Palm Collective Voting Smart Contract
The Palm Collective voting Smart Contract serves as the mechanism across the Palm Collective and Palm Communities for the recording of the vote on the blockchain. The Palm Collective Voting Smart Contract is utilized by the Palm Collective and Palm Communities to configure and execute voting protocols tailored to their specific needs.
Admin Vote Set Up
The Admin of the Palm Collective and or Palm Community will be able to configure a vote by clicking on:
Governance Section: the admin will be able to see a “Go to Admin” button on the top right hand corner.
Voting Configuration:
Palm Collective and Palm Community administrators can set up a proposal by clicking on a “Create Vote or Governance” button and filling out the proposal or Governance (Simple or Call) information as requested to configure the voting parameters for proposals or grants. Admins can set forth the voting rules, such as voting duration, token gating, quorum, and eligibility criteria for community members to unlock the specific vote.
Admin Console: admins will be able to see an “Admin” button at the main navigation menu
Transparent and Immutable Record-Keeping:
All voting-related data, including voter participation, votes cast, and final outcomes, is stored on the blockchain in a transparent and immutable manner. This ensures the integrity of the voting process and enables stakeholders to audit the results retrospectively. The Palm Collective will provide voting data visualization for all votes configured by the admin of the Palm Collective and Palm Communities respectively.
Each time an admin creates a proposal, the Palm Collective creates a unique Palm Collective Voting Smart Contract tailored to the specifications set forth by the admin filling out the Grant or Governance (Simple or Call) Form.
Voting Mechanisms
Member Vote
Each Palm Collective & PALM COMMUNITY member has the ability to unlock votes based on the amount of Proof and $PALM (when available). Once the vote has been unlocked as per the foregoing, the user will be able to vote in accordance with the voting mechanics selected by the admin for that specific vote.
Once at the Admin Console, the admin will be able to select one of the Palm Communities or Palm Collective they manage.
Once the Collective or Community is chosen, the admin will see a “Create a Proposal” (Binary or Simple Vote) and a “Create an Open Call” (Quadratic, or Simple Voting) button.
The admin will be prompted to fill out the Create a Proposal or Create an Open Call Form.
Once the Create a Proposal or Create an Open Call Form is completed the Admin can click on Create Proposal or Open Call to complete the process and activate such Proposal or Open Call.
Voting Mechanics: The Create a Proposal or Create an Open Call Form include voting mechanics. Admin can select from a variety of voting mechanisms to determine how decisions are reached within their Palm Collective and Palm Communities once the member has unlocked the specific vote by having the required Proofs and/or $Palm to unlock that vote.
One Membership Proof, One Vote: The "One Membership Proof, One Vote" once a member displays the required amount of Proofs and/ or $PALM needed to unlock a vote, then that member has the ability to vote once. This basic model assigns an equal voting weight to every member able to unlock the specific Palm Community or Palm Collective vote.
Once a vote is unlocked, if Proposal (Simple Vote) the member will be able to vote: Yes | No | Abstain.
Once a vote is unlocked, if Open Call:
Simple vote option:the member will be able to cast one vote and choose only one of the options represented on that vote. (i.e. if 10 submissions are presented, the member will be able to select only one).
Quadratic vote: Quadratic Voting is a unique voting method where participants receive a set number of voting credits, rather than just one vote per choice. This system allows voters to allocate their credits across various options based on their preferences.
Quorum voting: This voting mechanism requires a certain percentage of token holders to participate in the vote before the results are considered valid. This helps to prevent decisions from being made by a small number of people.
Here's how it works:
Imagine you have ten voting credits.
You can distribute these credits across different options, but here's the catch – the more votes you allocate to a single option, the more it costs you.
For example, if you allocate one vote, it costs one credit. But, if you want to allocate two votes, it'll cost you four credits (2 squared = 4).
This approach gives voters the flexibility to express strong preferences for a single option by allocating more votes, but it makes it more expensive to monopolize votes for one choice. It encourages voters to distribute their credits across multiple options, reflecting their true preferences more accurately.