Governance token voting

Simon Yu
· 3 min read
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Hey Stormers! ⛈

Over seven years ago, StormX began its mission to help the world earn cryptocurrencies. Since then, the dream of two friends in a dorm room grew beyond what was imagined. From humble beginnings running a Korean taco truck business 🌮 🚚 and hodling secret sauces recipes like they were private keys, to creating an app that has been used by millions worldwide. From this basic mission grew our fantastic community, and we've recognized that we're only as strong as our supporters. In recognition of this idea, we propose a vote to create a governance token to support further ownership and stronger ties to the core team, product decisions, and issues affecting the StormX ecosystem.


Our aim here is to promote real ownership of the platform to its users. We believe this will create a stronger, better aligned community and, consequently, a better platform. At first, governance will be limited to specific proposals and topics designated by StormX.. Governance in crypto is still a new, experimental and rapidly changing concept. We do not assume to know all the best practices and have all the required resources upfront. Making this assumption could put us in a disadvantageous position as we focus on developing our core products: Shop, Debit Card, and Labs (NFTs and other experiments). Insted, we will slowly and intentionally move towards decentralized governance as the StormX and the wider crypto community learns and grows in this direction.

We look to projects like Compound, Aragon, MetaCartel ecosystem and many others for insight into initial low friction governance. A guiding motto for our governance token development that we learned in our research is to “Start simple, start slow, stay flexible”.


With that in mind we propose the first iteration of a governance token:

Token Contract

  • Supports the standard ERC20 interface

  • The token is upgradable using OpenZeppelin Upgrades Plugins

  • Only the owner can upgrade token implementation

  • Token implements staking functionality using lock and unlock methods

  • The token name and ticker are to be determined. Let us know what we should call this thing!! 🦄

Token Economics

  • Supply is 1,000,000 at the genesis event and owned by a set of cold storage StormX wallets.

  • No minting after genesis.

Voting Method

  • Off-chain via Snapshot.org

  • Coin Voting method (1 token = 1 vote)

  • Discussion and Temperature Check in #governance Discord channel


In general, off-chain and on-chain are the two major voting methods with individual pros and cons. We believe it is in the best interest of the community to start with low friction, low cost, flexible off-chain voting using https://snapshot.org. So what’s good about it? Well, the voting system does not require the user to pay gas and thus it promotes higher voter engagement which is the most important metric in any governance project. Snapshot also has the added benefit of experimenting with voting weight strategies using on-chain and off-chain data - almost anything we can imagine 🤔. The simplest strategy to start is “coin voting” since it does not require us to make assumptions on the best voting weights to use initially. As the community helps us determine fair voting weights via Discord discussions we will propose new SIP, StormX Improvement Proposals.

There are many governance considerations to take into account such as distribution, voting weights, LP Mining Program, etc., but by following our above motto, we’ll keep proposals simple so we can find consensus and build quickly.


The community can vote on the proposal starting this Tuesday August 31st 2021 with the following vote options:

Approve - Create a governance token with these properties.

Deny - Do NOT create a governance token with these properties.


StormX has already begun research into a POC to ensure the proposal is viable. Once approved, StormX will diligently work to complete research, roadmap, allocate resources and execute by Q4 2021.

Let’s join together and build something truly amazing. See you at the voting booth HERE!

--

Sincerely,

Simon, Calvin & the Core Team








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