7.3 Timelock Mechanism of IMMT

The timelock mechanism in IMMT provides an added layer of security and control by introducing a delay before executing certain actions or transactions. Here's an overview of the timelock mechanism specific to IMMT:

Purpose of Timelock:

· The timelock mechanism is designed to introduce a delay or waiting period before specific operations can be executed on the IMMT platform.

· It acts as a safeguard against malicious or accidental actions, allowing for a window of time during which potential issues can be identified and mitigated.

Types of Actions:

· IMMT implements the timelock mechanism for critical actions that have a significant impact on the platform or user funds.

· These actions may include protocol upgrades, contract deployments, fund transfers, parameter changes, or other sensitive operations.

Timelock Period:

· IMMT specifies a predetermined period of time for which the timelock is set before the execution of the intended action.

· The duration of the timelock period is determined based on the complexity and potential risks associated with the specific action.

Timelock Activation:

· Once an action is initiated or proposed, it is subject to the timelock period.

· During this period, the action is visible to the relevant stakeholders and the IMMT community, allowing for scrutiny and review.

Confirmation and Consensus:

· During the timelock period, stakeholders and the community have an opportunity to review and evaluate the proposed action.

· Consensus is reached through community engagement, voting, or other agreed-upon governance mechanisms.

Timelock Expiry and Execution:

· After the timelock period elapses and consensus is reached, the action is executed automatically by the system.

· This ensures that sufficient time has passed for the community to assess the action and provide feedback or raise concerns.

Benefits of Timelock:

· The timelock mechanism provides additional security by allowing stakeholders to review and assess critical actions before they are executed.

· It allows for transparency and accountability, giving the community a voice in the decision-making process.

· The timelock mechanism helps prevent rushed or unauthorized changes, reducing the risk of irreversible actions or malicious activities.

Use Cases:

· Examples of actions that may be subject to the timelock mechanism in IMMT include protocol upgrades, major contract deployments, significant changes to platform parameters, or fund transfers above a certain threshold.

It's important to note that the specific implementation details of the timelock mechanism may vary based on the technical architecture and design choices made by IMMT.