10. Illuvinati Council Election

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Voting for the Illuvinati Council will take place HERE

The election for the Illuvinati Council begins today, 22nd of February 06:00 UTC Time. We received an enormous number of nominations, with a confirmed 76 Illuvinati nominated. There is a healthy mix of applications from Community Members, Advisors, and Influencers, and five will become official Council Members for the first Council Period, the month of March.

As written in our previous blog post here, members will be in charge of voting and approving proposed changes to the Illuvium protocol.

The voting process will be performed on Snapshot through off-chain signatures with quadratic weighting. This ensures that voting is fair and eliminates the power of sizeable $preILV wallet holders having too large an impact on voting.

The Illuvinati Council will be responsible for motioning whether or not the eDAO should execute any protocol updates added to the IIP and ICCP repository. The eDAO will still retain discretion not to enact a deleterious change to the protocol. This is to ensure that malicious proposals that manage to pass governance do not get implemented. We believe this is needed to maintain the longevity of the protocol.

Initial remuneration for Council members is 10 $preILV (soon to be $ILV) per month and this will increase overtime as the workload for council members increases. The iDAO will initially pay this fee, and elections will be held monthly.

You can view the nominees and their campaign pitches in a separate document here

To vote in the Council Election, you must be a holder of $preILV.

Each wallet address will be allowed to vote for a single Candidate where the number of votes cast will be determined by the following formula:

C = N²

Where the cost C is measured in $preILV and N represents the number of votes cast for that candidate.

An example table is shown below:

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Council Members will vote on IIP’s and ICCP’s at https://gov.illuvium.io (Live March 1st)

Voting commences Monday, 22nd of February, 06:00 UTC, and lasts 72 hours. A voter can amend their vote before the end of the voting period.

Voting for the Illuvinati Council will take place HERE

Elected Council Members will receive an exclusive NFT, which gives them the right to vote. The eDAO is responsible for issuing and retracting the NFTs in line with the election results.

If community members have any questions regarding the governance process, please join our Discord discussion in the Governance section.

https://illuvium.io/

https://twitter.com/illuviumio

Join us: discord.gg/illuvium

Stay tuned for further communications…

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