Community Governance and Voting in Sögur: Everything You Need to Know
Sögur is now in its second phase of governance, which includes a voting platform to enable its currency holders to both propose governance changes and to vote on them.
In September, Sögur underwent significant changes to its monetary and governance models. From a governance perspective, the most significant change was the prompt formation of the Assembly, allowing SGR holders to exercise planned powers through an on-chain voting mechanism.
Key features of the voting process
Eligibility: To be eligible for voting and initiating proposals, currency holders must hold at least 10 SGR in the wallet linked to their Sögur account, at which point they will automatically become Participants in Sögur’s Governance.
Voting power: As Sögur is both a financial project and a democratic one, Sögur’s voting mechanism balances between the one token — one vote (stake-based) approach and the one person — one vote (participant-based) approach. This is done by using Democonomy Voting which dynamically balances voting power between small and large holders.
Liquid Delegation: Participants can offer to act as delegates for other Participants. Alternatively, they can delegate their own voting power to existing delegates. All this is done in the Delegation Platform. Delegation is liquid, as Participants can always choose to actively vote instead of giving their voting power to the delegate (if they have one) in any voting process.
How voting works
The voting page displays governance proposals. Each of the governance proposals has its own designated page where the actual voting takes place.
In order to vote, you need to connect your wallet (currently only metamask is supported), at which point your voting power on the specific voting item is calculated and displayed. Select your preferred option, and complete the transaction using your wallet.
Initiating governance proposals and supporting them
In Sögur, Participants are welcome to initiate governance proposals and to provide support for such proposals. This is done through Community Proposals Platform. Once a participant’s proposal gathers 5% support from the total voting power it advances to the voting page.
Proposals must appeal to matters within the Assembly’s decision making rights per the current governance phase, as detailed in the Sögor’s constitution and in the Initiating Governance Proposals Guidelines.
Broadly, these include various aspects of Sögor’s reserve management, liquidity management, and statutory auditing. Starting November 2020, Participants will also be able to propose a dissolution of the Executive Council and announce new elections. For more info see the governance model blog and the Provisional Constitution.
Proposal initiation is done off-chain, using the snapshot.page platform. The platform also allows Participants to provide support for initiated proposals with their voting power. The current status of initiated proposals is also displayed and updated on Sögur’s proposal platform.
If you are looking for more detailed information about proposal initiation see ‘Initiating Governance Proposals Guidelines’.