Published on 
13 December, 2021

Voting Machine Governs the Protocol

Money On Chain was created for bitcoiners, by bitcoiners. This means that we created a completely original solution for bitcoiners that need a stablecoin (DoC), with the best collateral, bitcoin, and a token (BPro) that rewards bitcoiners with what we value the most, bitcoin.

As bitcoiners, one of our biggest concerns is Decentralization. As we mentioned in MoC Tokens Explained, all projects begin centralized, even Bitcoin. The evolution of projects that came later led to another way to get there, through governance.

Decentralization in Money On Chain is designed as a path. Several milestones like the MoC TGE (Token Generation Event), Proposals and Voting process, Decentralized Oracles were taken following this path. 

Now it is time to announce a new milestone: All Stablecoin Protocol Smart Contracts are governed by the Voting Machine. 

What does this exactly mean? 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.

This process is inspired by the Bitcoin Improvement Proposals (BIP), meaning that a series of steps are necessary to make a change. Similar to what happens in Bitcoin, a very good idea is not enough. As a MoC holder, it is very important that you acknowledge this process and its details. As a MoC holder, the voting power is now in your own hands.

How does MOC Governance work? 

  • Propose: first, you will need to get support to boost your idea. That will lead to stating your proposal in the Money On Chain Forum opening up a debate, bringing pros and cons to the table, and gathering help to develop it.
  • Develop: Once you have the resources, you will have to develop the proposal and get it audited to convince the rest of the community that the new change is safe to implement.
  • Deploy: at this point, the proposal should be capable of being executed so you have to deploy the Change Contract locking a minimum amount of 250,000 MoC tokens to enter the pre-voting phase.
  • Pre-Voting Phase: it runs through a 1 day period (this is approximate, as it is counted in blocks). There is no Veto in this phase and the proposal should be supported by a minimum of 5% of the MoC tokens supply. If it reaches this threshold, then goes to the voting phase, otherwise, it is discarded.
  • Voting Phase: the proposal can be vetoed by at least 30% of the MoC tokens supply, if it is not, then it should reach 51% of positive votes.
  • Execution: once approved by the MoC holders community, the Changer Contract can be executed.

All the Pre-voting and Voting process is described in detail in the Blog post, Governance and Proposals.

It is in the consistent path to decentralization that governance takes on the utmost importance. Every MoC holder has the power at disposal to protect and improve the protocol, so that the more MoC tokens you hold, the greater the decision power you will have.

Learn more about the MoC token.

Copyright © 2018-2024 Money On Chain.
Disclaimer, Privacy Policy and Terms & Conditions