The Flow Service Account is an account like any other on Flow except it is responsible for managing core network operations. You can think of the Service Account as the keeper of core network parameters which will be managed algorithmically over time but are currently set by a group of core contributors to ensure ease of updates to the network in this early stage of its development.
This account lives on mainnet at address
e467b9dd11fa00df if you’d like to watch the actions it takes. It’s currently managed by a group of individuals who represent the Flow Core Contributors and the broader Community, including:
- 3 Flow Core Contributors affiliated with Dapper Labs
Any action taken requires 4/7 signers to sign the transaction. This group is required to co-sign any actions that change contracts or parameters which are managed, set, and used by the Service Account to ensure no unilateral action can be taken. The service account is currently responsible for operations like:
Ending each epoch, which will be protocol-managed with the coming release of epochs
Triggering reward payments to node operators, which will also be protocol managed with the release of epochs
Setting the minimum account balance required for creating an account and updating the storage rate
Setting transaction fees
The list of accounts eligible to create other accounts and deploy smart contracts
Upgrading core Flow contracts i.e. the smart contracts which manage core protocol functionality including things like the
Revoking rewards in case of insufficient node uptime
Decentralizing the Service Account refers to the process of adding additional participants who are on the list of valid signers, which are part of the signing process to make changes to anything the Service Account manages. Adding signers to the Service Account is a critical part of broad community participation in the governance of core network parameters.