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How to vote in MOC governance
A tutorial detailing the steps to vote a proposal
The path through decentralization was designed from day one of the Money On Chain journey. The journey had various milestones, but one of the greatest was when all Stablecoin Protocol Smart Contracts started being governed by the Voting Machine.
This tutorial will explain how the voting machine works and how MOC holders and stakers can vote.
Simply put, the protocol being governed by the Voting Machine means that the decisions regarding the protocol, such as new features and upgrades, will have to go through the lens of the community of MoC Holders through a voting process.
Before it is time to vote, proposals for improvements to the protocol go through a phase of the Off-chain process. The off-chain process consists, among other things, of formulating the proposal in the official protocol forum and discussing it with the community.
The most important thing about this stage is that the proposers must start a discussion with the community, making the implications of the changes clear. For this to happen, MOC holders must constantly check the forum to keep posted on the conversations raised there.
Keeping in mind the functionality of the Voting Machine and where to place the community discussions on governance proposals, let's take a step-by-step look at how MOC holders can interact with it.
Let's focus only on voting on an improvement proposal that has already been introduced.
It is important to note that introducing a proposal is a step that happens before any MOC holder can vote. However, this tutorial will follow the path of a MOC holder not involved in developing an improvement proposal.
Before the step-by-step, let's define the three phases in which you can find a proposal to vote:
- 1.Pre-voting phase: where you can vote only in favor of the proposal. At this stage, 5% of votes from MOC holders are required for the bid to advance to the Voting phase.
- 2.Voting Phase: where you can vote for or against the proposal. Those users who exercised their right to vote during pre-voting do not have to vote again, as they have already expressed their support for the proposal in the governance system.
- 3.Implementation Phase: You will see the voting results, and the approved changes will be executed.
Now let's jump into how to vote on a proposal in the Money On Chain governance.
Step 2: Check the registered proposals. If there are no active proposals, the following screen will appear:
Here it is very important to ensure which proposal you are voting for.
First, check the Address Change Contract, which in simple words, would be like the proposal ID.
A recommended practice is that users validate that the Address Change Contract matches the address provided in the Money On Chain Forum by the proposal developers and the proposal code in the RSK block explorer.
Step 3: Vote. As mentioned above, you may find the proposal in the Pre-Vote or Voting phase. Here is what to do in each case:
If the proposal is in the Pre-vote phase:
Vote by pressing VOTE.
You can only vote in favor of the proposal at this stage, and if you show your support, you do not have to do it again at the Voting stage.
If the proposal is in the Voting phase:
Two options will appear, vote for and vote against.
To vote in favor, you must tap on VOTE IN FAVOR.
To vote against, you must tap VOTE AGAINST.
After selecting the option of your choice, it's all set. You will have voted in MOC decentralized governance.
However, regardless of whether it is a proposal in the Pre-voting or Voting phase, for users to be able to vote, they need to have MOC tokens at stake.
Step 4: wait for the voting results.
Currently, the Voting process for a proposal takes seven days, so within a week after the voting process has started, the MOC holders will be able to know the results.
At this point, there are only two possible scenarios:
- If the proposal is approved, the developers will implement the changes.
- If the proposal is rejected, everything will continue as it was.
Here it concludes the tutorial on how to vote on the protocol proposals.
If you have any doubts or questions regarding the process, remember that our Badgers are available in the protocol channels.