This proposal is not to be construed in any form as a legal document or legally binding in any way. This proposal was created by myself and should not be considered endorsed in it's entirety or in part by anyone unless stated directly by them. I've written this as a first draft of rules and definitions, and am seeking feedback and suggestions from the community before seeking community approval. I recommend a comment period of at least 1 week but if there are still open discussions with constructive content a longer period is more than acceptable. Also, I know there are a lot of typos, structural errors, language that uses several words interchangeably, etc in this proposal if anyone wants to improve the structure feel free - I'm in no way offended and will even edit the Original Post to keep things easy to understand.
- The Foundation
- The Gridcoin Foundation, is defined as a Decentralized Collaborative Organization (DCO) and has the stated goal of evolving to become a fully Decentralize Autonomous Organization (DAO).
- A Decentralized Collaborative Organization is an organization run with limited human interaction, decisions are consensus based and actions are publicly audit-able. Due to the nature of the development cycle some actions must be performed with human interaction an Advisory Board will manage integration or implementation of Foundation consensus actions when required.
- Foundation stakeholder ownership is proportional to the amount of Gridcoin at a given address on the Blockchain to the total Gridcoin in circulation at the highest consensus block on the Gridcoin-Research Blockchain and changes from block to block as shares are earned or transfered. The share provides the controlling interest of the address with the right to participate in decision making. The share does not entitle the owner to any compensation beyond what can be earned through participation in securing the blockchain, as defined in the Gridcoin-Research software open source code. There is no limit to ownership, there is no limit to the transfer of ownership; shares can be bought, sold, traded, earned or given.
- The Advisory Board
- The Advisory Board has no decision making authority, Board actions are only based on consensus decision's.
- Board members maintain a fiduciary duty to the Foundation as facilitators of consensus decisions and can only take actions that affect the Foundation based on results from block chain based voting.
- Board members should actively maintain an advisory role for the community in areas including but not limited to security, code, protocol, and promotion.
- The initial advisory board will consist of 4 members, the Lead Developer and 3 members of his choosing.
- Advisory Board members can be replaced by a consensus vote at any time. To be considered a candidate, the individual must agree to the board duties, and must verify to the satisfaction of the remaining board members proof of individuality so as not to control more than one board position at a time on the Board. The Board Member to be replaced must be named. Only one Board member replacement vote can be in progress at any one point on the block chain.
- The Advisory Board will be responsible for publicly maintaining records of account from the Foundation Block.
- Foundation Block Accounting
- The Foundation Block, found in the tenth block of the Gridcoin-Research blockchain, was used to fund the exchange of Gridcoin-Classic to the Gridcoin-Research, coins remain and are considered non-voting shares of the Foundation.
- Disbursement of Foundation funds are subject to the rules of the Foundation. No additional disbursement will take place without a Consensus Vote.
- Blockchain Consensus Voting - Fully Public and Auditable
- Any member of the Foundation (owner of Gridcoin) can make a proposal for vote.
- A proposal for a vote is made via a signed transaction in the block chain, the block number and proposal is then communicated to the Advisory Board. The Advisory Board is responsible for creating a voting address and posting public notice of the vote as well as setting a reasonable time frame to seek consensus.
- Each proposal contains a binary (yes/no, true/false) question where the resolution to No/False is no action taken.
- All questions resolve to No/False until a Consensus Vote is achieved, upon Consensus Vote the proposal is considered approved and the Advisory Board is compelled to implement the change within a time frame that is considered reasonable.
- A Consensus Vote is defined as 51% of eligible voting shares maintaining a Yes/True vote
- Examples of non-voting shares
- Shares held by the Foundation are non-voting shares
- Stale addresses, defined as no txin or txout for > 180,000 blocks (could be any number, just a random suggestion that happens to be about 6 months)
- Addresses held by Exchanges - upon withdraw from the exchange address the shares become fully eligible upon confirmation by the network.
- Transactions not fully confirmed by the network
- Examples of non-voting shares
- A Yes/True vote is made by sending a single coin to the voting address, the balance of shares in the sending address are counted toward consensus. The address balance at each block height is considered for voting weight, the share of that address will be tallied with each confirmed block and will reflect the balance of shares maintained at that address at the Current Block Height.
This voting system can be achieved without making any changes to our current software or protocol. All that is needed is a database of the blockchain in order to tally the Consensus Vote. I can make and host a "voting explorer" on the web, I will also publish it as an open source project so that anyone can reproduce the results themselves. You could also audit the vote with any block explorer and some time.
Edited by RTMoney, 25 May 2015 - 10:03 PM.