Aiming for fair governance, developers seek to alter the voting system.

2023-04-18

Summary: - Sweat Economy, a move-to-earn project, is aiming to create a fairer governance voting mechanism for its community. - The project is allowing users to vote on how to spend almost $1 million worth of tokens earned through a governance vote. - Instead of the common mechanism of counting one token as one vote, Sweat Economy is introducing a one-holder, one-vote system. - This allows everyone to have a say in the decision-making process regardless of token holdings or knowledge of Web3 governance. - The vote will take place on the mobile app to let every tokenholder participate, and only those holding liquid tokens can participate. - Users will only be able to make one vote per user through a fixed transaction of nominal value in SWEAT from within the app. - The project has mechanisms to track and exclude potential abuse of the system. - A recent proposal to return 700 million Arbitrum (ARB) to the project’s DAO treasury failed after the community voted against it.

Full article:

The creators of a move-to-earn project are trying to make governance voting fairer by introducing a one-holder, one-vote mechanism for its community.

Move-to-earn app creator Sweat Economy is set to let its users decide on how to spend almost $1 million worth of tokens earned as fees and revenue through a governance vote with a twist. 

According to its announcement, the project will allow users to vote on how much of the tokens will be burned and how much will be given as a reward for users who staked their tokens. However, instead of the common mechanism that counts one token as one vote, which favors those holding more tokens, the voting mechanism is set to one tokenholder having one vote.

Oleg Fomenko, the co-founder of Sweat Economy, said that this mechanism would allow everyone to have a voice and participate in its decision-making. Fomenko explained:

“We believe that everyone should have a say in the direction of our company, regardless of the amount of tokens they hold, their knowledge of Web3 governance or wallet connection.“

The Sweat Economy team said the vote would take place on its mobile application to let every tokenholder participate. In addition, the team claimed that the foundation, investors or team could not sway the vote as only those holding liquid tokens could participate. 

Fomenko also told Cointelegraph that, in practice, it will work “as a fixed transaction of nominal value in SWEAT from within the app.“ According to the CEO, users will not have a way of changing this amount, resulting in only one transaction per user. Fomenko also said that while users may try to “game the system” by creating multiple accounts, they have mechanisms that allow them to track this on-chain and exclude those votes.

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Meanwhile, a recent proposal to return 700 million Arbitrum (ARB) to the project’s decentralized autonomous organization (DAO) treasury has failed after a vote on April 15. The vote was introduced after the Arbitrum Foundation transferred funds without the approval of the community. The proposal asked the foundation to let its community know that the governance holders control the DAO.

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Source: cointelegraph.com

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Name Symbol SYM Chain Market Cap Launch Votes