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
Definitions
Some of the key parameters for this guide are the following:
- Proposal โ action or items being proposed by users of the network
- Second โ 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 โ 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 โ minimum amount of tokens that the proposer needs to pay when submitting a preimage
- Minimum proposal deposit โ 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 โ how often new public referenda are launched
- Voting period โ duration of a referenda's voting
- Enactment period โ executing duration for passed referenda
- Cool-off period โ duration (in blocks) in which a proposal may not be re-submitted after being vetoed
Referendum Parameter
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
โ
Last modified 2mo ago
Copy link