Document Ratification

Document Ratifications are the standardized process by which the Factom Protocol Standing Parties (entities with voting rights) can discuss and then vote on documents or amendments to documents to determine if they are to become official parts of our governance.

Factom Protocol governance is decentralized so all changes to governance processes must be approved by consensus. This system is a highly efficient way to discuss and vote on those changes. The discussion period lasts for eight days but can be ended or extended by using the custom motion system we built into the software.

After the discussion period has ended, the protocol Guides have three days to vote on the document and if 4 / 5 approve it, it then goes to the rest of the Standing Parties for a vote. The majority of Standing Parties must then approve the document in a five day vote for it to pass.