Announce: Governance backdoor closed

Money On Chain is the dream of a handful of bitcoiners who believe that it is possible to have an affordable and transparent financial system where no one can impose a rule change.
Like all protocols including bitcoin, MOC was born centralized but with a clear decentralization roadmap.

Today we meet what I consider to be the most important milestone on this path to decentralization, it is not the first, nor is it the last, but the closure of the governance backdoor marks a change of era in the protocol.

Until yesterday, those of us who designed the protocol had a 3/4 multisig account that had absolute control of the protocol through a backdoor. The reason this backdoor existed was so that the developers could make an emergency fix in case something unexpected happened.

The protocol has been running for 3 years without any emergency requiring its use, we believe that it is now ready to transfer full control to the community.

As of today, full control of the protocol is in the hands of MOC holders and MOC tokens are sufficiently distributed that the founders have no power to impose changes over the will of the community.

From the security point of view, there is still a panic button, this panic button is activated with a multisig 3/4 in the hands of the founders and has the ability to stop the protocol, but not to make changes to it.

This panic button can be disabled when MOC holders want it and vote for it.

Although this is the most important milestone in the decentralization roadmap, there are others that we will have to reach in the future, such as the implementation of a fully decentralized webapp hosted on IPFS, the removal of the panic button, the removal of voting power of the treasure that we will discuss in another post and the redesign of liquidity mining where the foundation is still in charge of running certain processes.

In these 3 years Money On Chain has proven to be a robust protocol that behaved as it should in the most varied market conditions. It is time for this project to pass from the hands of its founders to the hands of its true owners, its community.

I think that in the coming weeks and months, what we need to do as a community is understand the state of the protocol and think about where we want it to evolve, understand what its strengths are and how we eliminate any weaknesses that we might find.

Thanks to everyone who makes the dream of a decentralized, transparent, robust stablecoin possible with the best collateral.

This is not the end of the road, this is where the good stuff begins.

Max - co-founder

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