SOFT DAO Governance Update

SOFT DAO governance has kicked off with a multi-signature wallet solution in lieu of the standard token based governance. While this is not the traditional model, it was evaluated and deployed as a bottom up solution to governance decision making that is faster and lower risk than launching a token. Here was the specification:

  • m of n parties can vote to approve or negate a decision
  • Should be permanently accessible on the blockchain
  • Should be able to own a set of contracts
  • Should be able to engage in smart contract interactions with m votes approving

Several concerns come into play, one is where the proposal is stored. Many proposals exist in the form of forum posts or github commits. These services are hosted and managed by centralized entities, this means that these votes can be taken down or altered.

The next is how votes are conducted. Currently the most popular form of community engagement is for token holders to vote on governance proposals. This means that individuals or entities that have a large quantity of tokens have outsized influence on the votes. A one-person, one-vote model can provide for a leaner, less dramatic approval process.

The proposed solution is to have multi-signature transactions posted for approval where m=3 and n=10. A Gnosis Safe or similar can be used as the multi-signature solution and IPFS can be used to host any of the proposals. The link of the proposals to the transaction must be in a Base58 encoded format and so the IPFS hash (without the URL) can be converted and recreated to prove validity.

To decode an IPFS hex hash:

  1. visit https://www.convertstring.com/EncodeDecode/HexDecode
  2. Copy and paste the encoded hash into the search field
  3. Copy the decoded hash and paste it into a Cloudflare IPFS proxy URL
    (ie: flare-ipfs.com/ipfs/QmRdGa7XasUq84SmKqZtrbkDP8EBENogG2gxXGnVcDfiAX)
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:star_struck: :pinched_fingers: :star2:

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The “one person, one vote” model can provide a softer and less dramatic approval process.I think it’s the right thing to do!

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Yep, but multi account’s?

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I’m sure you’re on the right track! :heart_eyes:

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Hello Nick , I’m ready work and want to join.
My discord: Zheezzy#6980

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i have been waiting for good news and im great to participate your project.

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Proud to be part of this DAO :smiling_face_with_three_hearts:

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So sometimes you have to connect your github account to sign?

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Hello Nick.
I’m waiting for this project long time.
Thank you for your update.
(My Discord : BAS#0184)

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multiple methods for 3rd party authentication, or you can just create an account regular style :wink:

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Great to be part of The DAO

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Thanks for the nice information

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Thank you for more infomation
CrypTontMooN#1373

It’s very cool. Pobrably a good move

Hello Nick, thanks for the update. is the best project.
(My Discord : keng | ContributionDAO#6930)

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Proud to be a part :+1:

SOFT DAO is good project :slightly_smiling_face:

Good to know all of this information.

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I believe that our project will definitely go well. I would like to support what I can do.

Discord : poupee#3497

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