A core component of the Empty Set Protocol is the ability to safely upgrade. This ability can be used by the token holders to vote in changes to the incentivisation structure around the protocol or to add, remove, or adjust peripheral functionality.
When the protocol launched there were no admin keys or any way to influence it without changes being actioned by a governance process. This made ESD a fully decentralised protocol from day one.
Since its launch, the protocol has successfully implemented dozens of upgrades, ranging from adjust incentivisation to add in a community treasury.
There are two separate governance structures that that relate to the ESD protocol:
- On-Chain protocol governance which effects the mechanics of the ESD token
- Off-chain treasury governance which governs the funds set aside to foster the ESD community.