PANews, November 27 - Eigen Foundation introduced the first part of EigenLayer's governance system, EigenGov, on its official blog. The core of EigenGov V1 is its council. The power of EigenGov will be held by a network of councils made up of trusted high-context domain experts, authorized by token holders to represent the community in decision-making and held accountable through a system of checks and balances. The council will have specific powers in their domains to make decisions and take actions regarding the EigenLayer protocol and EigenGov. Additionally, EIGEN holders will have the right to veto council decisions. The Eigen Foundation is implementing an incubation concept for creating, appointing, and managing the council to ensure the establishment of a resilient, transparent, and decentralized council network. The design of the council governance includes: 1. Council incentives: Rewarding council members for continuous, high-quality, and long-term value creation; 2. Council coordination: Supporting decentralized coordination of decision-makers and protocol needs by creating new systems, thereby reducing agency problems; 3. Council accountability: Holding decision-makers accountable to token holders through checks and balances, transparency, and reporting.
