Voting on chain parameters

Voting on on-chain parameters that affect how the network functions.

Overview

Planetmint uses the Cosmos SDK governance module to enable stakeholders to collectively decide on important on-chain parameters and upgrades through a decentralized voting process. This documentation provides a step-by-step guide on how to participate in the voting process for chain parameters.

A set of Planetmint-specific on-chain parameters can be found at REP-12.

Prerequisites

Before participating in the voting process, ensure that you have:

1. Staked Tokens: To participate in governance, you need to hold tokens staked in the network.

2. Voting Rights: Some networks might have additional requirements for voting, such as a minimum staking duration.

Proposal Submission

1. Draft a Proposal:

   • Use the planetmint-god tx gov draft-proposal command to create a draft for a proposal

   • Select the transaction (e.g.: planetmintgo.dao.MsgUpdateParams) that shall be voted upon and set all parameters in the created draft_proposal.json

2. Initiate a Proposal:

   • Proposals are submitted to suggest changes to on-chain parameters.

   • Use the planetmint-god tx gov submit-proposal command to initiate a proposal.

3. Deposit Tokens:

   • Proposers are usually required to deposit a certain number of tokens to prevent spam proposals.

   • The proposal will only move to the voting stage if the minimum deposit is reached.

   • planetmint-god tx gov deposit 1 100stake --from validator-operator

4. Vetting Period:

• Proposals go through a vetting period to allow the community to review and discuss them.

• Community members can express their opinions on the proposal during this time.

Voting

1. Voting Period:

   • Once the vetting period concludes, the proposal enters the voting period.

   • Use the planetmint-god tx gov vote command to cast your vote.

   • planetmint-god tx gov vote 1 yes --from validator-operator

2. Quorum:

   • Some networks may require a minimum percentage of total staked tokens to participate for the vote to be valid (quorum).

3. Threshold:

   • Define the minimum percentage of 'Yes' votes needed for the proposal to pass.

4. Passing or Rejection:

   • If the proposal receives enough 'Yes' votes and meets the quorum and threshold requirements, it is accepted.

   • Otherwise, it is rejected.

Implementation

1. Parameter Changes:

   • If the proposal is accepted, the on-chain parameters are updated according to the proposal's specifications.

2. Execution:

   • The changes are executed at the end of the voting period.

Conclusion

Participating in the governance process allows stakeholders to actively shape the evolution of the RDDL network by voting on critical on-chain parameters. Stay informed about ongoing proposals and exercise your voting rights to contribute to the network's decentralized decision-making.

For detailed commands and examples, refer to the official Cosmos SDK documentation and CLI guides.