The Voting Process
In incentivizing positive role participation, it is not realistic to expect all users – even the most committed ones – to have the right time to discuss all DAO proposals being pushed through. However, to avoid the phenomenon known as regret – for which users vote on a specific proposal just before a better proposal is submitted for approval on the same topic – eckoDAO has introduced and implemented voting phases. These are illustrated in the following paragraphs.
The overall voting process will last 1 month (referred to as an “epoch”): 1 week for each voting phase plus the remaining days of the ongoing month where users will be assigned to or removed from a role in the DAO. The application will be unique for everyone and based on the acquired voting power (as explained in the above sections). During these last 7-10 days, the members of each category will be updated. The eckoDAO Lead Group will be constantly monitored to ensure continued participation in the DAO.
During the initial Submission phase, eckoDAO Lead members can submit proposals for other DAO role evaluation. Initially, and to avoid too many proposals being pushed at the same time, each eckoDAO Lead member can only submit a single proposal per epoch. Currently, only binary-choice proposals will be allowed.
Note: the submitter of a proposal cannot vote on it.
Phase 1 is divided into two sub-phases.
- The first 3 days are allocated to the actual submission. This is a simple time slot for the proposal to be included in the System. The proposal can be drafted beforehand. Templates and guidance will be duly provided to users.
- The last 4 days are allocated to proposal review (with the possibility of veto) by the eckoDAO Core. The minimum voting participation rate of eckoDAO Core to accept or reject a proposal must be more than 50%. Therefore - as of the date of publishing this paper - 2 out of 3 members of the Governance Committee are needed. If the proposal is not accepted or rejected within these last 4 days, it will remain pending and will automatically be resubmitted for review in the following month.
During the Discussion phase, all users are encouraged to engage in constructive discussions with other DAO participants to foster the proposals discovery process. This will happen via a designated forum for each proposal.
This phase does not aim at selecting which proposal will move onto the following phase, but it is meant to explain and deepen the understanding of current existing proposals, providing everyone with the opportunity to ask additional questions and raise constructive points.
In the Voting phase, participants (except the proposal owner) decide if a previously discussed proposal could be approved, leveraging on their voting power accrued through the KDX Governance Mining program.A proposal is approved if a simple majority (or quorum) is reached. Otherwise, it is declined.
The required quorum for the election to be valid amounts to 5% of the outstanding total voting power. Proposal owners cannot vote on their own proposals to avoid conflict of interests and skewing of the voting process. This will take place directly on the DAO official web page. The DAO Governance Committee can take immediate action on urgent matters.