Coin Weighted Poll

[zerodartz]

i got small idea.
in future the polling stuff could be integrated into all wallets in a way that anyone can start polls. but every poll should have a price - like X amount of ZEC so its not super spammy in the voting section. and that ZEC could go to either the lockbox or some other fund to be able to fund smaller grants or some infrastructure etc.

[z2z]

that is exactly what I noticed too

[Boggerster]

[i2pZ7812HTZV69]

@zerodartz polling votes integrated into all wallets is good but generating poll by simple shielded smart contract which will generate fees for miners is optimal

redirecting those funds into lockbox won’t make sense since coin polling is another way to mitigate zcash security budget problem

zcash need more orchard fees

[aquietinvestor]

The coinholder runoff poll is now open. Coinholders can express their support for the following two proposals:

• Hybrid Deferred Dev Fund: Transitioning to a Non-Direct Funding Model: This proposal would last for up to one year and allocate 20% of the block rewards as follows: 12% to a lockbox designated for future decentralized grants funding and 8% to Zcash Community Grants. For more information, see this link.

• Lockbox For Decentralized Grants Allocation (20% Option): This proposal would last for up to two years and allocate 20% of the block rewards to a lockbox designated for future decentralized grants funding. For more information, see this link.

There is only one poll for this round. The registration period encompasses the period from block 2,540,000 to block 2,574,200, similar to the last-minute shielded petition.

The coinholder runoff poll will be open until block 2,591,000, which should occur around July 28, 9:00am UTC. The results will be released after the poll closes.

The url for the poll is: https://vote.zcash-infra.com/devfund-runoff.

[noamchom]

@aquietinvestor

The registration period encompasses the period from block 2,540,000 to block 2,574,200

This is a bit confusing. Why is the registration period for the runoff poll in the past?

Is the idea here, that no additional ZEC holders would be allowed to participate in the runoff?

[aquietinvestor]

@noamchom

Why is the registration period for the runoff poll in the past?

Unfortunately, there wasn’t enough time for a new registration period. The ZIP Editors announced last week that the deadline for deciding on the runoff polls is July 29th. Also, it makes sense for the same coinholders who participated in the previous poll to participate in the runoff poll.

[hanh]

Every poll is not supposed to have a unique registration period. In real life, electors are registered occasionally and can participate in multiple votes.
I expect the coin voting registration periods to end up being longer and have a part of randomness to prevent people from getting a flash loan.
For example, once a year, with a snapshot taken sometime in Q3.

[dismad]

Voted.

[noamchom]

Is there a reason why all ZEC shouldn’t always be considered registered?

(sorry if this is a dumb question that has been answered theoretically/ in the old design discussions)

[aquietinvestor]

From the FAQ:

@aquietinvestor

Why is there a registration period?

The reason for the registration period is because it’s too computationally intensive to scan all Orchard notes since inception. “Proof of balance” uses the halo2 circuit. Like Orchard, the wallet needs to compute witness data, and allowing every Orchard note ever means downloading all the blockchain data and processing several GB of hashes.

[hanh]

Just a few hours left before the poll closes.

Edit: Closed

Results

Choice	ZEC
0	285278
1	15576

[dismad]

Can you share the number of voters?

[noamchom]

Yeah, I wonder the same!

This coin vote is sort of a farce because we know that it’s essentially dominated by Zooko’s “whale friend”

(almost certainly a recipient of free ZEC via the Founder’s Reward era)

That unsavory fact aside, I still believe that the ecosystem does continue to support the idea of getting coin holder voting into the governance process.

[dismad]

I’ll share my thoughts from earlier:

[hanh]

the number of voters is unknown since it is based on coins.
however the number of ballots, aka submissions is ~40.

[zkcroc]

You would find that outcome in any coins DAO vote imo.

Coin weighted polling should only be more seriously considered once its functionality is available across more wallets, I only participated with less than 10% of my ZEC because I didnt want to move it out of storage.

[hanh]

tbh, this is the problem of any vote.
“I don’t want to vote because it is useless:
a. it is manipulated
b. the candidates are all lame
c. it is too inconvenient”

[conradoplg]

Pay-to-win is the whole goal of the coin-weighted poll

[hanh]

well, yeah. that is the point indeed.
Should I have the same decision weight as Elon Musk because we both have shares of Tesla?

Edit: we are working on a design that would prevent flash loans and reward long term holders. There are serious technical challenges, so I cannot promise anything.