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Conviction Voting (Funding)
A new decision making process, also known as “vote streaming,” where voters can continuously express their preference by staking tokens in support of proposals they like. Proposals have a discrete 'passing' threshold. When group conviction exceeds the threshold, funds are disbursed. This allows people to weigh-in anytime and eliminates the need for group consensus on every proposal. It moves away from majoritarian decision making, and towards sufficient support for proposals in real-time.
It improves distributed decision making, evolves social needs into coordinated action, and provides insight into community intent. It mitigates governance control by majority holders, last minute vote swings, and low voter participation due to short voting windows.
Examples include the 1hive or Commons Stack patterns. In the 1hive example, dubbed “Gardens”, dynamic token issuance feeds a common pool where Conviction Voting is used to allocate HNY tokens to fund work proposals. In the Commons Stack pattern, Conviction Voting is used as a Token Curted Registry (TCR) style tool to rank community grants to order favorites to receive funding. The TEC will be using a modified version called Disputable Conviction Voting with the implementation of Celeste which allows proposals to be challenged as mentioned above in the Celeste section. To learn more about Conviction Voting in this Tweet thread summary by the Commons Stack or watch this walk through video of the TEC CV test dapp.
Voting Type: Dynamic - One Token, One Vote that grows in weight [conviction] over time staked.
Future Modifications: Quadratic, Vote Delegation, Escrow, Bonding Curve Integration.
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NOTE: Research and development into a blockchain agnostic portable version of Conviction Voting is currently underway, and the Token Engineering Commons is likely to fund further R&D of governance primitives.
Last modified 1yr ago