The voting process with SpiderDAO is a whale resistant solution that pairs hardware with software. The 3-stage process ensures that the power is retained among consumers and away from large parties. Let’s have a look at the 3 stages in detail.
The notorious feature of hardware-based DAO is that anyone can request a change in the system. Everyone has the right to demand and pass a change. Any registered member of SpiderDAO has the right to submit a proposal at any time for the community to view. Submitting a request involves a small transaction fee to operate on the network. However, before it can proceed to vote, the proposal must have the minimum requested amount of SPDR tokens deposited to it. This is the only prerequisite. This stage lasts for 2 weeks, but if the said amount of SPDR tokens is reached sooner, the proposal will immediately transfer to the voting stage.
This is the stage where voting occurs, and this phase lasts precisely 2 weeks. Instead of consumers depositing their SPDR tokens, they are allowed to vote. Participants can vote No, Yes, No (with veto), or Abstain. When the proposal reaches quorum, it will automatically pass to the next stage called Tallying. Quorum is the minimum threshold number of votes predefined by the protocol of votes.
The only participant that meet SpiderDAO’s predefined standards will be allowed to vote. They must ensure that access criteria are complied with in order to proceed to vote. Every SpiderConnect router is assigned only one vote implying that voting eligibility criteria are met. Participants have the ability to change their votes right up until the ending period.
When the two week voting period is over, the tallying stage will commence. The following conditions will be taken into account to state that the particular proposal has passed or failed.
Quorum: More than 40% of the total staked tokens at the end of the voting
period need to have voted.
Threshold: More than 50% or a majority of the tokens that participated in the
vote, excluding “Abstain” votes must have voted “Yes.”
Veto: Less than 33.4% of the tokens that participated in the vote, not counting
“Abstain” votes, have vetoed the decision “No (With Veto).”
In case any of the above conditions are not fulfilled, then the proposal gets rejected. The deposit associated with the denied proposal will not get refunded. The funds are directly transferred to the SpiderVault.
SpiderDAO’s vision is to bring unparalleled online privacy to the end-user. As a Decentralized Autonomous Organisation (DAO), it requires addressing the shortcomings of current DAO frameworks. We do so through a multi-layered governance setup based on hardware and software tools on top of a Fair & Resilient Hardware-based DAO built on Polkadot.
Our ecosystem, then, is built on the foundations of fair governance. It includes the SpiderDAO, SPDR Token, and the SpiderConnect Router, which come together to create a robust, scalable, and community-driven ecosystem that will keep up with the pace of technology change and stand the test of time.