Preamble 1: Core values of Algorand
I firmly believe that the two core values of: 1 ALGO = 1 vote (i.e. equality of each and every ALGO) and direct participation should be respected in Governance as it is in the PPoS consensus – the core of Algorand. Consequently, this means that the maximum possible number of votes at any time should equal the circulating supply of ALGO. If there is a disagreement about these core values, it should be put up to the Governance vote in such a straightforward manner. Or perhaps paraphrased as: “Do you think non-ALGO assets on Algorand should get a right to vote in Algorand Governance?” and “Do you think vote delegation in Governance should be endorsed?”. Both of these core values are disregarded with M1 and M2 of G3.
End of part 2/5
Preamble 2: View on long-term goal of Governance
The question came up during this discussion what is even the goal of Governance. That is why I would like to state how I envision the Governance to evolve long-term before I address the current issues in detail.
I think the goal for Governance should simply be to replace the Foundation in making decisions about e.g. fee changes, structure for rewarding relay nodes, grant giving, marketing strategies, etc. The Foundation will still be needed to facilitate their execution. However, the decision making should be decentralized – as it is the case for the consensus. And our current decisions should build towards that goal.
End of part 3/5