Governance

Nomic is governed by holders of the NOM token.

Whilst the project undergoes a security audit, the bridge currently implements a capacity limit of 21 BTC, and fixed deposit and IBC transfer fees. BTC deposits are disabled by the protocol when the bridge reaches this capacity limit.

After the successful completion of the audits, the network’s next upgrade will put control of the capacity limit and fee parameters under control of NOM holders using simple coin voting via the Nomic app. The right to vote may also be delegated to validators.

A beta governance system is currently in place. A future upgrade will be released which will introduce a novel futarchy-based governance mechanism for lifting the NOM transfer restriction and selecting other chain parameters.