Governance & Security
The Chainflip Protocol will not be set in stone. A governance process must exist in order to upgrade the network to support new blockchains, new pools, update fees, and adjust rewards as needed. Further, governance processes can be implemented which could significantly reduce the impact of unexpected events such as supermajority attacks, ransom attacks, and software exploits.
However, in order to preserve the decentralised nature of the protocol, the following principles must be observed:
- 1.Governance processes in a decentralised protocol should not be able to be unilaterally executed by any one party.
- 2.An honest validator network should be able to expel any nominated governance body.
- 3.Critically, effective control over user funds should never be given to any single party. Effective control means the unilateral ability to control the flow of funds, or permanently block access to protocol funds.