Community governance empowers Qredo token holders to make decisions on the Qredo Network’s evolution and development. This launch is an important step forward in our journey toward decentralization.
Here’s how it works:
Ideas & Discussion → Voting Proposals → Token Holder Consensus → Qredo Board Ratification
In this initial stage, anyone is welcome to submit ideas and proposals for discussion, irrespective of whether you are a token holder or not. Initiate a thread in the appropriate forums (governance, protocol, R&D, partnerships, or other) and engage the community in constructive discussions.
When crafting your submission, focus on the end goal. What does success look like in implementing your idea? What benefits would it bring to the Qredo community? How can we best execute it? If you have any resources to contribute to expediting the process, feel free to suggest them.
As discussion topics gain significant traction, they will progress to the voting proposal stage. Here, Qredo Governance Forum moderators will transform these ideas into Preparatory Voting Proposals, also known as Qredo Protocol Improvement Proposals (QPIPs) published on the corresponding forum threads. This transformation serves to prepare the community for the more formal process of consensus building.
Each Preparatory Voting Proposal will be accompanied by a poll with three options: Yes, No, or Abstain. A proposal must receive a minimum of 100 votes, with the majority being “Yes” to move forward to the next stage.
At this juncture, it’s important to note that these proposals, while crucial, are not yet binding. They function as a barometer to measure community interest and preliminary consensus. This crucial stage serves to identify potential obstacles, engage in problem-solving, and shape the proposal in a way that best suits the collective vision of our community.
The culmination of our collective efforts is this final stage, known as the Token Holder Consensus. Proposals that have been diligently discussed, refined, and have gained significant approval in Stage 2 now advance here for final approval by Qredo token holders via the Snapshot voting platform.
Similarly to QPIPs proposed on the Governance Forum, they will be accompanied by a poll with three options: Yes, No, or Abstain.
In this stage, voting power directly correlates to the amount of QRDO held in Vaults. Therefore, to vote, users must ensure they have QRDO in their workspace prior to the start of the voting process. You can learn more about how voting power is calculated in the “Voting Power” section.
Voters must join the Qredo space on Snapshot before voting commences. You can learn more about Snapshot in the “Voting Process” section.
After the conclusion of the voting period, the proposal is forwarded for the Qredo Board for the final ratification.
In the future stage of Qredo DAO development, decisions made on Stage 3 will directly become legally binding. At the moment, a formal ratification by the Qredo Board is needed to finalize the vote for legal reasons.
Once the token holders have reached a consensus on a proposal, it must be ratified by the Qredo Board. This step is legally required since our current legal structure is not a DAO yet.
This four-stage approach embodies our commitment to ensuring that the growth and evolution of Qredo are truly collaborative processes, echoing the aspirations and ideas of our entire community.
Anyone can initiate discussions on the Governance Forum. Qredo moderators are responsible for aggregating community suggestions into voting proposals.
Any token holder with QRDO in their Qredo Vaults is eligible to vote on Snapshot.
The main areas for governance proposals may include:
• governance mechanisms
• roadmap prioritization
• fee structures (transaction fees, staking rewards, community revenue distribution)
• research and development
• developer incentives
Proposals can be submitted under the relevant categories of the Governance Forum. The community is welcome to propose more categories and areas of improvement.
Voting power is determined by the number of QRDO tokens held in all user’s Qredo Vaults within their Qredo Workspace, with each token equating to one vote.
A Web3 wallet is necessary to be nominated as a Voting Wallet and to ensure the connection to Snapshot, however, only the Vault balances are taken into account to calculate the voting power.
|Alice||Qredo user||A user who has a Qredo Web3 Wallet and a Qredo Vault|
|Ana||Qredo user||A user who has only Qredo Web3 Wallets|
|Bob||Non Qredo User||A user who has no Qredo wallets|
In the following scenario:
• Alice’s voting power is equal to the total balances of QRDO in her Vaults.
• Ana will have 0 voting power since she doesn’t have a Qredo Vault.
• Bob will have 0 voting power since he doesn’t have a Qredo Vault.
Please ensure that a Web3 wallet has been nominated as a voting wallet before casting a vote. If a non-voting wallet is used, the voting power will be zero.
- Log into your workspace: locate the voting notification under ‘Holdings’.
- Go to Qredo Station: find the ‘A Voting is Here’ box on the right-hand side.
- Set up voting: Initiate the nominating process by clicking the ‘Set Up Voting’ button.
- Nominate your voting wallet: select a Web3 wallet from the list of wallets in your workspace.
- Your voting power will be displayed once the Voting Wallet is set up.
- Navigate to Snapshot.org and join the Qredo space with your nominated Voting Wallet.
- Find Qredo Proposal: look for the Qredo proposal within the platform.
- Approve your participation: an approval notification will appear on your device. Authenticate and confirm your participation in the voting group. You’ll have an option to reject or confirm.
- Vote on the proposal selecting one of the following options: Yes / No / Abstain.
We’re on the path to being fully decentralized. To guarantee a safe transition of the network’s governance to a decentralized entity while ensuring the protection of stored assets, the core team will retain veto power to avoid voting on overly risky proposals for the first part of this journey. As the Qredo network’s assets become managed by a fully-fledged DAO, this power will gradually decrease. We thank all participants for understanding the complexities of decentralizing such a massive infrastructure.
The Qredo core team can veto proposals that could potentially harm the project. These include changes to the core development team, major protocol overhauls, proposals that compromise legal and regulatory compliance, and changes to the token supply and distribution. Proposals in sensitive areas that may significantly impact the project will be assessed individually.