Governance Council
Upon launch, governance on Picasso parachain will be done by a Sudo account then transition to Council when core pallets have been onboarded. The council is an on-chain entity made up of 7 senior team members from Composable Finance and our supporters. The council members also control Picasso’s multi-sig wallet.
When the Picasso parachain is live, each member will be represented as an on-chain account on Polkadot.js - select the Picasso parachain, then Governance, Council.
As the Picasso community strengthens, community members will play a bigger role in governance and Picasso will transition into a full democracy. In the meantime, the council will safeguard the functioning of the parachain. The council has the following responsibilities and privileges: - Fastrack proposals - Execute administrative tasks such as runtime upgrades, adding assets to bridges
For a referendum to be proposed by the council, a strict majority of members must be in favor (at least 4 out of the 7 members), with no member exercising a veto. Council motions that pass with a strict majority (at least 4 out of the 7 members).
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