DEIP Council is the main governance body of the DEIP Network.
To become a council member, any account in the network has two options - participate in an auction or takeover a seat from someone - both these options are going to be elaborated further in this document. Each seat is granted for 12 months and then is allocated for another staking competition. The initial 12 seats are allocated via the first staking competition. Every 12 months 3 more seats in the Council will be created and allocated via staking competition. The total number of seats in the Council is limited to 30, therefore 6 years after the network launch all 30 seats will be allocated and the protocol will stop creating new ones.
Image 6: Council model, seat competition, and seat contender.
For those who’ve got a seat, their stake is being frozen for the next 12 months and unlocks gradually.
Every year an election of Council members happens. An account that wants to become a Council member needs to stake a DEIP Token during the voting period. The top 12 accounts by staked amount receive a seat in DEIP Council. The staked amount is released over the period the member has a seat.
At any time any account can compete for a council seat by staking an amount that is X times more ( => 2) than staked by the current stake of the current council member . When this amount is staked, it reduces the time of the original owners of the seat by X times and accelerates the vesting schedule.
The account that competes for the seat is named contender and the stake ( this account uses for the competition reduces the time seat is reserved by a person by X times and accelerates vesting, where . The example of the Council state and contender model is illustrated in Image 6. In the example, council seat number 2 has a contender with a stake two times more than the current seat owner (council member). The formula for the time remaining for the council member in case it has a contender is equal to:
Therefore the final formula of time remaining for the council member n is equal: