Title: Commoditizing Governance Votes for Increased Participation and Transparency**
Abstract: This proposal seeks to explore the feasibility of allowing TINY token holders to rent or sell their governance votes through smart contracts. By formally integrating this mechanism into the Tinyman protocol, the aim is to increase participation, enhance transparency, and potentially maximize the value of TINY tokens.
Objective: To investigate the potential benefits and challenges of commoditizing governance votes within the Tinyman platform, with the goal of increasing community engagement and ensuring a more transparent governance process.
Background: Currently, governance in many decentralized platforms, including Tinyman, can be influenced by smaller groups with significant holdings. Additionally, informal markets or “shadow economies” may already exist where votes are traded indirectly. By formalizing this process, we could democratize access to governance and ensure that all community members have the opportunity to participate and benefit.
Details:
- Proposal Mechanics: This proposal suggests the implementation of smart contracts that allow TINY token holders to rent or sell their voting power. These contracts would enable users to exchange their votes for ALGO or other tokens, integrating this capability directly into the Tinyman platform. The process would be transparent and available to all, potentially reducing the influence of any “shadow economy.”
- Expected Outcomes: Increased participation in governance, greater transparency in voting processes, and a potential increase in the value of TINY tokens as governance becomes more dynamic and accessible.
- Implementation Timeline: The proposal would begin with a feasibility study to assess the technical and ethical considerations. If viable, development could proceed in phases, with initial implementation focused on creating and testing the smart contract functionality.
- Challenges and Considerations: Risks include the potential for vote centralization, where wealthier participants could buy up votes, and the challenge of maintaining ethical governance practices. Additionally, the technical complexity of integrating such a system must be carefully managed to ensure security and usability.
Benefits:
- Maximized Gains: TINY holders could monetize their votes, potentially increasing both the value of TINY and overall participation in governance.
- Inclusivity: More community members might engage in governance if they could earn from their votes, leading to a more active and invested community.
- Ethical Considerations: The system could incentivize ethical voting, similar to how white hat hackers often choose ethical actions even when less lucrative.
Metrics for Success:
- Liquidity Levels: Monitor any changes in the liquidity of TINY as a result of increased governance participation.
- User Participation: Track the number of participants in governance and the volume of votes traded.
- Community Feedback: Collect feedback from the community to assess satisfaction with the new system.
- TVL Growth: Observe any changes in Total Value Locked (TVL) as governance becomes more dynamic.
Budget and Funding: A detailed budget would be determined based on the feasibility study. Funding would likely involve allocations of TINY tokens for development and potential incentives for early adopters.
Additional Information: Comparative analysis could be conducted with other platforms that have experimented with novel governance mechanisms, though none have implemented vote commoditization to date.
- Yes
- No