Introducing Merit Circle DAO Governance
Decentralization is an important factor in our proposition. We want to allow our community to have the ability to cast their vote on the future of the Merit Circle ecosystem.
Merit Circle Improvement Proposal (MIP)
As an organisation with thousands of stakeholders, we want to involve as many people in our decision making process as possible. This will be done through Merit Circle Improvement Proposals, proposals that in any form or shape aim to develop and expand the Merit Circle ecosystem.
We have constructed an initial process around the discussion, voting and implementation of proposals based on the processes we have seen other successful organisations utilize. However, these processes are nothing final and are bound to change over time. We aim to create a proposal process that suits our organisation like no other.
Discussion
The first step of any proposal is the discussion. Anyone should be able to voice their opinion on a proposal to ensure it’s well thought out and constructive before it will be voted on. To stimulate the discussion occurring in a constructive manner, we have created a governance forum.
In this governance forum, anyone can start a topic carefully explaining their proposal allowing all other community members to respond to this proposal. Responses to proposals should happen adequately and deliberately where constructive criticism or additions are always better than simply nodding along or briefly dismissing proposals.
Whenever a discussion receives enough traction and receives the support of core contributors, the proposal can move on to the next phase. This could be measured by the number of comments on a proposal, or a vote included within the topic to receive a first impression of the community’s opinion.
We advise anyone not to rush proposals to voting. For that matter, discussions must be up for a minimum of two days before they can be considered for voting.
Voting
After at least two days of discussion, the authors of a proposal can initiate a voting on the Snapshot platform used by notable names like Uniswap, Yearn Finance and most recently ENS. To quote Snapshot’s Gitbook;
“Snapshot is a decentralized voting system. It provides flexibility on how voting power is calculated for a vote. Snapshot supports various voting types to cater to the needs of organizations. Creating proposals and voting on Snapshot is user-friendly and does not cost gas as the process is performed off-chain.”
In short, Snapshot is an off-chain gasless multi-governance client with easy to verify and hard to contest results.”
In our case, Snapshot checks the token holders’ MC balance to calculate their voting right. With each proposal comes a unique link on Snapshot where people can vote for a duration of time specified in the proposal. This link to the dedicated proposal on Snapshot will be shared in the earlier created governance forum topic.
To view current outstanding proposals and earlier passed proposals, please visit the Merit Circle snapshot.
Implementation
After the voting period concludes, there are basically two outcomes. Either the proposal is accepted or rejected. In the case of rejection, there can always be a novel proposal initiated by the same author adjusted to the received feedback. This will restart the entire proposal process.
On the other hand, whenever a proposal receives a majority of the votes, the proposal will be considered as accepted by the majority of token holders. This will start the implementation of this proposal, which would mean a different outcome based on the content of the proposal. However, in the majority of cases, the proposal will not be possible to implement without the 4 out of 7 multi-sig signing.
Decentralized we move forward
In our governance forum you can find the first proposals drafted by some notable authors to initiate the further scaling of Merit Circle. We are happy to move in a decentralized manner where every single MC token holder has the opportunity to decide on the future of Play-to-Earn.
To stay up to date on our adventure, follow Merit Circle on these channels:
Twitter: https://twitter.com/MeritCircle_IO
Medium: https://medium.com/@meritcircle
Discord: https://discord.gg/meritcircle
Website: https://www.meritcircle.io
Gaming platform: https://gaming.meritcircle.io
Governance forum: https://gov.meritcircle.io/
Snapshot: https://vote.meritcircle.io/#/
