Read it Now: The Shyft Node Federation Constitution is Public
The Shyft Node Federation, consisting of all validators for the Shyft Network, publicly signed off on voting guidelines and node rights and responsibilities.
It’s official: CoinShares, Maven11, Fabric, ClicketyClack, Connect Capital, AD Node, Staking Team, Merkle Trading, BlockUnity, Paycase Financial, DeFi Technologies, Mempool Partners, Nodebased, NP IR, among others, have signed off on the Shyft Node Federation Constitution — the guidelines for node governance of Shyft Network. The Constitution outlines responsibilities, voting guidelines, and ground rules that enable improvement protocols and a framework for new nodes to enter the Network. The Federation Constitution is also a resource for the Shyft Network community to stay informed on the rules that guide the Network and federation members’ expected duties and responsibilities for the months ahead.
The Federation Constitution details the current rights, duties, penalties, and authorities for members. Members can seal transactions as a Validator on the Chain upon signing of the Constitution, with each validator entitled to one vote per matter, including the option to propose additions or amendments to the Constitution. Additionally, members have the right to verify current network configurations and performance. As incentivization for their duties, members will receive $SHFT for their performance at a rate of 7 $SHFT per-block sealed.
The Constitution also outlines Federation duties regarding commitment to ensuring the security of the Chain and individual Node Operations. Federation members agree to sealing blocks, remaining online, and deploying critical security-related software updates upon signing. Federation members also must generate applications, onboard new users, and support ongoing use cases that leverage the Chain. Members are also required to uphold the common good of the Federation through their public messaging activity, with specific guidelines around the release of financial advice in public forums. Additional duties outline governance participation for members pertaining to the potential risk of removal, notification of validator transfer, and confidentiality agreements. If Federation members fail to uphold their duties, the Constitution specifies penalties, including Member review and potential loss of rewards.
The Federation must adhere to a common set of principles to execute on the mechanics agreed upon by the supermajority of its members. Principles include managing DAO mechanics in existing smart contract and on-chain voting systems, addition and/or removal of Validator keys (with specific voting parameters), and specifications on proposed changes, if applicable, to protocol code on Github. In closing, the Constitution outlines potential Amendments to the Constitution, including guidance on proposal endorsements, review/committal timelines for amendments, and voting necessities for the passing or failure of suggested amendments.
By making these rules, guidelines, penalties, and opportunities public, Shyft Network is implementing a more transparent and trustworthy environment for Federation members to navigate and capitalize on their obligations and opportunities. As an innovative public constitution focused on building Proof-of-authority (PoA) in blockchain, Shyft Network is creating opportunities for Federation members to become successful validators by incentivizing good participation through the attachment of reputation to identity a sector. As a more secure and robust alternative than PoS (proof-of-stake) when considering the distribution of trust across private and public networks, the guidelines in the Constitution create the best possible framework for Federation Members to uphold their duties for the betterment of the Network and their own position.
The entire Shyft Network team would like to recognize and express gratitude to the entire Node Federation member network, who, upon signing this Constitution, demonstrate their commitment to the highest level of trust in blockchain, our Network, and community.
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