1CC DAO
A number of off-chain governance decisions may be executed without breaking present tokenomics model. The most important action to be discussed is the ability to mint 1CC.
When it comes down to on-chain governance methods, 1CCindex and 1CC holders can cast votes to coordinate the list of available DeFi protocols to be routing deposits locked by the users to.
Governance Model Overview
The Veto Governance Model presents a nuanced approach to decentralized decision-making within the One Click Crypto protocol. This model aims to strike a balance between the varying interests of 1CC and 1CCindex token holders, with 1CC holders possessing "veto rights" on specific proposals. In contrast to earlier versions, the veto rights granted to 1CC holders in this model cannot be overridden, providing them with unequivocal influence over particular governance issues.
Mechanics
Eligibility: 1CC token holders automatically receive veto rights upon acquisition of the tokens.
Proposal Types: Proposals within the One Click Crypto DAO are categorized based on their impact and scope. Only proposals that meet specific criteria would be subject to the veto power of 1CC holders.
Veto Activation: To exercise a veto, 1CC holders must reach a consensus within 72 hours from the proposal's initiation. The consensus percentage required for a veto to be effective would be predefined - 60% of 1CC tokens must be used to vote for a veto.
Immutable Veto: Once a veto is activated, the corresponding proposal would be immediately terminated. No further actions could be taken to override or bypass the veto under this model, making the veto irrevocable.
Transparency: All veto activities would be transparent and verifiable on-chain, providing a clear and immutable record of governance actions.
Restrictions and Limitations
Non-Overridable: Unlike other governance models where a veto may be overridden by a supermajority or similar mechanisms, the Veto Rights model grants an absolute, non-overridable veto power to 1CC holders for eligible proposals.
Scope: Veto rights may not apply to all types of proposals; their application will be limited to high-impact decisions like protocol upgrades, economic parameter changes, or partnerships. Day-to-day operational decisions might be exempted from veto power.
Minimum Holding: There may be a minimum holding period for 1CC tokens to be eligible for participating in a veto, to prevent sudden acquisitions of 1CC tokens specifically to block proposals.
Benefits
Equitable Influence: This model recognizes the early supporters and contributors to the protocol (1CC holders) by providing them with significant influence over pivotal governance decisions.
Checks and Balances: By enabling a veto right that can't be overridden, the model introduces a check against potential governance attacks or unfavorable decisions that could otherwise pass with a simple majority of 1CCindex token votes.
Transparency and Accountability: The entire process is transparent and conducted on-chain, allowing for easy auditability and accountability.
By implementing this Veto Governance Model, One Click Crypto aims to foster a governance environment that is both inclusive and balanced, ensuring that the interests of all stakeholders are adequately represented. This model will help to prevent anomalies and extreme cases that can result from abnormal minting of 1CCindex tokens.
Workflow
Proposal Creation:
A proposal is submitted by any 1CCindex token holder through a dedicated smart contract function.
Metadata associated with each proposal is stored on-chain, including its type, intended impact, and a cryptographic hash of additional off-chain details.
Initial Voting:
1CCindex token holders can vote on proposals during a predefined voting window (7 days).
Each 1CCindex token counts as one vote.
The proposal's smart contract keeps track of the vote tally.
Veto Eligibility Check:
After the initial voting window, the smart contract checks whether the proposal falls into a category that is subject to veto (high impact changes, economic changes, etc.)
Veto Voting Window:
If the proposal is eligible for veto, a secondary veto voting window opens specifically for 1CC holders.
This window lasts for a shorter period of 72 hours.
Veto Activation:
1CC token holders vote within this period to activate the veto.
A predefined percentage (60%) of 1CC holders must vote 'Yes' for the veto to be activated.
Veto Execution:
If the veto is activated, the proposal is automatically terminated by the smart contract.
All the voting tokens are returned to their respective owners.
Event Logging and Transparency:
All actions, such as proposal submission, voting, and veto activation, trigger Ethereum events for transparency.
These events can be easily monitored and audited.
Governance Mechanism Specifications
Smart Contracts:
Written in Solidity and conforming to the latest security standards.
Audited by multiple external firms.
Data Structures:
Proposals are stored in a mapping with a unique identifier.
Votes are stored in nested mappings, linking voter addresses to proposal IDs and vote counts.
Modifiers and Access Control:
Functions that allow for proposal submissions and voting are restricted to 1CCindex and 1CC token holders, respectively.
Oracles and External Data:
None. The system operates entirely on-chain to maximize security and transparency.
Upgradeability:
The governance model smart contracts are upgradeable through a multi-step process, which itself can be vetoed by 1CC holders.
Last updated