The ARCC Monetary Policy Council will be the main mechanism for the governance of the ARCC token economy as a means to provide a level of decentralization based guidance. ARCC MPC does not dictate the initial monetary policy but will guide and prevent abuse of the authority of IBMR.io over the token economy within the overall framework of the monetary policy. At a maximum membership of 88 members, it is expected to provide transparency and open reporting as MPC members will have additional annual access to the internal source and banking documents.
The following is the summary criteria for the formation of the ARCC MPC and its roles, rights and responsibilities as well as its impact on governance.
ARCC MPC Set-Up:
- Total MPC Assembly: 88
- IBMR Founders will act as the Chairman and Vice Chairman for the council for the purposes of conducting and initiating the call to vote or general council meetings.
- The Chairman will not be able to vote in any general bill, but in the case of a tie, will be the deciding vote.
- IBMR will hold 6 additional seats to be held by either executives or direct appointees by IBMR.
- 12 general council members will be elected to the secretary level of the council and will be directly responsible for managing the actual vote, vote wording, voting procedures and integrity of results, agenda issuance, general member’s standing, and accountability reporting on the measures passed by the council.
- The term will be for 5 years as a member of the secretariat council at which time, all seats will go to a general member’s election.
- The 12-member secretariat will appoint a head secretary to organize the secretariat, and their term will last 12 months and can be changed at any time with an internal vote by the secretariat with a 67% majority vote.
- The initial 88 members will be appointed by the ARCC executives, after which the secretariats and council will manage their own affairs, voting and assembly.
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