In preparation for the upcoming Eximchain Governance Cycle, we would like to refresh our community on Quadratic Voting, Becoming a Candidate, and Governance Cycles in a three part series. In this article we will do a quick overview on Quadratic Voting.
Eximchain’s innovative governance model relies on Quadratic voting. Glen Weyl, the inventor of QV explains that,
“Quadratic Voting offers a better way to make collective decisions that avoids the tyranny of the majority by allowing people to express how strongly they feel about an issue rather than just whether they are in favor of it or opposed to it.”
You can learn more about What makes Quadratic Voting an effective Democratic Voting Mechanism in an article on our blog that goes more in depth. This article will be a quick overview of how we utilize QV to govern our network.
There are a couple voting rules that are critical to making a quadratic voting mechanism function properly. Per governance cycle, a member can vote for only one candidate. This vote can be one or more points, for or against the candidate. After you cast your vote, you can not vote again until the next cycle. Because of this be sure to express your full preference for or against the candidate for this cycle in your single cycle vote. We will explain more about voting preference below.
The cost of additional points increases quadratically. This allows individuals to express their full preference for a candidate while not having more weight then the votes of the community as a whole.
Another key difference with Quadratic voting is that you can vote for or against a candidate. Specific to our governance mechanism there will always be one blockmaker up for demotion, and one member up for promotion to become a blockmaker. You can express your preference for and against promotion, and for or against demotion depending on who you are voting for. Points for and against will be added together to come up with net points for a candidate. The blockmaker with the most net points for demotion will be removed, and the member with the most net points for promotion will be added.
Once a governance cycle is closed, all members that participated in voting can take part in token redistribution. All the tokens used to vote will be gathered into a token pool and divided equally by the number of members that participated in voting. The tokens then will be distributed to those members equally, creating an incentive to participate in each cycle.
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