Saturday, February 4, 2023

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The BPC DAO Voting Portal

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The BPC DAO uses a web-based Web3 app known as the BPC DAO Voting Portal to allow ndau holders to help guide the future of ndau.  All ndau holders can submit new proposals and vote on existing proposals using a weighted voting system based on how much ndau they hold and their currency seat status as described in the ndau whitepaper.

Here’s a video overview of how to use the BPC DAO Voting Portal:

 

 

How do I log into to the BPC DAO Voting Portal?

You can log into the BPC DAO Voting Portal here.  Authentication is done by using the ndau wallet app’s built-in WalletConnect feature.

 

Where can I discuss BPC DAO proposals and voting?

The BPC DAO Discord hosts all discussions about proposals and votes.

 

What is the policy for submitting a new proposal?

The Axiom Foundation has contracted with Oneiro to facilitate and manage the functions and systems required for ndau and the BPC DAO. All new proposals can and should be debated rigorously in the BPC DAO Discord, however all new proposals submitted through the BPC DAO Voting Portal are subject to review by the Axiom Foundation based on their legality, technical feasibility and adherence to ndau’s fundamental framework as outlined in the ndau whitepaper for the benefit of all ndau holders.

Any ndau holder interested in submitting a proposal must discuss their proposal in the BPC DAO Discord before they submit it via the BPC DAO Voting Portal, as this provides a critical opportunity for public discussion and constructive feedback to make sure the proposal is suitable for a public vote.

All new proposals submitted through the BPC DAO Voting Portal are subject to review by the Axiom Foundation based on their legality, technical feasibility and adherence to ndau’s fundamental framework as outlined in the ndau whitepaper for the benefit of all ndau holders.

Proposals submitted through the BPC DAO Voting Portal during a given month will be reviewed by the Axiom Foundation the following month.

After review by the Axiom Foundation, a proposal will either be approved for public vote and posted for a public vote on the BPC DAO Voting Portal or it will be rejected and posted in the “#rejected-proposals” channel on the BPC DAO Discord along with a reason for its rejection.

All proposals must have a voting period of at least 3 weeks to give as many ndau holders as possible an adequate period of time to vote.  A proposal passes a public vote with a majority vote as discussed in the weighted voting system consistent with the ndau whitepaper.

 

How do I submit a new proposal via the BPC DAO Voting Portal?

You can log into the BPC DAO Voting Portal here.  Authentication is done by using the ndau wallet app’s built-in WalletConnect feature.  After you are logged in, click on the “View All” button and then on the “Add New Proposal” button. 

 

How does the weighted voting system works?

Consistent with the BPC voting structure as detailed in the ndau whitepaper, there are three classes of ndau addresses; 1. Initiator, 2. Early Adopter, and 3. Holder.

Each class has a voting power consistent with what is designated by the ndau whitepaper.  There are 3 Initiator addresses that elect 3 of 9 BPC members or 33.33%.  There are  a maximum of 3,000 Early Adopter currency seat addresses (each holding a minimum of 1,000 ndau) that elect 3 of 9 BPC members or 33.33 %.  And Holders elect 3 of nine BPC seats or 33.33%. Votes in the BPC DAO are allocated in a manner that is consistent with the method that was used for electing BPC members.

To calculate weighted voting, we use a total of 9,000,000 votes allocated according to the following method, with each class having 3,000,000 votes:

  1. The 3 Initiator currency seat addresses have 1,000,000 votes each.
  2. The Early Adopter currency seat addresses each have 3,000,000 divided by the current number of currency seat accounts (up to a maximum of 3,000 currency seats).
  3. Each Holder address has a share of 3,000,000 votes based on its balance as a proportion of all ndau currently in circulation (e.g. if there are 12,000,000 ndau in circulation an account with 200,000 ndau will have 1.7% of 3,000,000 votes, or 51,000 votes).

Each address may fall into one, two, or three of those categories. Each has a number of votes equal to the sum of its votes in all three categories.

The following three examples assume there are 12,000,000 ndau in circulation and there are a total of 2,000 Initiator/Early Adopter currency seat addresses:

An Initiator address holding 1,000 ndau

An Initiator account has 1,000,000 votes regardless of its balance (although Initiator accounts are defined to have a balance greater than 1,000 ndau).  This account is also a currency seat, so it has 3,000,000/2,000 currency seat votes or 1,500 votes.  This account has 3,000,000*(1,000/12,000,000) = 250 Holder votes.

This initiator account, therefore, has 1,000,000+1,500+250 = 1,001,750 votes.

An Early Adopter address holding 2,000 ndau

This account has no Initiator votes.  It has 3,000,000/2,000 = 1,500 currency seat votes.  It also has 3,000,000*(2,000/12,000,000) = 500 Holder votes.

This Early Adopter account, therefore, has 1,500+500 = 2,000 votes.

A Holder address holding 6,000 ndau

This account has no Initiator votes and it has no Early Adopter (currency seat) votes.

This account also has 3,000,000*(6,000/12,000,000) = 1,500 holder votes, so its vote total is 1,500 votes.

 

 

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