I’d like to propose a radically different idea, a more fair and inclusive decentralised voting process for the DAO.
WARNING: Below is a half-baked idea and I wanted to share it with this community for input and further development… here goes…
Let’s not base number of votes on the number of PRV tokens one has.
This leads to issues around BIG whales holding (buying) all the voting power they need to swing a vote in their favour.
The fact that PRV is a privacy token and is not readily visible and auditable on an open blockchain may cause some serious issues around trust. The reason why people trust Bitcoin is because anyone has access to the block explorer and can conduct an audit.
Here is what I propose (this is quite radical so please let your mind think outside the box)…
Incognito should issue a NEW “Proof of Activity” token.
The more active a user is on the platform, the more tokens that user will acquire over time and therefore have more voting power. On the flip side if they stop using the platform (E.g. Don’t login for several months) a percentage of their “Proof of Activity” tokens will be burned.
Some Example Use cases:
- Every time a user deposits funds into a liquidity pool, they would earn a certain amount of “Activity tokens”.
- Everytime they add more to “Provide Pool” they earn Activity Tokens.
- Everytime they make a trade on the DEX, they earn “Activity Tokens”.
BTW, this is NOT something NEW to incognito.
Incognito has done this in the past. For those who have been around long enough would know about the “QUEST” tokens that were earnt when tasks were completed on the Incognito Platform. This gamification was run by Andrey (who headed up the Growth Team several years ago).
I still have some “QUEST” Tokens in my wallet.
So that’s my idea in a nutshell. It would require some dev work and the Incognito Team would have to work out the token issuance etc.
The overall idea is to reward the more active users of Incognito Platform by granting them a larger voice when it comes to casting votes on the platform’s future.
IMO, this is a more fair system rather than a straight out ownership of PRV which has nothing to do with usage of the platform and someone can “buy” votes to swing things in there favour.
Also note that the “Proof of Activity” token should also be able to be audited via open ledger on a block explorer. This will help garner trust in the voting system.
I’ve only really touched the surface here. Perhaps others might like to chime in with their ideas and thoughts on how a Decision-Making platform should be operated.
Thanks for hearing me out. If anyone on the Incognito Team (E.g. @Jayce_Nguyen @duc ) would like to discuss & explore this idea, I’d be happy to.
FYI @Jared @2411 @abduraman