Proposal & Referenda
Proposals are one of the core elements of the governance system because they are the main tool for stakeholders to propose actions/changes, which other stakeholders then vote on.
In Bifrost, anyone can submit a preimage and propose a referendum by depositing the minimum 100 BNC for 7 days, and it goes into Launch Period. If someone agrees with the proposal, they may deposit the same amount of tokens to support it - this action is called second. The proposal with the highest amount of bonded support will be selected to be a referendum in the next voting cycle (after the current referendum goes off). A referendum will takes 7 days to go though the Voting Period, and it takes Positive Turnout Bias to be approved. Finally, if the referendum passed, it will run another 2 days Launch period for on-chain final execution.
Adaptive Quorum Biasing
Some of the key parameters for this guide are the following:
- Proposal — action or items being proposed by users of the network
- Second — other stakeholders can second (approve) a proposal if they agree with it and want to help it reach public referenda. This requires matching the deposit of the original proposer
- Preimage hash — hash of the proposal to be enacted. The first step to make a proposal is to submit a preimage. The hash is just its identifier. The proposer of the preimage can be different than the user that proposes that preimage as a formal proposal
- Minimum preimage deposit — minimum amount of tokens that the proposer needs to pay when submitting a preimage
- Minimum proposal deposit — minimum amount of tokens that the proposer needs to bond when submitting a proposal. Tokens might be locked for an indeterminate amount of time because it is unknown when a proposal may become a referendum (if ever). This is true for tokens bonded by both the proposer and users that second the proposal
- Launch period — how often new public referenda are launched
- Voting period — duration of a referenda's voting
- Enactment period — executing duration for passed referenda
- Cool-off period — duration (in blocks) in which a proposal may not be re-submitted after being vetoed
Variable | Value |
|---|---|
LaunchPeriod | 50,400 blocks (7 days) |
VotingPeriod | 50,400 blocks (7 days) |
EnactmentPeriod | 14,400 blocks (2 days) |
CooloffPeriod | 50,400 blocks (7 days) |
FastTrackVotingPeriod | 900 blocks (3 hours) |
PreimageMinDeposit | 0.0001 BNC |
ProposalMinDeposit | 100 BNC |
Last modified 9mo ago