YFO’s Token Governance
Foreword: Most protocols today are designed so that 1 token = 1 vote, which is a simple but incomplete approach. As for the reason, Vitalik also elaborated on this matter. A pure token holder voting system will lead to inequality, incentive misalignment, and potential attacks through vote buying. Too easy to perform a witch attack.
There are too many false concepts in the market regarding governance tokens and governance. It’s still early days for crypto governance, with room for improvement in many areas, including resource allocation, checks and balances, and distribution of power.
For example: most people vote for the options with more numbers in front of them. In other words, individual votes will not have any impact on the results, except of course for large households. Decentralized governance essentially has little to do with individual investor participation in voting. But it's a little better than stocks.
Based on the above issues, we combined the governance methods of the following projects to design YFO's token governance plan by comparing the pros and cons.
Governance as financial power. Vote via YFO
Let the "Senate" and "Qian Yuan" merge their work
The governance system introduces the concept of Fellowship. Fellowship is a membership organization on the chain. Everyone can apply to join. However, if you want to join the organization, you need to have Yfione’s protocol expertise and network concept consensus on the one hand. On the other hand, you need to Meet certain financial thresholds
YFO Gov Labs
Dao governance: Adhere to the principle that "influence" equals "profit"
Form a [committee]. Eg: 19~99 people 1.1 The committee is composed of two types: 1. Personnel appointed by the official website, which can be official personnel, community KOLs, and capital parties. 2. Ecological project parties and ecosystem participants support and encourage builders on YFO and make certain contributions. 1.2 The role of the committee: As an elite representative and an influential owner in voting for proposals, the committee has a proportion of different proposal events, resulting in different tracks and different thresholds for proposals. 1.3 Establish an accountability committee: to ensure that fund recipients comply with the fund uses proposed in their original proposals, map the tokens, allow the community to self-regulate, and stop funding projects that do not comply with their proposed fund uses and accept governance Funding projects require a multi-signature of 3/4 (two representatives and two project team members). Using this model, representatives can hold funding recipients directly accountable. - Every vote needs an accountability committee
When certain committees fail to act, removal is possible when a vote is initiated and a certain number of votes are cast
Token reward stimulation, 6~18% of YFO tokens will be allocated to a fund dedicated to partners. These funds will be strategically allocated by the YFO committee to promote the development of the YFO ecosystem, and the tokens will be unlocked for 4 years.
Lockup. Ordinary users vote to rely on YFO tokens to enter the Locker module of a single proposal to be locked. The minimum locking period is 30 days (of course, it is locked at the time of the proposal). After the YFO token is locked, the Power computing power value is obtained as The right to vote is carried out. Of course, financial rights at this time are equivalent to voting rights.
Vote, 3.1 A large and effective quorum is used to increase the security of governance, so it is not purely determined by the number of addresses and the amount of tokens on the chain. 3.2 Members vote as the initiator of the vote, and votes from other committees on the proposal must be introduced when voting. The voting committee/general committee is calculated as a percentage. 3.3 Token vote warehouse voting can initiate proposals, but only with the vote of the committee. The ticket position is calculated based on the percentage locked in the Locker module of the item proposal. The sum of warehouse vote and committee vote is used as the certificate.
Note-- *Active User: Used YFO’s application and on-chain token transactions at least 1 time in four consecutive weeks. *Proposal: Committee/YFO holders have the right to submit proposals or vote, but do not have the right to impose their will on other contributors. For example, a proposal suggesting “YFO develop product The correct way to write a proposal should be something like "We think product *Whether to consider: Divided into four independent stages: proposal stage, exploration voting stage, testing stage and promotion voting stage. Each phase lasts for 8 Baker cycles (i.e. 32,768 blocks or approximately 22 days and 18 hours), taking almost a full 3 months from proposal to activation, and any failure to progress to the next cycle will revert the network to proposals stage. The mechanism design allows sufficient time for discussion of the referendum proposal, repeated voting for confirmation, and finally the proposal can be successfully passed only after everyone reaches a consensus through these four stages.
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