Following up on the vote on staking, the Starknet foundation proposes the introduction of a Monetary committee
Composition
The Monetary Committee will consist of four firms (who will each put forward an individual) who will jointly operate a multi-sig. Each member will retain control over one key.
A committee administrator will be responsible for coordinating the monetary committee’s ongoing operations from an administrative perspective, such as arranging meetings and organising votes. The committee administrator’s role will be procedural, communicative, and ministerial in nature.
Eligibility
Members of the Monetary Committee will be selected in accordance with the following criteria:
- Technical Competency: Baseline proficiency with the Starknet stack and secure key management and signing standards.
- Reputation: Known, trusted individuals or entities that have demonstrated consistent alignment with the Starknet vision.
- Organizational Diversity: No more than one person from the same organization.
- Role Responsibilities: Members are aware of and accept the responsibilities within the role, which must be clearly defined prior to the appointment.
In addition, all members will be required to pass an eligibility screening process before being added to the Monetary Committee. This process will include KYC/KYB and sanctions screening, and a requirement that the member sign an appointment letter.
Compensation
Members of the Monetary Committee should be remunerated for their vigilance, accountability, and professional knowledge. They should receive a stipend in the amount of 1000 USD paid in STRK per month as compensation for their valuable services.
Duties and Obligations
Availability commitment
The following communication channels should be responsive with a maximum delay of four (4) days:
- Phone call - goes through silent mode (installing Ops Genie);
- Telegram; and
- Email.
Scope of Work
Responsible for proposing and enacting changes to the layer 2 token admin contract of the Starknet staking mechanism, including changes to the following app parameters:
- minimum staking amount;
- yearly inflation cap; and
- withdrawal delay.
Changes to the layer 2 token admin contract will require 75% of the members to send a transaction with the multi-sig.
Finally, all members are also responsible for complying with (i) the Code of Conduct of the Starknet governing body (as detailed below) and (ii) any additional internal conflict of interest procedures that the Committee may develop from time to time.
Starknet governing body Code of Conduct
In order to foster a community characterized by respect, inclusivity, and safety, all members are expected to adhere to the following principles:
- Active Participation: Members are expected to actively engage in discussions and decision-making processes.
- Accessibility: Members should remain accessible to the community through open discussions on the Starknet community forum.
- Ethical Behavior: Members should uphold the high standards of ethics, integrity, professionalism, and accountability in all their interactions.
- Positive Communication: Members are encouraged to contribute to a positive and respectful culture of communication.
- Respect and Non-discrimination: Members are expected to conduct themselves in a respectful manner that promotes diversity and inclusivity. Members must refrain from engaging in any form of disrespect, including but not limited to hate speech, racism, misogyny, gender-based hatred, ageism, religious discrimination, discrimination based on sexual orientation, ableism, or ad hominem attacks.
- Non-Violence: Members are expected to avoid promoting or endorsing physical or verbal violent behavior, or any actions that may cause harm.
- No Abuse of Position: Members must not exploit their position within the Committee to promise retribution or undue advantages to others.
- Conflict of Interests: Members are required to declare and, when necessary, withdraw from participation in cases where a conflict of interest arises.
- Confidentiality: Sensitive information obtained during discussions must remain confidential and must not be disclosed.
Reasons for removal of Monetary Committee members
The Starknet Foundation shall manage appointments and removals from the Monetary committee from a purely administrative perspective. Members of the Monetary committee shall only be removed in the following circumstance:
- Conflict of Interest: If a Monetary Committee member becomes involved in activities or relationships that create a conflict of interest, their impartiality and ability to make decisions in the best interest of the network may be compromised.
- Lack of Participation: A member may fail to meet expectations in terms of attendance at meetings, voting on issues, making them ineffective in fulfilling their role.
- Security Breach or Misconduct: If a member is involved in any unethical behavior, misuse of information, or is responsible for a security breach, as further detailed in the Code of Conduct.
- Change in Expertise Requirements: As the network evolves, the Monetary Committee’s required expertise may shift. A member who was once a good fit may no longer possess the required technical or strategic knowledge.
- Loss of Community Trust: If the wider community loses confidence in a Monetary Committee member, whether due to poor decision-making or unpopular actions, it may be necessary to remove them to maintain the Monetary Committee’s legitimacy and authority.