IBCO proposal voting rules and guidelines

Overview

The voting interface and decentralized voting system are provided through the Aragon Voice Framework. Aragon is also the framework used to deploy the IBCO. 

This system allows for maximum community participation as voting does not attract a gas fee. 

The Aragon Voice framework will create a Merkle Proof Snapshot of the OVR token ownership distribution on the Ethereum blockchain that will be used to establish voting weight by address. 

The snapshot will only include tokens controlled by EOAs. As such, tokens that are vesting or staked, and controlled by smart contracts in general, will not be eligible for voting. Such a snapshot warrants that tokens cannot be used more than one time for a single vote. It also avoids the risk of flash loan-based governance attacks.

 

The voting window will be seven days. The quorum for the vote to have validity is set to 10% of the circulating supply, with a 51% qualified majority.

 

The circulating supply for the voting is calculated as follows: 

Circulating Supply = OVR Token Total Supply – ( Locked in Vesting + Locked in Staking + Token In Burn SC)

OVR Token Total Supply = 90,043,718

Locked in Vesting = 61,307,204

Locked in Staking = 1,114,401

Token In Burn SC = 2,099,890

Circulating supply = 25,522,223

Quorum (10% Circulating Supply) = 2,552,222

 

The process

Voting will officially START on 19/04/23 8:00 PM CEST  and will officially END on 26/04/23 8:00 PM CEST. 

To vote, navigate to the following page.

• Connect your MetaMask wallet

 

 

• Select Yes or No on the proposal

 

 

• Sign the transaction on Metamask (0 gas fees)