Today, February 15, 2023, the initial version of the GLX governance voting system will go live for the Genesis League Sports platform. This is an extremely exciting and important step forward in the pursuit of player-owned game experiences.
This post will offer a short description of how the initial version of the governance voting system works.
Governance System Details
For the initial version of the governance system, only the Genesis League Sports team will be able to submit proposals for a vote. These proposals will mostly constitute changes to the game or the GLX tokenomics that we believe will be beneficial to the overall ecosystem. The governance system will be used to allow the player community to decide whether or not the changes should be made.
In the future, the governance system will be opened up for anyone to submit a proposal for a relatively small fee of burned GLUSD to prevent spam. Even in this case, it is important to understand that ultimately whether or not certain changes are implemented into the game is up to the Genesis League Sports team, regardless of the results of any GLX governance proposal votes.
Obviously, our goal is to build the product that our players want, but in certain cases, it may not be practical or even possible for us to do certain things even if the player base may want them.
Our long-term goal is that more and more of the game code will be open-sourced over time, and more of the operation of the game and the tokens/NFTs will be turned over to the network of validator node operators (starting with the GLX token), at which point many types of proposals will be able to take effect automatically upon being approved by the community without any intervention or approval from the Genesis League Sports team or anyone else.
Proposal Voting
First and foremost, the content of all GLX governance proposals will be posted on the Hive blockchain (like this one). This ensures that the content of what will be voted on is always publicly available, and censorship-resistant and that any changes or updates are fully transparent. This is one of the most important features that the Hive blockchain provides and it fills the exact use case we are looking for when it comes to this type of proposal system.
The unique identifier for the proposal post on Hive will be the #glxproposal tag.
The "weight" of each player's vote on a proposal will be equal to the amount of staked GLX tokens in their account at the time of the vote, minus any GLX tokens currently in the unstaking process. In order for a proposal to pass, it currently requires at least 10% of all staked GLX to vote on it, and at least 66.66% of the staked GLX that has voted on it must vote "for" the proposal with less than 33.33% voting "against" it.
These thresholds are subject to change as we see how the initial voting
Proposal votes are currently set to last for 7 days, and players may change their vote at any time during that period or re-cast their vote if they have staked more GLX since they last voted.
Third-Party Community Proposals Website
The Peak and Splexx teams have created a simple website/tool that allows the community to view all of the Hive posts with the #glxproposal tag that are available for voting. These posts will show the total staked GLX voting for and against it so that the community can easily see the current status of any proposals over the 7-day voting period. Voting can be done via either of the links below.
https://splex.gg/proposals/gls
https://peakmonsters.com/proposals/glx
In the future GLUSD burn sinks will be introduced in which users will be able to burn GLUSD in order to submit community proposals. The long term goal of the GLS team is to allow for community governance through both submitting proposals as well as being able to vote on them.