What to do about latest GEP (updating the GEP process) #294
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The latest GEP
https://forum.threefold.io/t/tfchain-dao-gep-voting-process-update/4409
did not pass.
What do we do now?
I can check today with the engineering meeting.
I'd think:
This is waiting for discussion with the full dev stakeholder group on Thursday.
See this: tfgrid/circle_engineering#102 (comment)
Update
Some ideas to move forward and discuss with the community:
Voting Process Propositions Based on Community Feedback
Here are some options based on the feedback we had, not saying we implement all of it, nor that it's feasible. Lots of technically complex stuff have been proposed, e.g. voting with hardware wallet.
Implement a hybrid voting system:
Introduce a token locking mechanism:
Set voting power caps:
Enable hardware wallet and Stellar-based voting:
Implement a formal proposal and discussion process:
Communicate clearly the council operations:
Introduce special voting categories:
Implement a gradual transition:
Regular governance reviews:
Pros of Token-Based DAO Voting Process
Here is a list of arguments in favor of token-based DAO voting process:
Broader participation: Allows all token holders to participate in governance, not just farmers
Aligned incentives: Encourages token holding and potentially increases token value as people buy to participate in governance
Proportional representation: Voting power is proportional to stake in the network, which can be seen as fair
Increased liquidity: May increase token trading volume as people acquire tokens for voting rights
Easier entry: Lower barrier to entry for governance participation compared to farming
Flexibility: Allows for more nuanced voting mechanisms like quadratic voting or time-locked voting
Scalability: Can accommodate a larger number of participants more easily than farmer-only systems
Market signal: Voting outcomes may better reflect market sentiment and token holder interests
Encourages long-term thinking: With mechanisms like token locking, can incentivize long-term holding and thinking
Diversity of perspectives: Brings in viewpoints from investors, users, and other stakeholders beyond just farmers
Potential for delegation: Allows for the development of delegation systems, enabling more sophisticated governance
Adaptability: Easier to adjust voting power distribution over time if needed
Familiar model: Similar to governance in traditional finance, which may attract more mainstream participants
Farmer empowerment: As all TFT is minted by farmers, they have first access to voting power, maintaining their influence
Natural balance: Farmers' role in minting TFT creates a natural balance between farmers and other token holders
Incentivizes farming: May encourage more people to become farmers to gain voting rights through minting TFT
Reward for contribution: Farmers' voting power directly reflects their contribution to the network through minting
Organic growth: As farmers mint and distribute TFT, it naturally expands the voting base in line with network growth
Alignment with network growth: Voting power distribution organically follows the expansion of the network's infrastructure
Encourages ecosystem participation: Motivates farmers to engage with the wider ecosystem to maintain influence
TFDAO GEP Voting System: TFChain + Stellar Hybrid (Node-based + Token-based) with Passive Token Locking and Discussion+Voting Periods
This system proposes a hybrid/bicameral voting mechanism that combines node-based and token-based voting (50-50 voting power). This system allows participants to vote using TFT on either TFChain or Stellar, accommodating both hardware wallet users and farmers. The process involves a passive token locking mechanism. This encourages consistent token holding. The process also involves a two-phase voting period. The two-phase voting period ensures that the community members can discuss and improve on the GEP proposition. We also make sure the community understands the goals of each GEP.
System Overview:
Hybrid Voting System:
Node-based Voting Weight Calculation:
a) Identify all linked farms
b) Get all eligible nodes per farm (see Node Eligibility Criterion)
c) Calculate Compute Units (CU) and Storage Units (SU) per eligible node
Node Eligibility Criterion:
Governance Event Proposal (GEP) Timeline:
Snapshot-based Voting Process:
Passive Token Locking Mechanism:
a) The current snapshot balance
b) The minimum balance over the last 30 days
Implementation Considerations:
Advantages:
Potential Challenges:
Key Considerations:
This approach aims to provide a fair, secure, and inclusive method for incorporating both consistently reliable node operators and token holders into a single DAO voting system. It encourages long-term commitment to the network, sustained high node reliability, and prevents voting power manipulation while ensuring that participating nodes have a proven track record of contribution to the network.
Wow @mik-tf – this is ... thorough! Well done. Let's discuss on Monday.
Update