Zebi Public Blockchain has core capability for token holders to collectively participate in blockchain governance which works very similar to the Governance module in Cosmos. Zebi token holders can initiate any proposal.
Deposit Period :
For a proposal to be considered for voting, a minimum deposit of 100,000.0 zebi needs to be deposited within DepositPeriod (which is set at 2 days) from when a proposal is submitted. To prevent spam, proposals must be submitted with a deposit in zebi tokens. Any Zebi token holder can contribute to this deposit to support proposals, meaning that the party submitting the proposal doesn’t necessarily need to provide all the deposit amount itself. Zebi token holders that contributed Zebis to a proposal will be able to collect their deposit when the proposal was accepted and if the proposal met all the voting conditions.
Voting period will begin as soon as the proposal's minimum deposit amount is reached for a particular proposal. During this period, Zebi token holders are able to cast their vote on that proposal. There are 4 voting options ("Yes", "No", "No with Veto", "Abstain"). The Voting period currently is set for 2 days only.
Depositors will lose their deposits in the following cases:
- When the proposal deposit amount is not reached.
- Minimum 33.4% of votes are voted to No with Veto.
- Minimum 33.4% of total voting should cast their vote.
Deposits will be refunded to the depositors when a proposal is accepted or when proposal is considered valid. A proposal will be considered invalid when minimum 33.4% of voting power is not voted to any options in aggregate.
Types of Proposals:
All the proposals that do not involve a modification of the source code go under this type. Opinion poll will be taken in case of text proposal.
If SoftwareUpgradeProposal is accepted, validators are expected to update their software in accordance with the proposal in two steps:
Signal: Validators start signaling that they are ready to switch to the new version.
Switch: Once more than 75% of validators have signaled that they are ready to switch, their software automatically flips to the new version
How validators can vote using command line interface:
Proposal depends on the result of the coin voting by Zebi holders. The following requirements need to be satisfied for a proposal to be considered accepted:
Quorum: More than 33.4% of the total staked tokens at the end of the voting period need to have participated in voting.
Threshold: More than 50% of the tokens that participated in the voting (after excluding “Abstain” votes) need to have voted in favor of the proposal (“Yes”).
Veto: Less than 33.4% of the tokens that participated in the vote (after excluding “Abstain” votes) need to have vetoed the decision (“No with Veto”).
If one of these requirements is not met at the end of the voting period, e.g. because the quorum was not met, the proposal is denied. As a result, the deposit associated with the denied proposal will not be refunded and instead will be sent to unrecoverable address.
If a delegator does not vote, it will automatically inherit its validator vote.
> If the delegator votes before its validator, it will not inherit from the validator's vote.
> If the delegator votes after its validator, it will override its validator vote with its own.
Validator’s punishment for non-voting:
At present, validators are not punished for failing to vote.
Zebi Wallet Application Update:
Currently Validators and Delegators can only participate in governance through command line interface. However, Zebi Wallet application will soon be updated to support - Submitting proposals, deposits and voting operations for proposals so that any Zebi token holder will be able to participate in Zebi Mainnet governance.