DAO Voting (Draft)
Decentralized Autonomous Organizations
With Meey network certain parameters of the public mainnet are now subject to a DAO vote. Everyone who has a stake can participate in the voting process, making Meey on-chain governance much more decentralized. What’s more, the Meey foundation decided to sponsor a reward for voting! For every block, one of the voters is chosen, with a probability according to their contribution.
In order to vote, you need to stake at least 10000 Meey
1. System Voting
BP - Block producers: This vote determines the block producers that will be assigned in the DPOS consensus algorithm.
BPCOUNT - Block producer count: This vote determines the number of block producers that will be assigned in the DPOS consensus algorithm
STACKINGMIN - Staking Minimum: This vote determines the minimum amount (in gas) required for staking.
GASPRICE - Gas Price: This vote determines the gas price (in gas) used to calculate transaction fees
NAMEPRICE - Name Transaction Price: This vote determines the amount (in gas) required for name transactions (create and update). Governance transactions are otherwise free, so this fee prevents spam and name squatting.
2. Governance Voting
Governance Voting is the new on-chain governance system that aims to be a business-minded DAO and decentralized decision-making framework.
MEEY token holders can participate and contribute in making governing decisions for the MEEY ecosystem through Governance Voting. Governance Voting will be accelerating MEEY to become a democratic, fully self-sustaining and open ecosystem.
3. FAQs
What are the time restrictions for staking and voting?
After every action (both staking and voting), you need to wait for 24 hours before being able to do the next action. The only exception is the very first time: one time, you can conduct all of the actions at once. The diagram at the bottom of this page shows an example daily schedule and how it affects your current totals.
What is voting power?
When you cast a vote, it is weighed by your currently staked amount. This is called the power of your vote, or voting power. Your total voting power is the sum of all your votes' power.
If I can only do one action per 24 hours, is it better to stake first or vote first?
If you want to change your stake, you should do that first to maximize your reward. Your votes are weighed based on your currently staked amount.
How are rewards calculated?
A reward (currently 0.16 meey) is paid out with every block (block rate: 1 second). The winner is selected randomly, with the chance depending on your total voting power in relation to everybody's voting power. Over a longer time period (e.g. 24 hours), your total received reward will be very close to the statistically expected one. In mathematical terms, your expected daily reward is (myTotalVotePower / allVotePower) * (0.16) * (60 * 60 * 24).
When should I increase my stake?
If you have additional meey to stake (for example because you received some rewards), it makes sense to increase your stake and vote again to increase your chances of receiving rewards. Your chance will increase roughly by the same percentage that your voting power increased, so you can calculate if it is worth your while.
What happens when I decrease my stake (unstake)?
When your stake is decreased, your voting power of your current votes is automatically adjusted. You don't need to vote again.
Should I vote for the same vote more than once?
You only need to vote again if you increased your stake or if you changed your mind about the candidate you voted for. If your stake is unchanged, voting again has no effect on your reward.
Should I vote for all votes?
Yes, your reward is based on your total voting power, which is the sum of all your current votes.
How can I know which vote I haven't voted for yet?
Check the Votes overview table on your account detail page. The voting power for each vote is the same as your staked balance at the time of voting. If you increased your stake, you can tell from the difference for which votes you already voted again and which you have yet to vote for.
What's an example schedule for staking and voting?
In this example, someone staked 10000 meey on the first day and voted in all votes. Ten days later, they increased their stake by 5000 meey. For the next five days, they update their votes. With every updated vote, the total voting power increases, and thus their chance to win the reward.
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