This post is intended to be a living document defining the current status of the NFT Protocol governance model as it evolves over time through Meta-Governance discourse regarding best governance practices for the model.
Several venues for governance are available to the NFT Protocol community and serve the following purposes:
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gov.nft.org - This is NFT Protocol’s governance forum for meta-governance discussion and discussion of specific governance proposals.
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Snapshot - Snapshot is a simple voting interface for off-chain voting on governance proposals. Votes are weighted by $NFT token holdings.
Process:
Step 1) Temperature Check
The purpose of a Temperature Check is to gauge initial sentiment towards a given proposal.
How to create a Temperature Check:
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Ask a general, non-biased question to the community on gov.nft.org about a potential change (example: “Should NFT Protocol build on XYZ chain?”). Forum posts should be labeled as follows: “Temperature Check - [Your Title Here]”. The forum post should include a link to the associated Snapshot poll.
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Voters use Snapshot to indicate their interest in bringing it forward to the next stage. Snapshot poll lengths should be set to 3 days.
A Temperature Check is considered to have garnered enough support for the next phase if it wins the vote with a minimum 50,000 $NFT token yes-vote.
If the Temperature Check fails the corresponding governance forum thread will be closed. If the Temperature Check succeeds it proceeds to Step 2: Consensus Check.
Step 2) Consensus Check
The purpose of Consensus Check is to establish formal discussion around a given proposal.
To create a Consensus Check:
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Use feedback from the Temperature Check post to create a new Snapshot poll including the proposal details which earned support in the Temperature Check. This poll can either be binary or multiple choice but should include the option “Make No Change” or its equivalent. Set the poll duration to 5 days.
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Create a new topic in the Proposal Discussion category on gov.nft.org titled “Consensus Check — [Your Title Here]”. This will alert the community that this topic has already passed Temperature Check. Any topics beginning with Consensus Check that have not passed Temperature Check will be immediately removed by community moderators. Make sure that the discussion thread links to the new Snapshot poll and the Temperature Check thread.
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Reach out to the larger community to build support for your proposal. Discuss the proposal and solicit $NFT holders to vote on it. Be willing to respond to questions on the Consensus Check topic. Share your point of view though try to remain as impartial as possible.
After 5 days and the Snapshot poll closes, whichever option has the majority of votes wins and can be included in a governance proposal for Step 3. A 100,000 $NFT token yes-vote quorum is required for the Consensus Check to pass.
If the option “Make No Change” wins the Consensus Check topic will be closed by community moderators.
Step 3) Governance Proposal
This is the final step of the governance process. The proposal should be based on the winning outcome from the Consensus Check and can consist of one or multiple actions, up to a maximum of 10 actions per proposal.
To create a Governance Proposal:
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If your proposal involves changes to the NFT Protocol codebase, write the code for your proposal. All proposed code should be audited by a professional auditor. The auditing process could be paid or reimbursed by the governance pool.
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Create a Snapshot vote outlining your proposal in detail, relevant governance forum threads and links to previous Snapshot votes and, if applicable, your code and code audit report. Proposals at this step should last for 7 days.
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Create a topic in the Proposal Discussion category on gov.nft.org titled “Governance Proposal [Proposal Number] — [Your Title Here]” and link to any relevant Snapshot polls/discussion threads as well as your code and code audit report if applicable. Proposal numbers should be in a “NFTP###” format. For example, the first NFT Protocol proposal should be titled NFTP001, the second NFTP002, and so on. Topics that begin with “Governance Proposal” whose contents have not successfully passed the Temperature Check and Consensus Check stages will be removed by community moderators.
Ongoing discussion can take place in the gov.nft.org forum throughout the 7 day period. If the proposal passes successfully with a quorum of 5% of all $NFT tokens (~4.444 million tokens) it is ratified and incorporated into the NFT Protocol development pipeline.
Meta-Governance
The process described above is to be informed in perpetuity by ongoing discussions regarding the NFT Protocol governance model to take place in the Meta-Governance section of the NFT Protocol governance forum.
Therein the NFT Protocol community should discuss new governance model ideas and strategies, changes to the quorum requirements, etc.
Glossary:
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$NFT - NFT Protocol’s ERC-20 governance token that, with respect to governance, designates the weight of a user’s voting rights. The more $NFT a user has in their wallet, the more weight their vote on a given proposal has.
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Proposal - proposals are what determine the characteristics, development and operation of NFT Protocol’s products. $NFT holders can propose, for example, new features for the protocol, integrations with other protocols or projects, and governance pool expenditures that benefit the protocol. Proposals from developers looking to contribute to the protocol are particularly welcome.
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Quorom - The minimum number of votes cast towards a given proposal or proposal item in order for the voting results to be considered valid. Each Step of the governance process has its own quorum outlined in the process above. The quorum ensures that only proposals with sufficient $NFT token holder support are ratified.