Governance
Governance for significant decisions within the VERBChain ecosystem is conducted through an on-chain, direct-election governance vote, empowering VERB holders to directly shape the ecosystem's direction.
Where to Find Governance Proposals: All governance vote proposals are accessible on GitHub: VERBChain Improvement Proposals (VIP). This public repository encourages the community to contribute by creating pull requests to submit proposals. Proposals must be well-articulated and thoroughly researched to enable an informed decision-making process during the governance vote.
Voting Interface: Access the VERBChain governance vote UI. The development team has seamlessly integrated VERBChain's mainnet with snapshot.org, an open-source platform facilitating on-chain voting for numerous web3 projects.
Voting System: The development team commits to implementing the outcome of the vote. The voting system follows a First-Past-The-Post (FPTP) model, where the option with the plurality wins. In most cases, votes will be in the form of yes or no, with the majority determining the outcome. FPTP is a widely used and straightforward voting system, aligning with the current governance structure of VERBChain.
Quorum and Wallet Eligibility: In VERBChain's direct elections, the concept of quorum does not apply. All wallets on the VERBChain network can participate in voting. However, UMAREUM stored on exchanges will not be considered in voting. To vote, tokens should be withdrawn from exchanges into a wallet before the snapshot cutoff for the vote.
Vote Counting: A wallet's voting weight comprises two components:
Wallet's VERB balance
Wallet's staked VERB balance
For instance, if you have 1 VERB in your wallet and 99 VERB staked, your total voting weight is 1 + 99 = 100. This dual-component system ensures that both holding and actively participating in the network contribute to the voting influence.
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