Klaytn Governance Council (KGC) is the organization that operates the Klaytn node and participates in decision making for the development of Klaytn. It can be said that it is the practical operator of Klaytn network. KGC consists mainly of credible Asian enterprises that are invited from Klaytn. At the point of Klaytn Mainnet launching, it starts with 18 enterprises and, enterprises that are now under discussion will join and soon it will expand to about 30. If network safety is verified after mainnet and there is no problem in the expendability of consensus algorithms, we can accept KGC members additionally.
Node setups and operation as CCO (Core Cell Operator): They need to set up and operate Core Cell (CC) that is the set of nodes that participate in consensus. We need to secure the management-labor force for smooth communication with Klaytn about failure dealing and upgrade etc. And we need to stake at least 5 million KLAY (platform token of Klaytn) for node participation.
Governance participation: They get to participate in decision making for the operation and development of Klaytn. Governance is done in a mixed form of On-chain and Off-chain. They get to participate in on-chain vote through Governance Portal Service and participate in off-chain decision making about the important matters through regular summits. For decision making, it is basically 1 vote and depending on the level of contribution and amount of KLAY Staking maximum 1 more vote can be given additionally.
Klaytn business cooperation: They cooperate with members of Klaytn and KGC for commercialization of blockchain based on Klaytn. Also, they seek business cooperation with Klaytn Service Partners and ultimately try hard to launch blockchain business that is meaningful on Klaytn.
Mining compensation: By operating Klaytn node, they get mining compensation for block production. The possibility of block production increases with the amount of KLAY Staking done and they get more mining compensation, but we apply the genie coefficient and adjust the difference so that it cannot be monopolized.
Participation in public blockchain operation: They become the central operating party for important blockchain platform and by participating in governance they can earn the competence at blockchain market.
Opportunity for blockchain commercializing cooperation: They provide an opportunity to interact with main participants of Klaytn like KGC member enterprises, Klaytn Service Partners and by sharing the cases and best practices of first applying blockchain, they help blockchain commercialization.
KGC operates for approximately 2 years after Klaytn mainnet launching. During that period KGC members will be provided opportunities to limited enterprises. Operating as Permissioned Network for 2 years, developing Klaytn’s expandability and learn the behavior of BApp and users through data. 2 years later in 2021, more and various players will participate in node operation and governance. At that time, rights will be given to places that have a higher level of contribution to Klaytn among service providing places based on Klaytn, not the enterprises invited by Klaytn. This process will be done completely based on data and algorithms. Ultimately, they picture the future that service providers and platform operators agree.