsuccessful proposals in the past will be deposited into the fee account managed by GGM.

Voting period

The voting period will initially be approximately once every two weeks.

 

DAO voting

Proposals for eligible Unifi protocol DAO parameters submitted during the voting period will be voted by CR during the next voting period. At the end of each voting period, a final CR vote will be made on all proposals that will be voted on during that period. For each voting period, the CCR level and its rewards depend on the total amount of UNFI assigned to each CCR at the end of the previous voting period.

 

Management of expense accounts

The expense account is not used for regular purposes, but as a reserve fund in extreme cases of GGM. To use funds from the GGM fee account, 80% or more of all votes in CR must be approved.

 

UNFI token classification

UNFI tokens are classified

There are four possible types of UNFI tokens. Level 4 tokens are the default status of the first level, and can be upgraded to the highest level Elite 1, which has the highest GGM rights. UNFI holders can upgrade their UNFI tokens to a higher level by taking voluntary actions of pledge and authorization. With the upgrade of UNFI tokens, they will receive more DAO governance privileges and receive more and more rewards.

 

Types of rewards for UNFI token holders

 

Equity reward

All level 1 and level 2 UNFI tokens can earn equity rewards. Equity rewards are provided by Unifi and are directly claimed by UNFI holders from Unifi.

 

CCR community rewards

Community Council Representatives (CCR) will be rewarded with all Level 1 UNFI tokens authorized to them. Therefore, we encourage CCR to provide rewards to those who authorize UNFI tokens so that CCR can create its own reward structure to obtain support.

Stakeholders. This may include the creation of CCR-specific reward tokens, the use of UNFI tokens to reward stakeholders, the provision of a percentage of CCR community rewards to delegated representatives, or any other reward system. Unifi deliberately made this reward structure very open to allow innovation, adaptability over time, and allow the community to guide CCR with the types of rewards UNFI holders hope to receive.

 

Four categories of UNFI

 

 

Level 4 Holder

In order to move UNFI tokens from one blockchain address to another, they must be at level 4. Therefore, any UNFI rewards obtained, or UNFI sent or traded to a new address are Level 4 tokens until the holder takes action to upgrade the tokens.

 

Level 4 tokens:

●Can be traded or sent to a new blockchain address, the state remains unchanged

●Not eligible to vote in the GGM referendum

●Not eligible to propose a GGM referendum

●Not eligible to participate in the reward

●Not qualified to delegate to council representatives

●Does not count into the community rewards of council representatives

 

Three-level Waiting Period

Level 4 tokens can be upgraded to Level 3 tokens through pledge. After the pledge, UNFI tokens enter a waiting period before they are eligible for rewards.

 

Level 3 tokens:

●In order to trade or transfer level 3 tokens to another blockchain address, they must first be downgraded to level 4 by cancelling the pledge.

●Not eligible to vote in the GGM referendum

●Not eligible to propose a GGM referendum

●Not eligible to participate in the reward

●Not qualified to delegate to council representatives

●Does not count into the community rewards of council representatives

●No waiting time

 

Level 2 Upgraded

UNFI tokens that are still pledged during the level 3 waiting period will be upgraded to level 2 and begin to receive equity rewards.

 

Level 2 tokens:

●In order to trade or transfer level 2 tokens to another blockchain address, they must first be downgraded to level 4 by cancelling the pledge.

●You can vote in the GGM referendum

●Not eligible to propose a GGM referendum

●Get rewards

●Eligible to delegate to the board of directors

●Does not count into the community rewards of council representatives

●No waiting time

 

Level 1 Elite

During the level 2 upgrade period, the pledged UNFI tokens are still maintained and authorized to the community CR to upgrade to level 1 after a period of time. The UNFI Level 1 token is the only token used to elect board representatives, which makes the Level 1 token the most valuable UNFI voting representative in GGM. It can be expected that this will mean that the council representatives will provide rewards to the holders of the ELITE 1 UNFI tokens to encourage them to authorize the 1st tokens:

 

Level 1 tokens:

●You can vote in the GGM referendum

●Can propose GGM referendum

●Get rewards

●Can elect representatives of community committees

●Included in the community rewards of council representatives

●Cancellation of pledge requires a waiting period



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