FAQ & Tips on How to Vote Via Rainbow
As an early industry, the risks and benefits coexist in the blockchain field. And the token holders of each project are naturally interested in project governance out of emotion and identity. They are willing to use their expertise and resources to help the project progress and also give feedback. So thank you to our users for joining IRISnet community at an early stage of the project and grow together with IRISnet.
IRISnet knows that community members are very concerned about governance. Community governance is actually difficult. Decentralization is a good thing. The more decentralized the network, the safer the network is. However, if not handled properly, it is easy to intensify contradictions within the community and even form hostile camps. Also because of excessive decentralization, the efficiency of development may be lowered.
At present, the on-chain governance of IRISnet has realized both decentralization and efficiency. The IRISnet mainnet supports very complete on-chain governance to realize self-evolution. Voting takes place on-chain. If the type of proposal is parameter change and is passed after 5 days of the voting period, the new parameters will take effect immediately.
Following is the FAQ and Tips on how to vote via Rainbow, but before that let’s make clear what do the terms in the voting page mean?
Terms Explanation:
“NO” and “NoWithVeto” are two different opinions. Both of them affect Participation. No does not affect the Reject Threshold. NoWithVeto affects the Reject Threshold. The purpose of setting “NoWithVeto” is to avoid malicious proposals. Please be cautious to make your decision!
Participation: via voting, delegators can increase the participation rate. Only if the participation rate surpasses the required threshold, the proposal is valid. If the participation rate does not reach the required threshold, the proposal is invalid and will be rejected.
Pass Threshold: When delegators choose [Yes], the probability of ‘pass’ will increase. If the percentage of [Yes] and the participation rate surpass the threshold, the proposal will be passed. However, if either does not reach the threshold, the proposal will fail. And the deposit will be returned to participants in the deposit period after governance fees are deducted from it.
Reject Threshold: When delegators select [NoWithVeto], the probability of the proposal being rejected will rise. If the percentage of [NoWithVeto] and the participation rate surpass the threshold, the proposal will be rejected. And all the deposits will be burnt.
FAQ
Before voting:
Q: Who initiates the proposal? Can wallet clients launch new proposals?
A: It’s complicated to initiate a proposal. Command-line tools are needed. You can find a validator node to help send it out. Detailed instructions:https://www.irisnet.org/docs/features/governance.html#interactive-process
Q: Is IRIS needed for on-chain proposals? Who will deposit IRIS for the proposal?
A: The initiator of the proposal first deposits, the user cannot participate via Rainbow wallet.
Q: Can you send out a list of the scope of the parameters that can be changed in the proposal?
A: https://www.irisplorer.io/#/gov/parameters All of the above parameters can be changed by on-chain governance.
Q: Who sets the Participation and Pass Threshold rate of proposals?
A: It depends on the type of proposal. Specific reference: https://www.irisnet.org/docs/features/governance.html#usage-scenario
Q: Can we also initiate a proposal to change the undelegation time in Cosmos?
A: At present, Cosmos does not have the function of on-chain governance and self-evolution, but Rainbow will support for Cosmos’s governance proposal in the future. The change will take effect in the next software upgrade of Cosmos.
During Voting:
Q: Why can’t I vote?
A: Maybe for the following reasons:
1. You haven’t delegate your IRIS to any validator. You can get the right to vote after delegation.
2. Your Rainbow wallet has not been updated to the latest version. To use this feature, you need the latest version of Rainbow Wallet: https://www.rainbow.one/
Q: What if both of the Reject and Pass Threshold is reached in the same proposal?
A: The priority of the Reject is higher. The proposal will be rejected.
Q: What is the difference between No and NoWithVeto?
A: No does not affect the Reject Threshold. NoWithVeto affects the Reject Threshold.
Q: How much power does the IRIS team have in deciding whether to pass the proposal?
A: The outcome of the proposal is entirely determined by the community.
Q: I regret my voting opinion. Can I change it?
A: Everyone has only one chance to vote.
Q: What does the Valid Votes mean?
A: It refers to the number of valid votes generated by IRIS delegated to active validators in the consensus. If the validator is jailed or is a candidate, there won’t be any valid votes.
After voting:
Q: How long will the proposal take effect after its adoption?
A: If the type of proposal is parameter change, the change will take effect immediately once it is passed. If the type is a software upgrade, the next version of irishub will be upgraded if the proposal is passed.
Q: If the proposal on shortening the 21-day unbonding time is passed, will the currently releasing tokens come to my account immediately after the proposal takes effect?
A: They will not. The proposal takes effect and the users need to wait for the corresponding time after undelegation. For example, a proposal on “shortening 21-day unbonding time to 14 days” comes into effect on October 5. Then users who undelegates their tokens before October 5 still need to wait 21 days. And after October 5, it only takes 14 days to undelegate.
Q: Will there be any loss if the proposal is not passed?
A: When the proposal fails to meet the PassThreshold, governance costs will be deducted from the deposit and the rest deposit will be returned to the participants in the deposit phase. But if the proposal reached Reject Threshold because of NoWithVeto, all the deposit will be burnt. Setting up NoWithVeto is to prevent malicious proposals. Please choose your opinions carefully!
Tips：
1. The outcome will be tallied at the end of the proposal. So as to increase your voting power, you can delegate more tokens to validators and keep them delegated until the end of the voting.
2. The use of observation wallets / cold wallets can also be used to vote. For more info: How to use Rainbow cold wallet & watch wallet
3. If you have delegated IRIS in other ways before, but have not used Rainbow, you can refer to the tutorial [New Rainbow Tutorial 1: Install and Create] to import your wallet into Rainbow and vote.
The Tutorial on How to Use Rainbow to Vote
Please click the link for the tutorial: Rainbow v2.5 Released with On-chain Governance Support!
Rainbow download link: rainbow.one
You can discuss other proposal ideas in IRISnet Forum: https://forum.irisnet.org
For more detailed information: https://www.irisnet.org/docs/features/governance.html
