by 0x07356b0edf9b934330f41952b09d076c3810c608 (Bet)
Currently the circulating MANA supply is 1.3b VP
The LAND supply is 90,000 * 2,000VP = 180m VP
(minus roads, districts and plazas)
NAME supply is 31,000 = 3.1m VP
Wearables = 0 VP
My proposal is that we transition to a percentage based system to calculate VP.
MANA
49%
LAND
49%
NAMES
1%
WEARABLES
1%
Example of a vote:
| ITEM | % | YES | % | NO |
|—|—|—|
|MANA | 42% | 600,000 mana vote yes | 7% |100,000 mana vote no |
|LAND | 9.8% | 20 land vote yes | 39.2% | 80 land vote no |
|NAME | 0.1% | 10 names vote yes | 0.9% | 90 names vote no |
|WEAR | 0.5% | 0 wearables vote yes | 0.5% | 0 wearables vote no |
| Result | 52.4% | YES |47.6% | NO |
Yes would win in this example.
There would still be a minimum MANA VP for grants.
Why change it?
There are a lot of institutions that have full custody of their customers MANA that could vote on proposals against our communities interest. Similar to how steem was hijacked by tron. https://www.coindesk.com/tech/2020/03/02/why-crypto-should-care-about-justin-suns-steem-drama/ .
I believe this proposal would make it more fair for the users. Suggestions in the forum.
I see your point here Pablo. It’s a really good point. It really is. In fact, I would like to see that happen because it would give me more power at the DAO. But the way I see it. Mana is important because it is what funds the DAO. We can be certain that Mana Holders will know that the value of their Mana is dependent on the strength of the DAO.
As long as the DAO looks strong, so too will Mana. They will fight strongly for the original vision of this project, because that shows a strong DAO. It’s why I got involved with this project in the first place.
If we want to see Metaverse happen, we’re going to have to give MANA some power. This is the reason I joined this project. Yes without the land owners, this place wouldn’t exist in the first place - but without the Mana Holders, the DAO wouldn’t have the purchasing power it currently does. The More Mana that is held, the more powerful the DAO becomes.
I would also like to see more Land owners actually exercise their rights here at the DAO. We as land owners still have a strong say in what happens. The less we are lackadaisical about this the more power we have - I think this makes collaboration important to everybody. MANA holders, LAND owners, and the players who have NAMES and WEARABLES. Everyone is involved in the ways they need to be.
I mentioned some things in the discord.
There are times when votes might discriminate against a specific group of VP holders.
So for example:
Reducing names VP to 25 MANA.
Was popular among LAND and MANA holders with almost 80% voting yes.
but was highly voted against by NAME owners with around 95% voting no.
So if there is a vote that singles out a specific group then the percentages should be different.
The math is wrong.
If there is a supply of 90k LAND, and only 80 LAND vote NO, that just cannot add up to a weight of 39.2% for NO in the vote.
I suppose that’s just a technicality though, the idea is still the same when the math is fixed.
It’s an interesting idea, but should probably be revoted on, as this is 3 years old.
My two cents would be to actually allocate a much smaller percentage to MANA, to counter-counter-incentivize the actual spending of the MANA into the economy.
That was an example of how a vote would work…
LAND always has 49% of a vote…
So if only 1 LAND voted “yes” for something then that would result in 49% of yes votes…
This is to avoid corrupt voting.
With the current system anyone can buy a large amount of MANA.
Post a proposal.
Sell their MANA.
Pass a proposal.
Do not argue with the math is wrong, because when that is the case, you can be unequivocally proven wrong.
If 0 WEAR vote, the impact on the end-result is 0%. Not 50% * 1% !
1 LAND out of 90k is not going to result in a weight of 49% in the end-total. Sorry !
This is actually much much harder than people make it.
You can only buy a certain amount of MANA at the current price; as soon as you buy up the supply at that price, the only supply remaining is at a higher price.
And when you buy up the supply at that price… the only supply remaining is at an even higher price.
So in the end, when you’ve reached the amount of MANA that actually enables you to swing votes… you’ll have spent much more than you will originally have estimated.
And… on top of that…
who’s going to want to buy once you want to sell after having swung the vote ?
You can’t change the proposal and then tell me my math is wrong…
This proposal is to make a fairer voting system…
So that no matter how much MANA you have you can only win up to 49% of the yes votes…
So you would also need support from LAND/NAMEs/WEARs/OTHERs if you really wanted to pass something…
This helps with things like last minute voters and whales…
The idea is fair ! But just because the Poll has passed, it does not mean the math in the example stops being wrong.
If 20 LAND vote yes, and 80 LAND vote no, that means 89.9k LAND vote blank.
A weight of 100 cannot be made to speak for a weight of 89.9k
First of all, it is rather important to have click-through references to validate any such kind of number listed in a Poll or Proposal.
But even assuming that 1.3b VP was close to correct, just how much of that do you expect to be able to borrow OTC ?
I highly doubt it’s anywhere near 1.3b VP
What exactly do you mean ? Are you talking about limit orders to buy on an exchange ? Those don’t give MANA until the orders are filled, right ?
That’s how it currently works anyway
If 1 person votes with enough VP then it passes…
Normally that 1 person has a majority of their holdings in 1 asset.
I personally hold a lot of LAND but pretty much no MANA… I do have some wearables and some NAMEs though…
If you look at some typical user profiles.
(nice variety of assets)
If these 3 members votes for something…
The whale wins every time in the current format…
PERCENTAGE BASED EXAMPLE:
BET and IAMDECENTRALAND vote NO
WHALE votes YES
Then the NO’s would win with a 52% majority.
CURRENT SYSTEM:
BET and IAMDECENTRALAND vote NO
WHALE votes YES
Then the YES’s would win with a 99% majority.
Because the WHALE can only ever vote with up to 49% in the percentage based system. It makes it more fair for everyone.
So the WHALE needs to get smart and buy some WEARABLES
It depends how much money you have…
If I was a billionaire and I asked binance for a MANA loan then they would do it… Currently binance own at least 250m VP…
So a truely decentralized governance never makes sense until we implement the percentage based VP
