A Sneak Peak into Voi’s Future Governance Model
We’re thrilled to unveil an innovative governance model for Voi’s L1 blockchain, inspired by the revered tripartite system of several global governments yet meticulously adapted to our unique requirements. This governance model is being crafted to ensure fair power distribution and political responsibility. The planned delegated voting system will empower the Voi community by ensuring voices and opinions actively drive the future of the Voi ecosystem. While the details of Voi’s political framework and governance model are being finalized, we’ve provided here a high-level overview of what the community can expect for Voi’s future governance.
Anticipated Voi’s Governance Structure
Voi’s governance is segmented into three branches, each crafted to provide checks and balances while maintaining independence and interdependence:
- Voi Council (Legislative): Consisting of both appointed members and members directly elected by you, our community, the Voi Council echoes your voice and priorities by passing legislation, policy, and initiatives that resonate with our shared values, constitution, and long-term strategy. This legislative powerhouse represents the community and its different foundational segments — ecosystem applications, ecosystem platforms, private infrastructure, public infrastructure, and the network being the major components. This branch aids in the establishment of network standards (e.g., standards for developers, for security etc.), reviews and passes project proposals submitted by the community, makes amendments to laws, policies, and Voi’s Constitution as needed, proposes protocol changes, and allocates resources in collaboration with the Voi Foundation.
- Voi Foundation (Executive): Comprising both community representatives and employees, the Foundation is the driving force that will execute on the strategy and policies proposed and established by Voi’s legislative and judicial branches. It ensures that our daily operations not only align with but also champion our community’s aspirations and signs off on project proposals that pass the Voi Council’s initial approval for receiving funds. The Foundation will also represent Voi in external matters including partnerships and collaborations. Task forces within the Foundation will oversee the security and stability of the network.
- Voi Judicial: Voi’s judicial pillar interprets and upholds our blockchain’s constitution and foundational principles. It acts as a steadfast guardian, ensuring that changes are meaningful and justified, thus protecting our ecosystem from whimsical shifts. This judicial branch is solely responsible for interpreting the constitution and ensuring that the executive branch’s interpretation of policies is reasonable and just and in accordance with the original intention of the said policy. This branch also resolves disputes between the Council and the Foundation and ensures compliance and regulatory adherence.
Checks & Balances
To ensure fairness and accountability and enhance Voi’s governance system’s stability and that decisions are balanced and considered from multiple perspectives, Voi’s political framework will implement a traditional check and balances system. By requiring cooperation and consensus among branches, checks and balances will help maintain a healthy democratic process. The diagram below depicts the envisioned checks and balances approach.
Delegated Voting
The Voi blockchain will introduce a sophisticated voting system designed for decentralized governance that incorporates a delegated democracy model enhanced by a token share-based approach to allocating political power.Token holders can stake their tokens in a node and delegate their voting power to delegates (representatives) whom they trust to act in their interest. In other words, each seat held by a representative does not hold equal power in the voting process. Each representative holds a share of power relative to the amount of tokens allocated to them by voters in the Voi community.
This approach will ensure every voice in the community is heard and will enhance the decision-making process without risking overwhelming control over the blockchain’s future by any given individual. The reason for this is because while acquiring more tokens increases a delegate’s voting power, it does so at a diminishing rate. Overall, this ensures a more balanced and equitable governance system. It also allows stakeholders who may not have the time, resources, or expertise to participate directly in every decision to still have their interests represented. Stakeholders will be given non transferable voting tokens, points, or the like commensurate with the number of Voi staked in the network. The actual details of these non transferable assets have yet to be determined.
Community members will have the ability to withdraw their pledged tokens or points from delegates as a check against unsatisfactory performance, emphasizing thoughtful participation and accountability by anyone elected to serve as a member of Voi’s governance.
A New Era of Community Empowerment
Adopting this tripartite system is our bold move to democratize decision-making and cultivate a governance culture that’s transparent, balanced, and inclusive. This approach invites every community member to contribute to the governance process, empowering you to help steer the direction of Voi’s blockchain.
Voi will launch with a tripartite system, ensuring we anchor into our commitment to be decentralized at the onset. While achieving full decentralization with the necessary infrastructure for comprehensive democratic voting may take months or even years, we are dedicated to this vision.
To transparently navigate this process, we will release a phased roll-out plan and introduce an initial model for decentralization at the launch of our mainnet that will be continually enhanced to adhere to Voi’s values and long-term strategy as being a network and ecosystem built and operated by the community. Your involvement is key to making Voi not just a successful blockchain platform, but a vibrant community of innovation and collaboration whose voices directly infuse and inform the future of the network.
