I have devoted a significant amount of time to thoroughly think about the proposal, as it is of great importance. I wanted to share my thoughts on how we can possibly make a few changes to better serve our community and facilitate more balanced and effective decentralized governance.
Firstly, I appreciate the level of detail and thought put into the DaoFin proposal, and I believe it has the potential to provide a strong foundation for the XDC community's growth. However, I think we can make a few adjustments to ensure the power dynamics are more balanced and foster a more inclusive decision-making process.
In its current form, the People's House voting power is proportional to their token holdings. While this approach acknowledges the contributions of large stakeholders, it may unintentionally concentrate power in the hands of a few if there is no cap on the staking amount. To address this concern, we can introduce a cap on the maximum voting power any single address can hold in the People's House. This change would ensure that no single entity dominates the decision-making process while still rewarding larger stakeholders. The Idea of incentivizing active voting for Community members is a really great thought and will hoepfully increase participation over time. It needs to be a well thought reward system.
The current voting structure may have a participation threshold that is too high. Going forward we will surely figure out what percentages are best.
I see some possible barriers for voting. There needs to be a secure way for Masternode holders to vote without the need to connect their Masternode wallet directly with the voting DApp. (Maybe through NFT's or integration into the xdc.network masternode app.
The DaoFin proposal outlines an Election Week for the community to vote on submitted grant proposals. To make this process more inclusive, we can create a dedicated forum or discussion platform for community members to actively share their thoughts on grant proposals, ask questions, and engage in constructive debates. I would like to keep the XDC.dev forum focused on developers and developement related topics. This approach will ensure a better overview and that a broader range of perspectives are considered, helping the community make more informed decisions. If it turns out that this aspect has already been taken into account for integration in the Voting DApp, please disregard the just mentioned suggestion about a new dedicated forum for voting.
Enhancing Transparency and Accountability,
while the DaoFin proposal does mention transparency and accountability, we can strengthen these aspects by setting up a public dashboard to track the progress of funded projects. This dashboard can include details such as milestones achieved or reports the projects can submit for the community to read, and the overall status of each project. This level of transparency will help keep the community informed and enable them to hold project teams accountable for their progress.
The DaoFin proposal has the potential to bring about a whole new era of decentralized governance for the XDC Network. I look forward to discussing these suggestions with all of you and working together to refine the DaoFin proposal further.
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I have devoted a significant amount of time to thoroughly think about the proposal, as it is of great importance. I wanted to share my thoughts on how we can possibly make a few changes to better serve our community and facilitate more balanced and effective decentralized governance.
Firstly, I appreciate the level of detail and thought put into the DaoFin proposal, and I believe it has the potential to provide a strong foundation for the XDC community's growth. However, I think we can make a few adjustments to ensure the power dynamics are more balanced and foster a more inclusive decision-making process.
In its current form, the People's House voting power is proportional to their token holdings. While this approach acknowledges the contributions of large stakeholders, it may unintentionally concentrate power in the hands of a few if there is no cap on the staking amount. To address this concern, we can introduce a cap on the maximum voting power any single address can hold in the People's House. This change would ensure that no single entity dominates the decision-making process while still rewarding larger stakeholders. The Idea of incentivizing active voting for Community members is a really great thought and will hoepfully increase participation over time. It needs to be a well thought reward system.
The current voting structure may have a participation threshold that is too high. Going forward we will surely figure out what percentages are best.
I see some possible barriers for voting. There needs to be a secure way for Masternode holders to vote without the need to connect their Masternode wallet directly with the voting DApp. (Maybe through NFT's or integration into the xdc.network masternode app.
The DaoFin proposal outlines an Election Week for the community to vote on submitted grant proposals. To make this process more inclusive, we can create a dedicated forum or discussion platform for community members to actively share their thoughts on grant proposals, ask questions, and engage in constructive debates. I would like to keep the XDC.dev forum focused on developers and developement related topics. This approach will ensure a better overview and that a broader range of perspectives are considered, helping the community make more informed decisions. If it turns out that this aspect has already been taken into account for integration in the Voting DApp, please disregard the just mentioned suggestion about a new dedicated forum for voting.
Enhancing Transparency and Accountability,
while the DaoFin proposal does mention transparency and accountability, we can strengthen these aspects by setting up a public dashboard to track the progress of funded projects. This dashboard can include details such as milestones achieved or reports the projects can submit for the community to read, and the overall status of each project. This level of transparency will help keep the community informed and enable them to hold project teams accountable for their progress.
The DaoFin proposal has the potential to bring about a whole new era of decentralized governance for the XDC Network. I look forward to discussing these suggestions with all of you and working together to refine the DaoFin proposal further.