In “On-chain voting for Mina Improvement Proposals (MIPs) – Part 1,” Mina Foundation outlined the MIP process and shared details for upcoming community calls with MIP authors. Part 2 will cover the on-chain voting process and important voting details for upcoming MIPs.
Upcoming On-Chain Voting
Review the upcoming MIPs below that will require your participation in on-chain voting in the coming weeks. Also, the table includes community call details/recordings, as well as upcoming voting details, such as the Voting Period for each MIP.
|MIP||Background||MIP Stage||MIP Owner||Call Details/Recordings||Voting Period (If MIP approved)||Voting Keyword||Voting Threshold (see ‘How are the voting results calculated?’ section below)||Results Shared|
|Remove supercharged rewards in line with initial tokenomics||MF blog on token distribution Original discussion on Mina Research |
|Finalization||garethdavies#4963||Recording link||Start: |
Jan 4, 2023 from the start of EPOCH 44, start of SLOT 2000, 16:00 UTC / 08:00 AM PT End: Jan 14, 2023, EPOCH 44 until the end slot 6650
|MIP1||Relative majority [>50%]||Jan 2023|
|Reduce wallet creation fee||Original discussion on Mina Research||Draft||flushthefashion#5369||TBD||TBD||TBD||TBD|
Last updated 12/21/22
Ecosystem partner Granola Systems has developed a dashboard that displays on-chain voting by Mina account holders.
Who can vote?
Any Mina account holder, including block producers and token holders, can use their tokens to vote. Account holders can also delegate their voting power to another account holder, such as a block producer, to vote on their behalf, weighted by the stake delegated to it. If they disagree with how the other account holder will vote, then they can always delegate to an alternative account holder, such as a different block producer.
How to vote
A Mina account must send themselves a transaction using a Mina wallet containing a specific keyword.
Each proposal has a specific keyword that will be used to vote. The exact spelling of the keywords is critical to ensure your vote is received and valid. See the example below where the keyword is “yellow.”
- To vote in favor of the proposal:
- Enter “yellow” in the memo field
- To vote against the proposal:
- Enter the keywords “no yellow” in the memo field
A Mina account is able to change its vote by sending a new, valid vote transaction. Only the most recent and valid vote will be counted in the results. Invalid votes will not be counted. For further information on how to vote, please see the On-Chain Voting FAQ.
Viewing your vote
The votes will be displayed in an On-Chain Voting dashboard. Links to the dashboard will be shared before the start of the Voting Period for each MIP. Please note that invalid transactions are not displayed in the dashboard. All vote transactions can be viewed on Mina block explorers.
How are the voting results calculated?
Voting results are weighted based on account stake: the more stake an account has, the more influence their vote has.
The outcome will be decided according to the voting threshold. For example, imagine if the results show that 75% of the total weighted stake (that took part in the vote) had voted in favor of a proposal while 25% of the weighted stake (that took part in the vote) had voted against the proposal, and the voting threshold is a relative majority, i.e more than 50%. The proposal would now be passed because the percentage of the total stake (that had taken part in the vote) had passed this threshold (since 75% is more than 50%).
When will I see the final results?
After the Voting Period, there will be a Results Period when the votes will be tallied and results announced. The outcome of the vote will be decided based on specific parameters, such as the voting threshold, according to each proposal. These parameters will be specified in advance of the vote.
Mina Foundation and its ecosystem partners, including O(1) Labs, are committed to decentralized governance through on-chain voting. Under certain circumstances voting may be canceled or paused and run again if it is determined that the integrity of the voting process or results is compromised for technical or other reasons.
About Mina Protocol
Mina is the world’s lightest blockchain, powered by participants. Rather than apply brute computing force, Mina uses advanced cryptography and recursive zk-SNARKs to design an entire blockchain that is about 22kb, the size of a couple of tweets. It is the first layer-1 to enable efficient implementation and easy programmability of zero knowledge smart contracts (zkApps). With its unique privacy features and ability to connect to any website, Mina is building a private gateway between the real world and crypto—and the secure, democratic future we all deserve. Mina is stewarded by the Mina Foundation, a public benefit corporation headquartered in the United States.