NEM's march towards the Defi Movement - Glossary Task
The sequence process manages the core digital token nodes in the main chain that governs various components on the sidechain including exchange parameters, protocol upgrades, to timed protocols.
Can be broken down through:
* Submission of data / proposals: namely submissions to the blockchain to determine the minimum deposit
* Vote: data proposal / submission is confirmed at a certain value (minimum deposit) and voting is opened, related components, tied to the chain can then send validation of TXGov transactions on proposal / submission, involving software vs plain text
* Signal: The up date of the validator signals that they are ready to switch to a new version or a sidechain
* Switching: After more than 75% of validators signal that they are ready to switch, their software will automatically switch to the new version.
For each governance decision, participants can initiate a referendum by submitting a signed on-chain proposal. The X day referendum period will start. During this time, participants simply transmit their votes in a chain. Their voting power, which is proportional to their token balance, will be calculated at the end of the X day period.Once the voting window has passed, the proposal will only be accepted if the majority of the voting rights agree to the proposal and if more than a predetermined percentage of the total token supply has participated in determination.