Qredo Opens Community Governance Vote on QRDO Tokenology

Published Aug 14, 2023
By Qredo Team

We are excited to announce that a Qredo protocol improvement proposal (QPIP-1) for implementing a new QRDO Tokenology is now live on the Community Governance Forum. This marks the beginning of the voting cycle where all QRDO token holders are eligible to participate. 

Voting for QPIP-1 will begin on 16th August at 10 am UTC and end on 18th August, Friday at 10 am UTC 

All QRDO token holders that wish to vote on a QPIP must register prior to the vote. Those that have already registered for QPIP-0 do not need to re-register going forward.  

Watch the Qredo Community Voting Tutorial video or go to our Help Center to learn more about voting registration.

Register for Voting

QPIP-1: Shaping the future of the Qredo ecosystem

At Qredo, our aim is to move towards greater decentralization and fully engineer away trust from all aspects of the Qredo Protocol. In order to facilitate this evolution we know the tokenomics underlying Qredo Network need to be meaningfully reconfigured to create a vibrant, thriving ecosystem that delivers value sustainably to all stakeholders. The vote on QPIP-1 proposes a sweeping upgrade to our existing tokenomics with a new QRDO Tokenology that puts the QRDO token at the heart of the Qredo ecosystem.   

It is our belief that this new tokenology will provide the following benefits: 

  • Open network participation, both with respect to validators via a new Federated proof-of-stake staking model, as well as to the protocol roadmap via community governance. 

  • Attractively and sustainably incentivize validators to secure the network via the Staking Support Fund and Ecosystem Fund. 

  • Give ecosystem participants the ability to earn rewards from staking and/or other “public goods” activities. 

  • Reduce market uncertainty and introduce sound money principles for the QRDO token via QRDO token allocation and burning. 

The future of the Qredo network depends on token holders who decide to take an active role in the governance of the network. We extend our heartfelt gratitude for all those who choose to participate in these important votes that will shape the future of the Qredo ecosystem.