Hypothetically speaking, if there were a coin-weighted poll with shielded orchard notes, how many of you would participate?
Great idea & it helps with on-chain orchard use & zcash security budget
Coin-weighted polling is the most important development going on in Zcash right now. I am amped to see this and look forward to details! 
9 Likes
Absolutely i would
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Count me in.
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Iād love to try it and write articles about how it works. I feel like we could rally 100 votes or more from small holders associated with f2z and other v4v communities. It would be an awesome driver for education, participation, and be another reason to earn and hold.
6 Likes
Yes, that is what being proposed here. Itās like you have more votes the more ZEC you have, but you donāt have to spend it to vote, just prove that you have it in an anonymous manner.
(Iām not a big fan of it because I donāt think people with more ZEC have more say in the future of Zcash. But Iād probably end up voting, out of technical curiosity)
That is hard to do due to the anonymity of Zcash. You could split your ZEC and get multiple votes.
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My primary concern with coin-weighted voting is the potential need to thaw coins from cold storage in order to be able to participate. If one wants to be able to vote their full stake, it requires a bunch of fiddling to be able to do signing on an airgapped machine, and depending upon the amount that someone might want to be able to vote with it could be logistically impossible; for example, suppose that Grayscale wanted to vote with all their voting power - thereās not a scenario where theyāre going to transfer that much value to an online wallet (and particularly not a mobile wallet.) So there would need to be some heavily audited, highly secure mechanism for them to use.
Coin-weighted polling is a nice idea, but I donāt think itās practical except for toy scenarios.
Note that this might be something thatās less challenging after a PoS transition - since large amounts of value will end up in locked stake, and there will need to be secure tools for manipulating that value, those tools could also be designed with coin-weighted voting in mind.
7 Likes
In general, you donāt have to move coins for voting. For this poll, you may have to do so because the window is one week, but it does not have to be. It could be the entire orchard pool. It would just take longer to download the blockchain data.
You can also vote using the viewing key and leave your coins in cold storage. However, we also support signing the ballot with the spending key for extra validation. No fiddling is required, and certainly no need for a mobile wallet.
Speaking of Grayscale, maybe it is better if they donāt vote. They donāt represent their investors (or community), and they would have such voting power they can swing the result in any way they want.
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And this is the problem with coin voting more generally. If the solution is āhope a huge whale doesnāt vote their interests at the expense of everyone elseā then how can a coin poll be judged to actually be representative of community sentiment?
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I will let others weigh in on this philosophical debate.
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coin weighted polling is more similr to how shareholder meetings work in business.
so the people who have more belief in a thing buy more shares/coins probably.
tho yes its not as effective for people from lower classes and whales indeed get way more power
but whales are also big part of the whole economy anyway.
its a very complicated topic tbh
3 Likes
I completely agree with this view. Iām pleased to see Hanh working on creating a mechanism that gives coinholders a voice. An experimental poll to assess coinholder sentiment on some of the Dev Fund issues seems like a great way to test it out.
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That sounds like a fascinating idea! Given Zcashās commitment to privacy, limiting participation wouldnāt be necessaryāeach ZEC should indeed have the same vote.
Since the value of ZEC depends on its holders, every stakeholder, including businesses, should have the right to participate.
Itās a great way to ensure everyoneās voice is heard in a truly democratic and secure manner!
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Weāll run a test first.
To participate,
You must have orchard notes created in the 2-week window that started last week and will end next week.
Note that they are not usable if you have orchard notes from BEFORE last week.
You need to refresh them by doing a new transaction before the end of next week.
The snapshot will be taken at height 2553000. We can then vote.
Stay put for more infoā¦
15 Likes
What is the easiest way to refresh those notes in ywallet? Pool transfer out of and back into orchard?
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You can do a poll transfer orchard to orchard.
I recommend taking this opportunity to split into smaller notes so that you have flexibility when voting.
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How to do that on other wallets such as Zingo and Nighthawks? Just do self transfer on unified account?
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You vote with your āOrchard notes.ā Orchard notes are the outputs of the transactions. For example, when you send 10 ZEC to someoneās address, they will get one note worth 10 ZEC. Typically, wallets create one output per recipient. An output can be of any amount of ZEC.
These notes are not just for transactions, they are your voting tools. However, unlike payments, there is no āreturn change.ā You cannot vote 8 ZEC if your note is worth 10 ZEC. You can combine notes but not split them. This means, to effectively exercise your voting rights, itās crucial to plan ahead and create smaller denominations.
If instead of a single 10 ZEC note, you have 5x2 ZEC, then you have the freedom to vote 4 ZEC for one candidate and 6 ZEC for another. This flexibility allows you to adapt your voting strategy as per your preferences.
Weāll run a test vote, which will use the same registration period as the real vote. You must have your notes ready since only one snapshot will be taken.
Thanks for participating in the first shielded coin voting! You are making history.
9 Likes