Supervisory board

Supervisory board is the highest authority of the UDC system. It contains of several private key owners who have the collective right to perform most important operations of the system, namely:

  • to issue DC, see issuing DC;
  • to change the members of the board itself;
  • to assign the UDC CFO.

All these operations will be accepted by the Universa network only when signed by the quorum of board members, e.g. some minimum number of member keys.

The board could also consist of only one person, but for security reasons it is advisable to have at least 5 members with quorum set to 3.

The supervisory board is defined by the supervisory board contract, the Universa smart contract which contains the list of board members (keys), the quorum definition, and the current UDC CFO key.

The board could change its own member list by changing the aforementioned contract, if, and only if, the quorum of members agrees to do it. This way the board can introduce new members and dismiss existing ones.

Quorum

The minimal number of members required to perform any action. It is specified in the supervisory board contract.