Enable users of Status protocols to use any token of value while driving SNT stakeholder engagement.
Any protocol that requires SNT to be used can be composed into a series of contracts that:
- Abstracts away the need for SNT
- Drives additional network value through conversion fees
- Drives stakeholder engagement in governance
- Does not require rearchitecting the underlying protocol (although sometimes that may help)
- Gives the user the option to continue interacting directly with the core protocol
Current usage: User locks up 10 SNT for a Username.
Example using Proxy. Assumes 10 SNT = 0.001 ETH.
The first thing to note is from the user’s perspective the number of steps are the same, it could even be less for the proxy example if the user needs to acquire SNT first to interact directly with the Username Registrar.
In the proxy example we use Kyber to automatically convert for the user, but this same patterns could be implemented with other exchanges such as Uniswap.
Fees from swapping go to a vault(s) which is controlled by a governance process. The governance process is left intentionally vague because there are different mechanisms that could be used.
Given how little real world usage and experimentation there has been with onchain governance, it probably makes sense to experiment with multiple governance process. This will enable being able observe which types of governance processes lead to the best outcomes.
Currently my mind keeps coming to different variations of voting but it might be possible to effect change using other mechanisms. It should be possible to run these type of votes side by side and see how the outcomes differ.
- Vanilla voting (One token one vote)
- Quadratic Voting
- Topic Democracy
- Winner take all funding
- Proportional distribution weighted by votes
- (Insert your idea here)
In the vote below, SNT holders could vote on how the accumulated funds in the vault will be directed. One of the options could be proportionately distributing the funds to the voters of the poll if the stakeholders voting feel that none of the other options are more compelling. In the case of a vote that is proportional distribution each funding options will receive the percentage of funds that it received as a percentage of votes.