News & Updates

Timeline for launching Bitocracy 3.0

October 12, 2023
min read

Today we are excited to announce the timeline for launching Bitocracy 3.0.

In our recent blog post about leaving Alpha, we described the two major roadmap items left to do before we consider the Sovryn ready to drop the "Alpha" label: re-implementing core features in the recently-launched, and launching Bitocracy 3.0. With all of the necessary boxes checked, we are now at a stage of development where we are ready to set the dates for voting on the proposals that will launch Bitocracy 3.0.

If you are familiar with all of the context around the launch of Bitocracy 3.0 and just want to learn about the timeline, feel free to jump ahead to the "Bitocracy 3.0 launch timeline" section. Otherwise, read on.

A brief history of Bitocracy

In our post about leaving Alpha we provided a brief history of Bitocracy to give context for the transition to Bitocracy 3.0:

When Sovryn first launched, nearly all of the smart contracts in the system were governed by the Exchequer multisig. The Exchequer multisig is a contract that requires signatures from multiple trusted community members to initiate and execute changes to the parameters or logic of Sovryn contracts.

Over time, more parts of the system have either had governance transferred to Bitocracy, or were deployed with Bitocracy governance from the start. Before leaving Alpha, we want to transfer the governance of all remaining contracts from the Exchequer multisig to Bitocracy. This will significantly increase the security and censorship-resistance of the system by both increasing the number of (pseudonymous, globally-distributed) people who need to approve every change as well as putting every change behind a 48 or 72 hour delay (24 hour vote plus 24 or 48 hour execution delay, depending on the type of change).

Bitocracy 1.0 was total delegation of power from SOV stakers to Exchequer. Bitocracy 2.0 (where we are now) was the introduction of direct SOV staker governance over parts of the Sovryn smart contract system. Bitocracy 3.0, the next major iteration, is near total control of the system by SOV stakers.

Bitocracy 3.0 will also include an update to the Bitocracy and Contracts Guardian roles in the system. As a refresher, the Bitocracy Guardian can review proposals submitted onchain and veto any that would result in significant harm to protocol users. (What qualifies as "significant harm" is left to the discretion of the Guardian.) The Contracts Guardian can pause or freeze certain features on Sovryn smart contracts that have this capability. This power is only intended to be used in cases where there is a bug/vulnerability and pausing/freezing would prevent users from losing funds or have other negative, unexpected outcomes.

Currently, the Bitocracy and Contracts Guardian roles are both held by the Exchequer Multisig. The Bitocracy 3.0 update will split these roles into two separate multisigs comprised of two distinct groups of people to better compartmentalize the risks and reduce the likelihood of conflicts of interest between the two Guardians.

With this context in mind, let's review what we have left to do and the timeline for completing the launch of Bitocracy 3.0.

Bitocracy 3.0 launch timeline

To launch Bitocracy 3.0 there are going to be two SIPs, SIP-0046 and SIP-0047, that will require a total of five votes. The reason for so many votes is that SIP-0046 affects so many smart contracts that doing all of the changes in one vote would exceed the Rootstock block gas limit. So we need to break the proposal up into smaller changes to fit inside the block gas limit. Accordingly, this is the timeline for Bitocracy 3.0 launch:

If SOV stakers approve all of the Bitocracy 3.0 SIPs then by October 31 – also known as Bitcoin Whitepaper Day – Sovryn will have fully transitioned to Bitocracy 3.0!


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What you can do to prepare

Between now and the start of the votes, what can you do to prepare? Here are a few suggestions:

  • Review and comment on the proposals if you have any questions or feedback.

  • Review the code of the Sovryn smart contracts that Bitocracy will be taking ownership of.
  • Block off some time on the days that the votes are scheduled so you have time to cast your votes. Votes usually start around 12pm UTC, and each vote will last for 24 hours from the starting time. Remember that on the last two voting days, there will be two proposals up for a vote on each day, and they will each need your vote. Keep an eye on the Sovryn announcement channels in case the vote days/times need to change.

Stay Sovryn!


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