Fetch.ai Governance Proposal 1 — How You Can Get Involved

We would like to invite the Fetch.ai community to get involved with a governance proposal that is important to the future of the Fetch.ai protocol. If the proposal is accepted, the maximum number of validators on the network will increase to sixty from its current value of fifty. This will improve the network’s decentralization and security, and help with the transition to a multi-chain future.

You might be curious as to why we need a governance proposal. Well, Fetch.ai’s blockchain is based on the CosmosSDK, and uses Proof of Stake (PoS). As well as consensus, PoS is also used to coordinate upgrades to the network and can be used for other types of on-chain governance.

This means governance proposals are required for us to continually upgrade or change any of the blockchain’s parameters. Anyone can submit a proposal, and after it is backed by a deposit of 2048 FET, community members and validators have the chance to vote on proposals. After all, true decentralization means everyone gets a say. So keep in mind that if you have $FET staked, you should be voting! Any proposal that is voted on by more than 40% of the tokens staked on the network and that receives support from 50% of that stake is accepted.

If you’re staking $FET on the Fetch.ai Mainnet using a ledger device or the Cosmostation mobile wallet, you can also get involved.

Technical details on the proposal

Proposal Type — Parameter Change

Voting Period — 2 days

Deposit Required — 2048 FET

Quorum — 40%

Threshold — 50%

For cosmostation mobile users (Android/iPhone) — this screenshot is for illustrative purposes.

1. Click on Governance.
2. Once the proposal is live, you will be able to see it here and vote on it.

For cosmostation ledger users — the screenshots are taken from testnet trials. When you’re voting, you will not be using atestfet (atestfet has no value) but actual FET. The fees are between 0.000000000000002 and 0.000000000000003 FET on the block explorer. The amount can vary on Cosmostation mobile applications but it is also negligible.

1. Go to https://explore-fetchhub.fetch.ai/ and click on the “lock symbol” icon next to Voting Power.

2. Connect your ledger.

3. The vote button appears once your ledger is plugged in and you are connected to the block explorer.

4. Once you click on the vote button, you will see this pop up:

5. You can choose one of the following options to vote:

• Yes
• No
• Abstain
• No, With Veto

6. Click next, then you will get another confirmation pop-up for the tx fees and your vote option.

7. Then click sign, approve the TX on ledger, and the explorer will show a confirmation popup:

Important points to note when voting on a Governance Proposal

1. Transaction fee: Each vote has a transaction fee of between 0.000000000000002 and 0.000000000000003 FET from the block explorer. This can vary on Cosmostation mobile applications.
2. Inheritance: It is worth noting that if the validator you have delegated to has already voted, your actual “weight” in this vote will be assumed to be the same as the validator choice. (In short, if a validator votes “yes”, it’s equivalent to all its delegator + himself voting “yes”). So as a user, you actually need to vote only if your validator hasn’t voted, or if you disagree with him.
3. To check how a validator has voted, if you click on their names then you can see how they have voted.