Read this article to know how works Evergreen DAO Governance for the #Haqq Community
Introduction: Evergreen DAO is a decentralized autonomous organization that governs the Haqq Community and operates under the principles of the Haqq Shariah Board. This article explores the governance structure of Evergreen DAO, highlighting its key differences from default Cosmos Governance. The unique aspects of Evergreen DAOâs governance model include the exclusive authority of the Haqq Shariah Board to approve spending proposals, financial incentives for high-quality proposals benefiting the Muslim Community, and the non-burning nature of deposits. Letâs delve into the various phases and processes involved in the governance of Evergreen DAO.
Spending Proposal Submission: Any ISLM staker within the Evergreen DAO ecosystem can submit a spending proposal. Before submission, the proposal should undergo discussion on an off-chain board. Once finalized, the proposal, along with relevant metadata such as spending amount and target, is submitted to the governance module.
Deposit Period: Proposals in Evergreen DAO require a deposit, similar to default Cosmos governance. The deposit must be made in the specified coins defined in the MinDeposit parameter. The voting period commences only when the proposalâs deposit reaches or exceeds the MinDeposit threshold. While the submitter can initiate the deposit, other token holders can contribute to it by sending a Deposit transaction. The deposit amount is held in an escrow within the governance ModuleAccount until the proposal is finalized.
Voting Period: The voting period follows the standard Cosmos governance process. Once the proposal reaches the MinDeposit threshold, it enters the Voting Period. During this phase, participants (bonded ISLM holders) can cast their votes as Yes, No, âNo With Veto,â or âAbstain.â The âNo With Vetoâ option is considered equivalent to a No vote but also adds a veto. Abstain votes indicate neutrality, accepting the outcome of the vote without expressing a preference.
Quorum and Threshold: Quorum represents the minimum percentage of voting power required for a proposalâs result to be valid. Threshold, on the other hand, refers to the minimum proportion of Yes votes (excluding Abstain votes) needed for a proposal to be accepted. Initially set at 50%, proposals can be vetoed if more than one-third of the votes (excluding Abstain votes) are No With Veto votes. Thus, for a proposal to be accepted, the proportion of Yes votes (excluding Abstain votes) must exceed 50%, and the proportion of No With Veto votes must be below one-third (excluding Abstain votes).
Inheritance: If a delegator does not vote, their vote inherits that of their validator.
Shariah Approval Period: Once a proposal passes the Voting Period, it proceeds to the Shariah Approval Period. During this phase, the Haqq Association Shariah Board evaluates the proposalâs compliance with Shariah Law. If approved, the proposal is executed, and the designated coins are transferred to the specified destination. However, if the Shariah Board rejects the proposal, the coins remain within Evergreen DAO. If the Shariah Board fails to submit a decision within 21 days, the proposal is automatically rejected, and the coins stay in Evergreen DAO.
Deposit Refund and Seizure: At the conclusion of a proposal, the coins from the deposit are either refunded or transferred to Evergreen DAO, unlike in default Cosmos governance where coins are burned. If the proposal is approved or rejected (without veto) during the Voting Period, the deposit is automatically refunded to the respective depositor. In the case of a veto by a supermajority, the deposit is transferred to Evergreen DAO. If the proposal fails to reach the MinDeposit threshold during the Deposit Period, the deposit is also transferred to Evergreen DAO.
Conclusion: Evergreen DAO
is an innovative governance system designed for the Haqq Community, incorporating the principles of the Haqq Shariah Board. By enabling the approval of spending proposals, providing financial incentives for impactful proposals, and preserving deposits in the event of failures, Evergreen DAO ensures a transparent and community-driven decision-making process. Through the Deposit Period, Voting Period, and Shariah Approval Period, the governance model facilitates active participation and consensus among ISLM stakers. The unique features of Evergreen DAO contribute to its goal of fostering a robust and inclusive ecosystem that aligns with the values of the Muslim Community.