As the BitCanna blockchain develops, proposals may arise that impact functionality, future development, and technological updates.
To ensure these decisions are made in a decentralised manner, certain requirements must be met. Adhering to the stages outlined below helps eliminate gatekeepers and guarantee that all parties can transact directly with each other.
Anyone who has staked BCNA coins on the BitCanna blockchain can vote and submit proposals. This means that both validators and delegators can propose ideas no matter their stake within the chain. Only staked BCNA coins within the chain are eligible for voting.
Anyone with a stake can submit a proposal for others to view. This deposit stage lasts a maximum of two weeks and must reach the minimum of 100.000 BCNA coins within this time to pass to the next stage. If this amount is not met within the time frame, there is no risk to validators or delegators who have placed a deposit, as their BCNA coins are returned. Once the amount of 100.000 BCNA coins is met, the proposal will progress to the next stage—the voting period.
Once the minimum amount of 100.000 BitCanna coins is met, a proposal progresses to the voting stage, giving users who staked a chance to vote. This stage also lasts a maximum of two weeks. Any participant will have the options:
• No with veto
The amount of BCNA coins a person or group holds (staked) determines how much influence their vote will have on the proposal's outcome. Votes can be changed right until the end of the voting period.
Once the voting window of two weeks closes, the proposal enters the tallying stage. Here, several parameters must have been met for the proposal to be finally accepted. These parameters are as follows.
More than 40% of the total staked BCNA coins must have voted by the end of the voting period.
For a proposal to be approved, more than 50% of the participating BCNA coins (excluding "abstain" votes) must have voted "yes".
Validators may also vote on behalf of their delegators if permitted.
When strictly opposing a proposal (e.g. not in line with core project or spam), anyone eligible to vote can cast their "no with veto" vote. When 49% or more "no with veto" votes are cast, the proposer and its backer(s) will be slashed.
As stated before, any users with staked BCNA coins can vote on a proposal. A delegator's voting power increases according to the amount of BCNA coins staked. A validator's voting power consists of their own staked BCNA coins and any delegated BCNA coins (only those not being used by respective delegators to vote).
This means that a delegator is trusting their vote with their validator. However, if the delegator decides otherwise, and wishes to vote on their own, this always takes priority.
If any of the conditions above are not met, the deposit for the denied proposal will be refunded.
If the "no with veto" limit of 49% is exceeded, the proposal deposit is retained by the blockchain and any backers are slashed. The slashed amount is also sent to the community pool.
Interested in becoming a part of the BitCanna blockchain? Take part by staking BCNA or becoming a validator.