PIP Voting weight
###### tags: `Voting weight` `Pascalcoin`
PIP: *reserved for PIP editor*
Title: Title for your PIP
Type: Protocol | Backend | Front-End | Informational | Process
Impact: [Hard-Fork|Soft-Fork|None] - [Protcol | API | GUI | Mobile | Other]
Author: Firstname Lastname <firstname.lastname@example.org>
Comments-URI: *reserved for PIP editor*
### PIP: Voting weight Summary
It is proposed to change the weight of votes for allocation of the 20% developers’ reward as established in PIP 11. The aim is to amend the disproportionate power the current weight of votes apportions community members with large holdings of PASC and PASA (whales). Accordingly, the proposal will, if accepted, introduce a more balanced approach that will distribute the weight of the vote between the individual community members more evenly. In addition, it will exclude exchanges and other organizations that hold PASC they are not the owner of (e.g. deposit from customers) from voting. Any other element of PIP 11 will not be influenced by this proposal.(edited)
PIP 11 allots votes according to the following criteria: A) 1 PASC = 1 vote; B) 1 PASA = 5 votes. The consequence of this allotment is that a few large stakeholders of PASC and/or PASA may outweigh the vote of a large majority of community members. While this does not counter the stated aim of PIP 11 that budgets will be “voted on by the community itself”, it does so in spirit.
If accepted this PIP will introduce the following weight of votes to PIP 11:
- 500-9.999 PASC = 1 vote
- 10.000-19.999 PASC = +1 vote (total = 2 votes)
- 20.000- 99.999 PASC = + 1 vote for each full 10k PASC (total = 10 votes)
- 100.000-999.999 PASC = + 1 vote for each full 100K PASC ( 20 votes in total )
- 1.000.000 PASC and above = + 1 vote for each 100k PASC linear ad infinitum
The weights of the PASC are here calculated according to a PASC price of 0.3 USD and an established entry level of 150 USD.*
- Each individual person or entity is only allowed to vote once at each vote and from one single PASA account. Consequently, it is not allowed for one person or entity to divide their holdings between several PASAs for voting purposes.
- PASC are subject to a minimum age requirement of 3000 blocks to be eligible for voting. That is to say, for any PASC to count in a vote it must have been held at the PASA voting account for 3000 Blocks or more before the voting begins. PASC held for less than 3000 blocks before the start of the vote will, therefore, not count in the given vote.
- 1 Pasa = 0 Votes
- Exchanges and other organizations that hold PASC they are not the owner of (e.g. deposit from customers) are not allowed to vote.
A fraud detection system will be set in place that will make sure bad actors are identified and that their vote will not be added to the final voting result. A PASA that has been used for a fraudulent vote and possible PASAs associated to this will be blacklisted from voting for a period of 3 years starting from the date of the vote. Such PASA(-s) will be kept on a public list.
The present PIP aims at amending what is considered to be a disproportionate power allotted to holders of large sums of PASC and PASAs by PIP 11. Yet, it does not find it advisable to even the vote completely as to 1 person = 1 vote. This scenario would assign equal power to people that may have little or no interest in securing the future of PascalCoin as to those that have an actual stake and thus incentive to make informed choices in the best interest of PascalCoin and its community.
- The fundamental principle of the present PIP is to even the weight of voting power between large and small holders of PASC without lowering the bar of entry to the point that it may compromise the interests of PascalCoin and its community. This entry point is established to be 150 dollars. As a consequence the weight of vote of PASC is subject to change in real numbers but not proportionally.
More specifically, the weights of PASC will be will be halved in case of a 100% increase and doubled in case of a 50% decrease in PASC to USD price in both cases. For example, in case of a 100% increase the weight of PASC for voting would be half of their previous weight. This would mean that the table as seen in Specification above, would be reset in the following way:
- 250-4.999 PASC = 1 vote
- 5.000-9.999 PASC = +1 vote (total = 2 votes)
- 10.000- 49.999 PASC = + 1 vote for each full 5k PASC (total = 10 votes)
- 50.000-499.999 PASC = + 1 vote for each full 50K PASC ( 20 votes in total )
- 500.000 PASC and above = + 1 vote for each 50k PASC linear ad infinitum
The weight of PASC will be fixed to last published voting weight at all times and may not be changed during a voting process. In addition, exchanges and other organizations that hold PASC they are not the owner of (e.g. deposit from customers) are not allowed to vote. This measure is applied to further safeguard that the vote is only for direct participants in the PascalCoin community and/or ecosystem. Note also that PASAs will not count for any votes according to this PIP. The rationale for this is that PascalCoin does not have an interest in community members accumulating PASAs. On the contrary, a low price and easy access to PASAs is fundamental the further adoption of PascalCoin.