Vibedust is still a work in progress and is an experimental system that will be continually iterated upon to achieve the best possible result.
eckoDEX uses a dual means of governance in the form of a social currency called “Vibedust”. Vibedust is a purely social currency and exists only and within Discord as a means to signal trust from contributors within the community. As users participate actively within the DAO they will naturally accrue “Vibes” from their peers, resulting in a discernible trust score that other users can reference when interacting with each other. This provides several benefits:
Better information regarding user contributions
A stronger basis of trust for the electoral process
“Vibedust” is not considered during the actual voting process, but instead should be taken into account when proposals are being discussed. This is a way to identify good, and bad actors within a community. “Vibedust” works to ensure that all participants in the ecko
How Vibedust Works
Within this system we also want to establish trust based community roles. This will take the form of a social governance system within eckoDEX. We have created a partnership with Spotchain to help build and test an initial system that will work in conjunction with the DAO to create a full socio-political structure for eckoDEX!
This functions effectively as an upvote/downvote system. Users have a limited number of upvotes they can distribute on a weekly basis, proportional to how long they have staked within the system, and their own Vibescore. These upvotes and downvotes will be referred to as Vibes.
A Vibescore is how a user’s contributions to the community are judged. If a member of the DAO provides beneficial contributions, then the community will likely reward them with “goodvibes.” If they act against the DAO’s interest, then they will receive “badvibes.” This system is sybil resistant in that a users ability to upvote and downvote other users is dependent on the amount of time they have been staking for.
This system of dual governance and social reputation ensures that the eckoDAO will always be a place of intrinsic alignment, where users always know that everybody is working to positively contribute to a system. We cannot stress enough that intrinsic alignment with a project is what the future of DeFi is based on. Siloed systems that don’t directly intertwine with each other is not how a DAO should be run; by creating a system where every part collectively works to improve the whole, we can push DAOs to a truly great future and move DeFi even closer to mass adoption.