How DAO Voting Works

Eligibility to Create New Proposals

You need to have at least 1,000 tokens to be eligible for creating new proposals. But you have a voting right even if you possess 1 token.

Note: Some proposals for suggested changes may be subject to a technical/legal feasibility study before the actual implementation of such changes.

How Redemption DAO Voting Works?

  1. Proposal Creation: As a token holder, you have the power to create a proposal for the DAO. All you need to do is submit a clear proposal description.

  2. Proposal Submission: After you create a proposal, it will be submitted to the Snapshot (i.e, DAO's voting system). This will make it available for voting, and the system will record it.

  3. Discussion Period: After submission, the discussion period starts during which members can discuss the proposal and provide feedback. This period typically lasts for a predetermined period of time, such as days or a week.

  4. Voting: Now, all token holders can vote for or against the proposal using their tokens. The more tokens you hold, the more votes you have.

  5. Quorum: Once the voting period ends, the system will tally the votes and determine whether the proposal has been accepted or rejected. The proposal will be accepted only if the number of votes in favor exceeds a specified threshold, i.e. 50% of the total tokens.

  6. Reality.eth Check: Once the vote has closed and met the minimum quorum, it's time to take action. Using the Snapshot UI, you can "Request execution" in the "SafeSnap Execution" window. This initializes the reality.eth Oracle.

  7. Execution: Once the proposal has passed, Reality.eth question has been resolved, and the 24-hour cooldown period is over, the Snapshot interface will have the option to trigger each of the multi-send transactions in the proposal. The Gnosis Safe will then execute each transaction in the proposal sequentially.

The execution of the New proposal has been described below in detail.

Snapshot + Safe + Safesnap +Reality

Redemption Treasury uses a powerful Gnosis Safe smart contract wallet with multi-signature (multisig) functionality. This cutting-edge solution puts the power in your hands, enabling you to veto malicious transactions with the support of 12 multisig owners.

But that's not all. We've taken things to the next level with the integration of Gnosis Safe, Snapshot, and SafeSnap. With Snapshot, you can vote without worrying about gas fees. SafeSnap, on the other hand, is a Snapshot module that allows for on-chain execution of off-chain voting, giving you unparalleled control over the Gnosis Safe holding the Treasury funds.

While Reality is a tool developed by Gnosis Guild that allows for on-chain execution based on the outcomes of events reported by Reality.eth. It enables proposal execution from Snapshot.

Our team has thought of everything, including the proposals that call for payments from the treasury. These proposals must meet strict criteria, including filling out the "Transactions" container with information like transaction type, asset, recipient address, amount, etc.

Once the vote has closed and met the minimum quorum, it's time to take action. Using the Snapshot UI, you can "Request execution" in the "SafeSnap Execution" window. This initializes the reality.eth Oracle and kicks off a bonded escalation game. By putting up a bond of 0.1 ETH, you can set the outcome and identify the passing result of the Snapshot proposal.

The bonded escalation game has a 72-hour period, and anyone can challenge the outcome by putting up a bond double the size of the current one. If there's a challenge, the game restarts, and the 72-hour countdown begins.

Once the reality.eth bonded oracle resolves in favor of the proposal, there's a Timelock period of 72 hours. During this time, the Redemption Network DAO Treasury multi-sig owners can veto malicious transactions in a 2-of-4 fashion, giving you ultimate control over your staking.

After all the steps have successfully completed, the proposal will be executable, and new changes will take place in the project.

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