Panacea Governance Proposal #3
A new governance proposal has been registered. The vote began on October 6th, 2021 and ends on October 20th, 2021, a period of about two weeks.
Please refer to the following for details pertaining to Panacea’s new governance proposal.
The Content of the Proposal
- Change the community tax from 0% to 2%.
- Change the minimum proposal deposit from 100,000 MED to 10,000 MED.
The Background of the Proposal
As mentioned earlier, MediBloc is starting to build a token economy for a patient-centered data ecosystem. The most important among them is the expansion of the ecosystem.
If this proposal is passed, the Community Tax, which accounts for 2% of block creation compensation, will be accumulated in the Community Pool. The Community Tax is a kind of tax of a country. Just as the country collects taxes and uses them for national operation and development, the MED accumulated in the Community Pool will be used for ecosystem development and expansion. For example, it is used as a means of funding events, marketing, outstanding improvements, and various attempts to boost the ecosystem. You can find various use-cases of the Community Pool from other chains here.
The Community Pool’s support is open to anyone via the passing of governance proposals. However, the minimum cost of the current governance proposal is 100,000 MED, which was somewhat burdensome. Therefore, we propose to change the minimum cost to 10,000 MED to accelerate participation in governance proposals.
Once this governance is passed, 2% of staking rewards go into the Community Pool, which slightly reduces staking rewards for validators and delegators. However, the activation of the Community Pool will boost the expansion of the Panacea ecosystem.
The Process of On-chain Voting
The vote will be processed as an on-chain governance proposal. This proposal was submitted on October 6th, 2021, and a two-week vote will be held. Anyone who is staking MED during the voting period will be able to vote on the proposal. In other words, both validators and delegators can exercise their right to vote, and those who do not hold/stake MED will not receive the right to participate in governance. Voting power is proportional to the number of MEDs staked.
Participants can choose one of the following voting options (four): [Yes], [No], [No with Veto], and [Abstain]. [No With Veto] is considered a [No] vote, but the [Veto] is also added. If the number of Vetos exceeds 1/3 of the vote, the proposal will be deleted, and the person who proposed the proposal will be penalized. [Abstain] is the option allowing voters to signal that they will accept the results of the vote, not intending to vote for or against the proposal.
If more than one-third of all voting power participates in the vote on the proposal, the voting results will take effect. Further, the proposal is passed only if more than 50% of the quorum agrees. Once the proposal is passed, the upgrade process begins as soon as the voting period is over.
How to Participate in the On-chain Vote
Validators can vote using the CLI command [panacead tx gov]. Delegators who do not operate nodes can vote using the Cosmostation wallet, which is officially supported by MediBloc. You can check on the ongoing proposals by clicking the [Governance] button found in the MED wallet in the app. Please select a proposal and you will be able to vote on it. A small amount of MED is charged as a fee when voting. If you can’t vote, you should make sure that you have enough MED in your wallet.
Voting is not mandatory. There is no penalty if you do not vote. However, by participating in the vote, you can speak out regarding MediBloc’s blockchain Panacea, and participate in the construction of an ecosystem together. So, please participate in our mainnet upgrade proposal. Thank you.