Discover more from DripDropz
DripDropz Voting Wrap up
Auditing, Technology, and Results
Auditing, Technology, and Results
From May 15th to the 25th, the DripDropz community participated in an incredible experiment in blockchain governance. We are totally overwhelmed by the fantastic support we receive from this amazing community.
The turnout for the first vote was excellent. 1,998 DRIP Holders participated in the vote. The wallets that voted represented 112.3 million DRIP tokens, or 22.6% of the total DRIP in circulation. The voters made choices related to the future of the DripDropz platform. With their guidance, the team is now going to implement several new tools and policies to meet their obligations under these decisions. The DRIP token is officially a live governance token on the Cardano Blockchain, thanks to all of you.
In the weeks leading up to the vote, the team built a list of ballot questions, and took feedback from the community. We eventually loaded these finalized ballot questions immutably on chain. Software systems were built to support the vote. We created infographics and video to support you all through the voting procedures.
How can we count the votes? How can we minimize any cost to our users? How can someone else look at the vote and verify that the votes matched what we said? These are important questions that we needed to answer. We believed that the voting system will have to be robust, on chain, and easily audited. Thankfully, Team DripDropz is home to some incredibly smart, and talented people. One of those people is Adam Dean.
Adam has a history building some incredible tools for Cardano. He’s the author of BuffyBot, after all. But Adam also has quite a passion for voting and enabling votes on chain. A tool he designed performed an early on chain vote using testnet to vote for SPOCRA. Some of the lessons learned there were applied to this vote, which was the first to power a vote with native asset ownership for platform governance. Really exciting stuff.
Adam designed a fungible token voting method that provides multiple choice ballot options, stores all of the data of the votes on chain and returns all ADA other than transaction fees back to the users. He even found ways to minimize the transaction fees, by processing refunds in queues. All of the details of this tool will be placed in a “CIP” or Cardano Improvement Proposal, because we want the whole community to have access to this method.
In addition, Latheesan and Adam have decided to work on an open-source packaging for this tool, so that community members will have access to host their own votes.
The voting process is just one part of the whole. A governance system needs to be independently audited. To make this easy, the fungible token voting method gives straight forward feedback in a human readable format.
The token named “ballot” shows the total number of votes counted. In order to store a vote, a single fungible token is created. Each transaction containing the ballot tokens includes the metadata with the choices made by the user.
Because the information is stored in a very accessible way, anyone could manually count the records, or create a tool to calculate the results. That’s what Latheesan did, when he built out the interface that showed the vote results in real time.
Speaking of results, we wanted to take a moment to say thank you. Thank you for trusting us to build this tool for the community. Thank you for participating in the vote. Thank you for voting for a really solid direction for the team to take. Thank you for entrusting us with a portion of the 100% fair allocation for operational needs and rewards.
For question 1, you have set a first-year target APY of 10% for DRIP staking. With question 2, you set the redemption rate for the Drip Pro Feature set at 10,000 DRIP. In Question 3 you set the minimum time frame for reviewing the curved decay to every quarter.
On question 4 you allocated DRIP tokens for some very important parts of our infrastructure. The Droperator network will now be able to be rewarded with DRIP tokens for their participation. In addition we will be able to further grow the decentralization of the DripDropz platform!
The team values your trust and participation above all else. You proved to us with question 5 that you want us to build for you, and to be active with DRIP in other ways in the community. We take this responsibility very seriously. The team agreed to abstain from this question, to allow the rest of the community to decide.
Continue to watch this space as we make more announcements on the future of the platform, and the exciting new ways in which you can get your drip on.
The DripDropz community has completed its first governance vote successfully. The incredible turnout and strong results proved that voting can be performed safely, quickly, and efficiently, on chain, with a native asset providing voting power. The future of voting on Cardano can grow based upon this successful experiment. We’re looking forward to building even more great tools for you!