A Critical Look At DeVault’s 1 Coin Equals 1 Vote

The DeVault project  is based on 100% community governance where 1 coin equals 1 vote which  means a community members stake in the project is directly proportional  to the weight of their votes during decision making.In  this model of governance, all issues from coin supply, development  roadmaps, and coin brand can be decided upon by the entire community. An  individual who wants a decision taken on an issue will have to submit a  proposal on the blockchain which will be voted upon by the entire  community.

This  system is very interesting as it’s innovative and not common, in this  article we break down how the 1 coin = 1 vote system works.The  1 coin = 1 vote system of voting is part of DeVault’s total community  governance plan which will be published in a document titled ‘Community  Rights of the DeVault Blockchain’. This document will consist of the  initial guidelines for community governance on the DeVault blockchain.

To  vote using this system, the user has to sign a message on the DeVault  blockchain that declares his stands on the issue being voted on. The  user has to sign the message on the particular address that contains the  coins. The number of coins in the address for the entirety of the  voting period, that does not leave the address will be counted as valid  towards either a ‘Yes’ or ‘No’ Vote.Moving  coins before the vote has been finalized will render your votes  invalid. Currently, members will be able to sign messages on the DeVault  Desktop wallet.The  1 coin = 1 votes system will be used in making decisions in various  forms in the DeVault ecosystem which can be divided into treasury voting  and community core voting.The  community core voting process is reserved for taking decisions on  particular issues concerning the network while treasury voting is for  voting on various proposals that seek funding from the DeVault  blockchain.

To  maintain transparency on the network all decisions made by the  community, all budget transactions will be logged on a single webpage,  accounts.devault.com for all payouts with signed messages pertaining to  the purpose of the payment.All  transactions will also need a second layer of approval as an anti-scam  measure. 

Payments will always require ⅘ (this will scale up as we grow #  of DAOs), multi-signature operators, to approve regardless of community  voting as an anti-scam measure, but must overwrite the community vote  with a new proposal asking the community to reconsider the proposal.

Correcting the Old

With  this feature, every single coin holder gets to have a say in the  decision process with the weight of his votes directly proportional to  his holding. This eliminates misunderstandings as a result of lack of  effective consensus building mechanism that has rocked various  cryptocurrencies including Bitcoin and Ethereum.

These  kinds of cases have had various effects on different projects. Lack of  consensus is the leading cause of splitting of blockchains and  communities around these blockchains in the cryptocurrency ecosystem.  DeVault seeks to avoid this with the 1 coin = 1 vote system.Learn More: https://devault.cc/index.html

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This article was a submission for the DeVault Economy Article Bounty, visit www.DeVault.cc to learn more about the community governed digital economy.