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.
2. Governance Implement
Parallel governance has been implemented through substrate pallets, and thus inherited Polkadot's custom governance which is composed of the following parts:
Any HKO/PARA token holders can propose and vote on essentially any possible modification to the system, more specifically:
Council Member Nomination
Democracy/Council/Technical Committee play very different roles in this governance system. Democracy can be imaged as the Sudo of the blockchain.
If one proposal got enough votes, then the modification will be applied to the blockchain
unless Council/Technical Committee finds harmful
In other words, council and technical committee serves for democracy. Technical Committee can also fast-track a proposal which makes it easier & quicker to pass. Token holders can nominate council/technical committee members to represent their rights.
Except the basis of governance, when token holders decide to submit changes to the protocol, they will also need to pay attention to the hard timeframe limitation:
LaunchPeriod (1 Day)
VotingPeriod (5 Days)
FastTrackVotingPeriod (3 Hours)
EnactmentPeriod (1 Day)
The minimum time needed for a proposal to pass is around 3hours, token holders will need to ask council to propose an external proposal. Afterwards, the technical committee will need to fast-track to make sure it enters referenda.