YIP003 to introduce Watcher into Governance

Yuan on-chain governance system has been performing very robustly and already there were two community-proposed YIPs successfully passed and executed.

As it has been widely discussed in the elastic token community, there is a potential exploit vector in the current onchain governance process, i.e if there is a malicious proposal passed into execution(which are subject to 12-hour time-lock), the current setup will not be able to stop the code being executed.

In order to prevent such risk, we propose to introduce Watcher role into the governance system. Watcher has very simple and limited capability, its sole and only capability to cancel a proposal which is in the process of queuing into execution (to cancel an executable proposal during 12-hour time window).

We intended to grant this role to the deployer’s appointed address for the time being.

The YIP003 are to be proposed and subject to onchain voting.

The YIP003 are to be proposed and subject to onchain voting.