Saga belongs to its participants - the currency holders. Saga’s governance is designed to facilitate genuine representation of participants and to generate long-term success for the currency. This is achieved through a multi-branch checks and balances governance structure.
Holders are the sovereign is our central premise.
Representing holders best means achieving a fine balance between effective management and the intensity and ways that holders are involved in governance.
For this we developed a multi-branch checks and balances structure optimally combining components from nation-states, corporations and decentralized systems. Read more...
Code is Law refers to a legal system where all rules are written and enforced in computer code. In Saga we selectively integrated blockchain technology and decentralization components. For example, we use a smart contract for enforcing the execution of agreed-upon protocols and blockchain for making all transactions transparent and immutable. But unlike the common approach in the crypto market, decision-making processes are not subject to the rule of code. Instead, our governance is strongly inspired by Constitutional Law, as liberal democracies’ strive to ensure citizens’ representation and rights protection by means of power-balancing structures. In addition, Corporate Law inspired us to look for successful business practices for effectively operating on a global scope. Read more...
The multi-branch checks and balances structure includes a Foundation Council - the currency’s executive agency; the Assembly - holders’ deliberative entity run mainly by holders’ delegates; A Monetary Committee and other complementary entities.
To learn about Saga’s governance framework click forward and backward on the arrows.
Saga’s Participants, SGA holders, have the right to govern Saga. They exercise their sovereignty through elections to the Foundation Council and participation in its Assembly.
The Foundation Council is an elected team of experienced professionals in charge of managing Saga’s ecosystem and operations. Holders vote for the team of their choice via dynamically balanced participant-stake voting.
The Assembly is a place for all participants to sound their voice and participate in Saga’s governance. Participants are represented in the Assembly directly or through their delegate of choice. Voting power is based on the ‘one holder one vote’ principle.
The Assembly functions as the main check and balance for the Foundation Council. The Assembly’s duties consist of monitoring, scrutinising and in extreme cases even dissolving the Foundation Council.
The Constitutional Council is the dispute resolution entity in Saga’s governance framework. It is Saga’s equivalent of the supreme court in nation states. It is responsible for resolving any dispute between Saga entities brought before the Council brought. As part of its role, the Constitutional Council interprets Saga’s constitution for ensuring that it is upheld.
The Monetary Committee is responsible for ensuring the long term stability and monetary soundness of the Saga currency. The committee structure and authority is inspired by the independence of central banks. The Monetary Committee is in charge of setting Saga’s monetary policy and its implementation through a smart contract.
The Transparency Committee appointed and guided by the Assembly, and serves as the transparency agent for oversight and disclosure in Saga’s ecosystem. It supports knowledge-based deliberations in the Assembly and promotes the accountability of the Foundation Council.
In Saga, the currency holders are defined as sovereigns. But how should voting power be assigned among them? Nation states and corporations embrace opposite approaches. In corporations, as financial ventures, voting power is directly related to the number of shares held, i.e. stake-based voting. In nation-states, voting power follows the ‘one person — one vote’ principle. A thorough analysis led us to understand that voting power should obtain an appropriate balance between the two approaches. For this end we developed a dynamically balanced participant-stake voting method that considers concentration of holdings in the Saga economy for determining Individuals’ voting power. Read more...
Saga, as a representative non-nation state entity, is designed to be and demonstrate a breakthrough in human governance in correspondence with the digital revolution. As nation-states are finding it harder and harder to serve the evolving identities of their citizens, and while corporations are efficiently filling in such voids but are not designed to represent their customers, we as individuals are facing a citizen-customer deadlock. Neither the corporation nor the nation-state, lead to satisfactory fulfillment of individuals’ will. Non nation-state representative entities such as Saga could paves a path beyond this deadlock and define a new class - the participant, by effectively representing and servicing holders side-by-side with nation-states and corporations. Read more...
Transferring control over Saga from the hands of Saga’s founding team to Saga’s Participants will occur in a series of intermediary steps. A milestone-based progress for the transfer of power, which includes an obligation to conduct elections to the foundation council within a year from the launch of SGA, is detailed in the whitepaper. The founding team took upon itself a set of restrictions, significantly limiting its powers. For example, only the to-be-appointed monetary committee would be able to initiate amendments to Saga’s monetary model. Elections for the Foundation Council and the establishment of the Assembly will mark the complete transfer of Saga governance to the hands of Saga participants.
Native blockchain governance is not enough. Decision making left only to consensus, favours representations over expertise and efficiency. Forking as a result of decision making should be used only as an instrument of last resort. Saga has created and implemented a governance model that allows both direct representation and delegation according to the various use cases.
The cornerstone of Saga’s mission. Here we establish the project’s Raison D’Etre, outline the historical context, and declare our ambition. The paper provides an overview of the underpinning mathematical models and announces the technologies that will drive Saga’s economy.
Accessible to a broad audience, this short document clarifies the key features of Saga. Focused on what makes Saga stand out, here we highlight key personnel from the Foundation’s advisory board, leading executives, and prominent investors.