Overview

To successfully ensure long-term progress whilst maintaining community involvement, must implement a complete and robust governance mechanism. Bitcoin relies on developer groups and miners to coordinate updates, but this process is slow due to disagreements between both groups, which historically has ultimately resulted in forking. Similarly, Ethereum split into ETH and ETC after adopting a hard fork to solve their DAO hacking incident. With these examples, as well as general sentiment in the industry, it is clear that a well-designed community governance model has always been a significant objective to achieve.

One of the main considerations behind HyperExchange is a well-designed community governance mechanism. Administrators of the community are known as ‘Senators’ and ‘Citizens’, both of which jointly manage cross-chain assets through a consensus mechanism, and participate in the formulation and revision of community rules.