How to vote in MOC governance
A tutorial detailing the steps to vote a proposal
Last updated
A tutorial detailing the steps to vote a proposal
Last updated
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 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:
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.
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.
Implementation Phase: You will see the voting results, and the approved changes will be executed.
With these three phases of the voting process in mind, let's take a step-by-step look at how to vote on a proposal in Money On Chain governance.