IoTeX & Snapshot: Decentralized Governance with No Fees

IoTeX adopts Snapshot, the open source, industry standard tool for voting/governance used by the world's top blockchain networks.

IoTeX & Snapshot: Decentralized Governance with No Fees

IoTeX began as an open-source project in 2017 with a vision to power the Internet of Trusted Things with technology that is open and transparent to all. We are now ready to continue our mission for radical transparency by introducing decentralized governance to involve our community in core decision-making processes and ensure the future of IoTeX aligns with the views of all stakeholders.

Why now? After our recent Mainnet v1.2 & 1.3 releases, IoTeX is now equipped with full Web3-compatibility, allowing us to onboard the best tools in the industry to facilitate decentralized governance in a trusted fashion. Today, we are excited to introduce Snapshot, the industry standard tool for voting/governance used by the world's top crypto projects, and now IoTeX!

What is Snapshot?

Snapshot is a no-fee governance tool based on IPFS that makes it simple for decentralized networks to run open votes, polls, and referendums. Creating a proposal on Snapshot is free, as is voting for proposals! All proposals and votes are signed and stored on IPFS, making all voting results easy-to-verify and hard-to-contest thanks to verifiable "eth_sign" messages. Best of all, Snapshot is fully open-source, which aligns perfectly with our vision for radical transparency.

Decentralized Governance on IoTeX

The end-to-end governance process.

As we previewed in this post, decentralized governance on IoTeX will be open to all stakeholders and follow this end-to-end process:

  1. Ideas will be shared/discussed on the IoTeX forum and Discord. Once sufficient quorum is reached, the idea will turn into a formal proposal.
  2. Stakeholders will vote on proposals via Snapshot, which supports various strategies that dictate how votes are counted. We have created our own strategy – "iotex-staked-balance" – that reflects a user's staked IOTX (1 IOTX = 1 vote) with bonus votes from staking durations included.
  3. If a vote is passed, the proposal will be implemented by the IoTeX Foundation and/or core-dev team. Implementation will differ based on whether the proposal is technical (i.e., requires code change) or non-technical.

While the high-level governance process is clear, there are several detailed parameters that will be discussed and defined openly by the community (e.g., who can vote/propose, requirements for proposals, thresholds for quorum). If you want to help define the future of governance on IoTeX, join our Governance Working Group by filling out the form below.

Note: if you already filled out this form earlier this year, you do NOT need to sign-up again as we have your information.

What's Next?

Make you voice heard – we can't wait to see how our amazing community will push the IoTeX Network forward. In the near future, we will introduce our first network polls on Snapshot and kick off our Governance Working Group sessions to discuss/iterate the detailed end-to-end voting process. Once this is finalized, we will open proposals to the community and unlock a new chapter of decentralized governance for IoTeX.

Can't wait to get started? Equip yourself with the checklist below:

  1. Bookmark where we will be hosting votes in the future.
  2. Set up MetaMask for IoTeX, which will be required to vote on Snapshot.
  3. Delegate your votes to another address (optional, useful for those that have multiple staking addresses but want to vote with a single address)
  4. Browse other blockchain networks' votes on Snapshot to better understand the scope, content, and structure of proposals.

For more information, reach out to us on Telegram or Discord.

About IoTeX

Founded as an open-source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all “things” — humans, machines, businesses, and DApps — can interact with trust and privacy. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, secure hardware, and confidential computing to enable next-gen IoT devices, networks, and economies. IoTeX will empower the future decentralized economy by “connecting the physical world, block by block”.

Learn more: Website | Twitter | Telegram | Medium | Reddit