Find out how you can vote on governance proposals 🤝
Decentralization is a big part of our platform, and democratization is an important part of that process. This is why we’re opening the door to more community input on the important decisions regarding our platform while we’re on the path to further rollouts.
In this article we’ll take a look at the challenges we face at this point in regards to ensuring everyone gets a say in the platform, as well as discuss the most recent vote on our Discord. We’ll also go through what you can do to ensure you can fully participate in public decisions here at Hololoot ✨
Centralization, decentralization and Hololoot
Decentralized governance has incredible potential, but centralized decision-making also has distinct benefits in different situations. As Hololoot is founded on Web3 ideals, decentralized decision making (for example, through a DAO) is an incredible goal to aspire to. But as a young start-up, we also understand the need to keep decision-making centralized for the time being to ensure we remain agile during our development.
This challenge is not unique to us. Many blockchain projects begin their lives with centralized structures, only to transition to decentralized governance methods after reaching a certain level of stability. We still believe it’s important to keep decision-making primarily with our core team to respond quickly and effectively to the shifting demands of the space we’re in, but at the same time, we want to be able to involve the community more than you already are.
For this reason, we’ve decided to let you have your say on certain decisions impacting Hololoot. These are decisions that may one day be governed entirely by a DAO, but for now, we’re running things manually 🤝
How to have your Holo-say
We’ve set up a voting system over on our Discord for our community to vote on select proposals. This system isn’t perfect, but it does allow us to gauge sentiment before we make decisions. Important, it allows our amazing community to remain engaged with the project as we continue development 💖
Voting is simple: just head to Discord, get to level 3 and then vote on the polls as they come up. You can find polls in the #vote-on-a-proposal channel.
Unfortunately, there isn’t a simple solution that would allow us to create a token-based voting system for our BEP20 $HOL token, but we’re keeping our eyes out and if we can, we’ll move to a $HOL-based voting system.
Got questions? We might have the answer 👇
- How do we stop non-holders from voting?
Unfortunately, for the time being, we can’t. However, as the decisions the community will vote on won’t have any major impact on the economics of the project, there isn’t any incentive for someone to try and game the system. If you’re invested in the future of Hololoot, these votes will be important for you; if you’re just a troll, the effort required to hijack the vote is far greater than anything you could expect to get out of it. It simply isn’t worth their time.
2. Why can’t we use a $HOL-based system for now?
Many projects use 3rd party DAOs to help manage their votes — a great example is Snapshot on the Ethereum network. Unfortunately, there isn’t a protocol that would allow us to do the same thing as Snapshot but with BEP20 tokens (aka $HOL). For us to set up a DAO would mean coding it ourselves from basically nothing to support voting with $HOL. At this point, we’d rather focus development efforts on building the best possible Hololoot app for everyone to use.
3. Why did we choose Discord over Telegram or other platforms?
Discord gives us more power to moderate the chats and ensure that those with access to the poll are legitimate people and not bots. It also allows us to organize channels in a way that keeps things tidy.
4. Do I have to vote?
Nope, but we think you should! The decisions you vote on today will shape the way Hololoot looks tomorrow, so if you’re interested in the future of what we’re building it’s probably a good idea to let us know what you think.
5. How do I get to Level 3?
Our Discord bot monitors your activity and awards experience points based on your contributions. The more you chat, like, share and engage, the more experience you get and the higher your level goes. Getting to Level 3 requires sending a few messages and hitting a few replies: short enough for real users to hit the milestone quickly, but long enough for our mods to spot bots and spammers.
The first vote, and what we learned
On April 6 we ran a vote on Discord relating to the staking APR and transaction fees. This was the first attempt we had at polling the community, and we learned a lot from the experience.
First, we believe that we didn’t give you enough time to move over to Discord to participate. There are a lot of members in our Telegram community, but not as many on Discord. The process of moving to Discord and getting to Level 3 does take a small effort, and we think more of you should have had the chance to move across.
Second, we should have done more to explain the importance of voting — something which this article hopes to correct. The decisions made through these votes will help shape the project many of you are invested in, so if you’d like to see it go in the direction you’d like, these polls are important for you.
At the end of the voting period, the poll had received just 13 votes — just enough for us to see that we needed to do better at raising interest and awareness.
Back to the ballots!
The first vote we held was an important one, and we’d like to try it again — this time with a little more notice.
On April 20 we’ll run the governance poll on Discord again. The poll will be open for 72hrs.
The proposal relates to the 3% fee on all transactions, as well as the minimum APR for single $HOL staking.
You’ll be able to vote on whether to keep the fee and raise the minimum APR or remove the fee and keep the minimum APR at 10%.
We have also set up a separate channel on Discord (#governance-chat) for you to discuss the proposals, share your thoughts and even request votes of your own.
Head to Discord, introduce yourself and get to Level 3 (it really doesn’t take long), and we’ll see you at the polling booth 🗳
The Hololoot Team