LBI's Governance

lbi-token (76)in LeoFinance • 5 years ago

Good day to you, today we are going to look into different governance models for LBI. We understand this will be a hot topic but it's something that needs to be addressed and planned from the start. I hope by the time you are finished reading this post, you will have a better understanding of how we envision LBI's future in terms of governance.

Let's paint the picture

I want to make it 100% clear governance will come from token holders otherwise it is not true DEFI. The content team will be focused on delivering good content. @silverstackeruk's focus is on asset management and when we get a gaming team, they will only be concerned about gaming for LBI. We should start to build small teams, each focused on doing a specific role with LBI. In order of importance, a governance team is next on the list. They say a picture can speak 1000 words so this is what's in my head to give you a better idea.

Governance model

Picking a governance model are thinking one up should I say is no easy task as we want to be fair to everyone but at the same time, we dont want every idea purposed to result in a token holder vote. I think governance voting should be used for important matters only and should be seldom.

Here is an example of how less voting is more
If we hosted 4 big votes with 5-6 proposals in each, per year every 13 weeks, we will gather much more information compared to doing 26 smaller votes of 1 purpose every 2 weeks. It would be very hard to get all LBI token holders to vote on each proposal every 2 weeks but much easier to get more people to vote on 5-6 purposes at the same time every 3 months. This gives much better results as each vote is collecting results for 5-6 proposals from each voter. It's also a lot less work intense and simpler to manage making easier it simple for the whole process to remain consistent.

@silverstackeruk will host the first governance vote from the @lbi-token account in around 5-10 days time. After a governance model is selected, it's 100% up to you guys to make it happen and build a governance team for LBI. The basic requirements for a governance team will be too...

collect proposals
re-blog proposal from @lbi-gov
write non-biased pre-voting and official governance voting posts
collect and count voting results and release the via results post

The governance team might change every 6 months, maybe people are voted in are out every 3 months are maybe it never changes and the team is permanent. We have lots of options to consider, below is one an example of how 6-month terms would work.

Example Governance model based on terms lasting 6 months

Simple 6-month term cycles

Weeks 1-7 - Collect proposals
Week 8 - Host pre-vote
Week 9 - Host governance vote
Weeks 10-20 - Collect proposals
Week 21 -pre-vote
Week 22 - Host governance vote
Week 23-25 - Collect proposals
Week 26 - Host the vote to select governance team for the next 6 months
Rinse and repeat

Governance team, 3-5 people

Token holders that would like to nominate themselves to be part of the LBI governance team would upload a post using the tag #LBI detailing why they think they would make a good representative for token holders.
LBI tokens holders vote the nominates every 6 months and the top 3-5 voted in are the governance team for the next 6 months. No limit to carry over terms.

Proposals and voting

If you have a suggestion or proposal you would like to share, we'll try to make the progress simple and fair for everyone included. We are not saying that every proposal should are will be voted on but every proposal will have an equal chance with token holders deciding which proposals are most important to focus on for the coming 13 weeks.

We can host a pre-vote were all proposals submitted over the past 12 weeks are voted on. Token holders vote their top 3-5 liked and the top 5 voted on proposals go to governance voting for the final yes/no. The pre-vote can be considered a filter to remove unpopular proposals and focus on the best/most popular.

Simple 13-week voting cycles - handed by the governance team

Weeks 1-11 - Token holders submit proposals by uploading a post using the tag #LBI
Governance team will reblog your proposal from @lbi-gov account to lock it in
Week 12 - Host pre-vote to select top 5 most like proposals
Week 13 - Host governance vote and release results after 7 days
Rise and repeat

Roundup

There are 1000 different ways we can go about this. The 6-month governance team cycle and 3-month governance voting cycles are to be viewed as examples to explain the idea but I think these models should be considered. From my own experience with trying to decentralize SPinvest, I learned that 1 person can not make it happen. 1 person has to set the rules to the game and it's up to others to either play are not play. If LBI token holders want true governance they will have to take it and work together to build a governance team and actively tick off the points of each cycle. I believe the LBI community are solid enough to gather together and create many mini teams all focusing on particular tasks. Each new team adding to the value of the project and to its future success.

I hope this gives a better idea if what we are thinking. There is no need to over complicate things as it's not required. We are not trying to do anything fancy here, governance is simply proposing ideas and gathering feedback by voting essentially. We will use LBI's scaled voting tier's to determine each token holders voting weight

10-99 LBIs will earn a vote equal to 1
100-499 LBIs will earn a vote equal to 2
500-2,499 LBIs will earn a vote equal to 3
2,500-9,999 LBIs will earn a vote equal to 4
10,000+ LBIs will earn a vote equal to 5

2 reoccurring questions

How can I buy LBI tokens?
Yes, can send any amount of LEO to @lbi-token no memo required. 1 LEO = 1 LBI
How long will LBI's be on sale?
We will issue them for as long as people buy them. When new token issuing numbers drop to under the trading volume on leoDEX/HE, we will consider hard capping the token. Notice of at 4 weeks will be given

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