Parallel protocol is designed to be a fully decentralized financial platform that can serve millions of users. On Parallel, there are 4 kinds of stakeholders:
Development team and open contributors
Investors with Parallel's native token
A wealth of platform users
The governance process should incentivize each party to participate in the network activity and evolve the protocol to meet the broad users' requirements.
Parallel will begin with centralized control of the protocol, with the stable development of the protocol, the voting power will be transferred to the community and shareholders. The following rights in the protocol are controlled by the root account or governance committee:
The ability to choose a new admin, such as a DAO
The ability to set the interest rate model per market, including liquidation thresholds and collateralization ratios, reserve ratio and multipliers
The ability to support or cancel a market
The collection of the staking validators
2. Parallel's Native Token
At the early stage of Parallel network, the native token can be used as an incentive to onboard users, raising funds from investors, reward the development team and open contributors. In the end, these are the necessary operational overhead costs.
3. Governance Implement
Parallel governance has been implemented through substrate pallets, such as collective\democrac\elections-phragmen\membership\scheduler\treasury.
There will be a council. while Parallel blockchain needs to be upgraded, all could be voted by council members.
4. Governance Parameters
Sets a new liquidation incentive percentage for currency_id. Returns Err if the provided asset is not attached to an existent incentive.