A Critical Look At DeVault’s 1 Coin Equals 1 Vote

The DeVault project is based on 100% community governance where 1 coin equals 1 vote which means a community members stake in the project is directly proportional to the weight of their votes during decision making.

In this model of governance, all issues from coin supply, development roadmaps, and coin brand can be decided upon by the entire community. An individual who wants a decision taken on an issue will have to submit a proposal on the blockchain which will be voted upon by the entire community.

This system is very interesting as it’s innovative and not common, in this article we break down how the 1 coin = 1 vote system works.

The 1 coin = 1 vote system of voting is part of DeVault’s total community governance plan which will be published in a document titled ‘Community Rights of the DeVault Blockchain’. This document will consist of the initial guidelines for community governance on the DeVault blockchain.

To vote using this system, the user has to sign a message on the DeVault blockchain that declares his stands on the issue being voted on. The user has to sign the message on the particular address that contains the coins. The number of coins in the address for the entirety of the voting period, that does not leave the address will be counted as valid towards either a ‘Yes’ or ‘No’ Vote.

Moving coins before the vote has been finalized will render your votes invalid. Currently, members will be able to sign messages on the DeVault Desktop wallet.

The 1 coin = 1 votes system will be used in making decisions in various forms in the DeVault ecosystem which can be divided into treasury voting and community core voting.

The community core voting process is reserved for taking decisions on particular issues concerning the network while treasury voting is for voting on various proposals that seek funding from the DeVault blockchain.

To maintain transparency on the network all decisions made by the community, all budget transactions will be logged on a single webpage, accounts.devault.com for all payouts with signed messages pertaining to the purpose of the payment.

All transactions will also need a second layer of approval as an anti-scam measure. Payments will always require ⅘ (this will scale up as we grow # of DAOs), multi-signature operators, to approve regardless of community voting as an anti-scam measure, but must overwrite the community vote with a new proposal asking the community to reconsider the proposal.

Correcting the Old

With this feature, every single coin holder gets to have a say in the decision process with the weight of his votes directly proportional to his holding. This eliminates misunderstandings as a result of lack of effective consensus building mechanism that has rocked various cryptocurrencies including Bitcoin and Ethereum.

These kinds of cases have had various effects on different projects. Lack of consensus is the leading cause of splitting of blockchains and communities around these blockchains in the cryptocurrency ecosystem. DeVault seeks to avoid this with the 1 coin = 1 vote system.

Learn More: https://devault.cc/index.html

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This article was a submission for the DeVault Economy Article Bounty, visit www.DeVault.cc to learn more about the community governed digital economy.