The Qoin Association is an independent membership organization. Australia is closely aligned to and respected by Asia, Europe and North America and has embraced Blockchain in terms of technology support and regulatory oversight.
As the governing entity, the Qoin Association, has been established in Australia to govern the Qoin blockchain, the Qoin Reserve and to coordinate the validator nodes. The Association is governed by the Qoin Association Council “Council”. The Association is necessary to initially establish guidance in terms of which specifications or protocols to adopt and develop.
Two representatives per validator node may serve on the Council. Based on the association’s constitution, the Council makes decisions on the governance of the blockchain network and reserve. The Council initially consists of representatives from the founding members BCI and OLC. All decisions are brought to the Council, and major policy or technical decisions require the consent of two-thirds of the votes, the same supermajority of the network required in the IBFT consensus protocol.
The Qoin Association also governs the Qoin Reserve and hence the growth of the merchant ecosystem can be achieved and funded. The Association oversees the Reserve as the only party able to create (mint) Qoin. New coins are only minted when authorised sales representatives have inducted a new merchant into the expanding merchant ecosystem. These new coins are backed by the new merchants’ acceptance of Qoin as payment for goods & services.
These activities of the association are governed and constrained by a reserve management policy that can only be changed by a supermajority of Qoin Association members.