Inaugural Inspector General Election To Commence This Month
Attention: WAX Token Holders —
The Office of Inspector General (OIG) will begin rotating in elected Inspector Generals (IGs) this month of July 2020. The directive to have IGs elected by the WAX token holders directly has always been the vision for this office, to ensure that the OIG is managed by individuals who are selected by the network to serve the role. By aggregating the will of the network participants, using stake-weighted token voting to select the best candidates for the role, the OIG will become more resilient and capable at serving its mission in perpetuity.
WAX token holders will be able to participate in nominating IG candidates and voting via the OIG dashboard, which will be live soon. Nominations must be accepted by the nominated account in order to proceed to the election ballot. Each voter can make one selection in the election. The account that is chosen as the winner will be the one that has the most WAX voting for it when the election period ends. That person will become the newly elected Inspector General and serve an 18 month term.
Stay tuned for more information in the week ahead.
Election Timeline
July 13 2020: Begin candidate nominations.
July 20 2020: End nominations and begin election period.
July 31 2020: Election period ends.
Aug. 1 2020: Appointed IG replaced with Elected IG.
FAQ
What does it take to be an Inspector General?
The Inspector General role requires an understanding of the value that blockchain service providers (called Guilds for WAX) bring to the network, and how to measure that value using an evolving framework that the IGs continually work on. The role requires an understanding of how WAX Guilds operate, product development, business development, technical communications, and the ability to impartially rate and rank WAX Guild contributions in a team setting with other IGs.
IGs should be self-starters, as the committee is self-organized. They should care about bettering the WAX network, and be a known quantity in the WAX community. They should be fair and unaffiliated with any WAX Guilds. And they should have a knack for accuracy and paying attention to the fine details.
Why is the elected IG term 18 months instead of the original 9 months?
The elected IG term has been increased to 18 months to increase the time between elections and attract more serious candidates to the role. By increasing the time between elections, IGs will have more time to focus on the evaluations framework without distraction. There is a caveat in that an Interim IG needs to be elected in November 2020 to serve a nine month term in order to migrate to the 18 month schedule.
How much time commitment does being an Inspector General take?
It depends on a few factors; variable workload from month to month depending on new WAX Guild applicants, how much the framework has changed, and how much time the IGs are investing in work to improve the system. The role is intended to be full-time, which is reflected in the compensation paid to IGs.
When is the next election?
There will be another election in October 2020 to elect an Interim IG that will serve a nine month term, and then another election in January 2021 to replace the last Appointed IG. See table below:
Where should I start if I want to apply to become an IG?
You can read the IG guide and explore the workspace that the existing IGs are using here. Also be sure to follow along in the WAX Governance group on Telegram. To be considered for the role, you will need:
- To be nominated using a WAX account once the Election Portal is live.
- To accept the nomination and add your candidacy details using a WAX account.
- Then your candidacy will be included in the election ballot.
Existing WAX Guild members are strongly discouraged from applying, to maintain a separation between the OIG and those being rated.
How much do elected IGs get paid?
The rate of compensation for each IG is aligned with the pay for standby guild with a bonus of 10%. For a deep dive on the pay calculation of Guilds follow this article.
Summary
Stay tuned for details regarding the OIG dashboard which will feature an election portal for participating in the election process. Feedback and questions about this process can be directed to ig@wax.io. Thank you for your participation in this critical aspect of WAX Network governance!
Best Regards,
Robrigo, IG Chair
