MeebitsDAO: How Voting Works
Part 3 — A proposal for tokenized governance
We the Meebits…
In order to be a Decentralized Autonomous Organization we’re going to need a voting structure that is completely automated via smart contracts. Smart contracts are only as ‘smart’ as the thinking that goes into them, so we want to spend some time discussing a proposal for that system, given that will be at the heart of how the DAO makes decisions post-launch.
Also, even though we need to thoroughly define the technical infrastructure, and the automation, let’s not forget:
A DAO is made of People
We need a construct that feels fair and rewarding for people to participate in, whether they are a large holder of Meebits, only have a single Meebit, or if they just want to get involved in the community and help build the future of the Metaverse, without holding any Meebits at all.
Like a government’s constitution, if we don’t set up a system that allows fair representation in the decision-making process and a governance structure that can adapt and evolve to meet the needs of the group, the DAO will surely fail.
Defining a Tokenized Governance Model
There are two types of members
- Voting Members — 200 Founder Representatives, but this may expand up to 4,000 voting members via the Voting Seats described later
- Non-Voting Members — Unlimited, based on owning Delegate Tokens
Voting Seats & Representatives
The DAO itself is a kind of Virtual Government — where our Meebits are our representatives.
In our virtual government: 1 Meebit gets 1 Vote
This will be managed by NFTs issued as Voting Seats which are exchangeable 1:1 with a Meebit.
Voting seats are owned by actual people, of course, initially open to 200 Founder Representatives, each of whom may obtain up to 20 Voting Seats (NFTs).
The Representatives vote on the articles of governance, the RFPs and project proposals, and ultimately the allocation of the funding.
We believe that concentrating this responsibility will allow for more focus and accountability in decision making — however, we want to make sure that the larger membership group also has a voice when it comes to decision-making, so that is where Delegate Tokens come in.
Representative Governance & Delegation
Voting Seats are actually ‘powered by’ Delegate Tokens so when voting on a given issue, the weighting of points in favor or against a proposal will be calculated as:
Voting Points = Voting Seats x Delegate Tokens
What this means is that if I, as a Founding Representative, have 20 Voting Seats (NFTs exchanged for staking my 20 Meebits) — but I have 0 Delegate Tokens — I have no share of a given vote.
Of course, that’s unlikely to happen, because Founding Representatives will also own Delegate Tokens, but it becomes interesting when we introduce Delegation.
With Delegation, any member may stake their Delegate Tokens with a given Representative to increase their share of the vote on a given article
So in this case, if I, as a Founding Representative, have 1 Voting Seat — and I’ve convinced the community to stake 2,000 Delegate Tokens on me to vote on an important issue — I now have as much of a share of a given vote as a representative with 20 Voting Seats and 100 Delegate Tokens.
What do you think about this model of governance?
DM us on Twitter with feedback @MeebitsDAO — start shaping the community now with your advice & opinions!