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Update mechanism.md
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c3rnst committed Jul 8, 2019
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Expand Up @@ -93,12 +93,12 @@ In version DutchX 2.0, OWL is part of the DutchX Protocol:
### What are auctioneer powers?
On smart contract level, the DutchX has a number of clearly defined modifiable parameters that can be changed. The auctioneer has the powers over the following (complete list):

- Changing the threshold to add tokens to the DutchX protocol
- Chainging the threshold to start auctions
- De- & whitelisting of tokens that generate Magnolia
- Changing the threshold to start auctions
- Changing the threshold to add tokens to the DutchX protocol
- Setting a new external ETH/USD price feed
- Setting a new entity able to modify the contract parameters (the ‘auctioneer’), and
- Updating the DutchX contract logic *(change only executed with a 30day time lag)*.
- Updating the DutchX contract logic, and
- Setting a new entity able to modify the contract parameters (the ‘auctioneer’).

### Why are auctioneer powers needed?
The DutchX was designed to be a fully-decentralized trading protocol. This means that changes to the DutchX protocol must also be decided in a decentralized fashion.
Expand All @@ -111,4 +111,18 @@ Specifically, however, there are two reasons that make upgrade by hard-forks onl
In the first version of the DutchX smart contracts, these auctioneer powers were relinquished. This meant that **neither Gnosis nor anyone else**, had the ability to alter the contracts parameters or logic.

### Who holds auctioneer powers to DutchX 2.0?
The primary aim with this deployment is to provide the [dxDAO](https://dutchx.readthedocs.io/en/latest/dxDAO.html) with the auctioneer powers of the DutchX. Until then, projects can already start integrating on this final version as the DutchX 2.0 will remain unaltered.
The primary aim with this deployment was to provide the [dxDAO](https://dutchx.readthedocs.io/en/latest/dxDAO.html) with the auctioneer powers of the DutchX. The following parameters may be modified by successful proposal in the dxDAO.

### Some more details to the auctioneer powers:
#### De- & whitelisting of tokens that generate Magnolia
TODO
#### Changing the threshold to start auctions
TODO
#### Changing the threshold to add tokens to the DutchX protocol
TODO
#### Setting a new external ETH/USD price feed
TODO*(change only executed with a 30day time lag)*
#### Updating the DutchX contract logic
TODO*(change only executed with a 30day time lag)*.
#### Setting a new auctioneer
TODO

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