MakerDAO approves new constitution to formalise governance processes and secure DAI stablecoin

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According to the official forum page of MakerDAO, the decentralised autonomous organisation responsible for governing the DAI stablecoin, a new proposed "constitution" has been approved. The purpose of this constitution is to establish formal governance processes and prevent hostile individuals from taking control of the protocol.

The proposal for a MakerDAO constitution states that such a document is necessary because the Maker Protocol relies on human and institutional decisions involving MKR tokens, which could lead to weaknesses and vulnerabilities that could result in the loss of user funds or the failure of the protocol. To prevent this, the constitution aims to use "alignment engineering" to establish and secure the core commitments of the Maker community.

The MakerDAO constitution divides participants into various categories with distinct duties and authorities. One of these categories is "constitutional conservers" (CCs), whose responsibility is to supervise and safeguard the process of Maker Governance by ensuring that the constitution is followed by other participants. CCs can become either "constitutional voter committee members" (CVCMs) or "constitutional delegates" (CDs).

CVCMs create position papers for voters to review, and CDs manage smart contracts that enable MKR token holders to delegate their MKR without giving up control of their tokens.

Each position within the MakerDAO constitution has the authority to remove officers' listings from the app's front-end if they are suspected of violating the constitution. If a "constitutional delegate" (CD) believes that a "constitutional voter committee" (CVC) is deceiving voters who have delegated to it, the CD can remove the CVC from the app's front-end.