How to Participate in Governance: Deposits and Voting

The second in a series of blogs relating to the current state Regen Network governance

Regen Network
Jun 10 · 4 min read

On-chain governance is a fairly simple concept whereby token holders vote on proposals which allow parameter and code changes to be accepted or rejected by the validators. If you’re a token holder that is new to governance, welcome, we are stoked to have you! Our intention is to provide you with clarity on the terms and processes associated with the realm of governance. We’re lucky to have Gavin who did an excellent job of explaining the different mechanisms of governance summarized in this blog post.

Step 1: Deposits

When a proposal is first submitted on-chain, users may notice that there is a deposit period pictured above. During the deposit period, the proposer or other token holders must deposit the minimum amount of REGEN tokens for the proposal to go live.

As mentioned in the previous blog post, the minimum proposal deposit is currently set at 200 REGEN and as mentioned above, anyone can pay for this deposit in full or it can be split up among multiple wallets. The deposit will be returned to the contributors once the governance proposal period is complete whether the proposal passes or fails to pass. However, in some conditions, a deposit could be subject to burning. Burning is the process of destroying the tokens so they can no longer be transferred or used in any other way.

Deposits are burned if:

Step 2: Determining whether a proposal passes or fails

In order for a proposal to pass it must follow the following criteria:

Tallying Votes

The voting power is determined by stake-weight (the amount of tokens a user has staked) at the end of the 14-day voting period and is proportional to the number of total REGEN tokens participating in the vote. REGEN tokens must be staked in order for them to count in the voting process as liquid tokens are not counted toward a vote or quorum.

A validator’s active status is determined by their ranking and if a validator is in the top 50 of the validator set then they are considered to be active. Both active and inactive validators may cast votes, however, inactive validators voting power will not count towards the vote if they are not included in the active set when the voting period ends. For this reason, it is important to determine whether or not the validator you have delegated to is in the active set, because your stake-weight may not be counted towards the vote if they aren’t.

Lastly, it’s also very important to note the ‘no-with-veto’ option. Even though a simple majority of 50% or greater is required, the ‘no-with-veto’ allows a minority group representing 33.4% or 1/3rd of the voting power to fail a proposal that would otherwise pass. It is important to pay attention to the voting details on Keplr which allow you to view the percentage of vote types as a whole in order to gain a good understanding of whether a proposal will be vetoed and a deposit consequently burned.

We hope this post provided you with a better understanding of the deposit and voting periods along with the tallying of votes. In our next and final post of this series, we will be providing examples of the more technical aspects of constructing and submitting on-chain proposals.

Stay tuned!

Regen Network

Platform for a Thriving Planet

Regen Network

Regen Network aligns economics with ecology to drive regenerative land management. Learn more: https://regen.network

Regen Network

Written by

A blockchain network of ecological knowledge changing the economics of regenerative agriculture to reverse global warming.

Regen Network

Regen Network aligns economics with ecology to drive regenerative land management. Learn more: https://regen.network

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store