Polls are set to be the voting process for Livepeer improvement proposals. This is a look at the well-deliberated voting process that the Livepeer community is preparing to use to begin the foray into decentralized governance.
At a Glance
The polling application will be used by LPT stakers to vote on Livepeer improvement proposals. Update: the first poll went live today, May 11, 2020. Anyone can spend 100 LPT to create a proposal. You can vote either YES or NO, and your vote weight is proportional to your staked LPT. At least 33.33% of the LPT supply must participate with at least 50% voting YES within 10 days for the poll to pass.
– The First Livepeer Governance Poll Is Now Open For Voting (May 11, 2020)
– LIP #19: Poll Based Governance (Mar 30, 2020 – Github)
– Livepeer Governance in a Nutshell (Apr 10, 2020)
– Governing the World’s Open Video Infrastructure: Livepeer Case Study (Mar 24, 2020)
Legitimizing the Governance Process with LIP-19
The first Livepeer improvement poll went live on mainnet today, Monday, May 11, 2020, and now any Livepeer token-holder may participate in voting. We are also expecting Livepeer Improvement Proposal #19 to pass, ratifying clear processes and rules for creating proposals and voting on them. Interestingly, Livepeer’s governance process is set to be ratified using the very governance process and tool being proposed–what Doug Petkanics describes as “participatory transitional governance.”
Check out Doug’s article ‘The First Livepeer Governance Poll Is Now Open For Voting’ here.
Voting on Existing Polls
Anyone can vote in a poll, but the weight of your vote will be proportional to how many LPT tokens you have bonded.
There are two ways to create and vote on polls: 1) command-line interface, and 2) the existing Livepeer explorer dashboard, which is probably the easiest to use. For now only the testnet version of the polling application is available. You’ll need to have Metamask ready with the account that you use to control your bonded LPT. The Rinkeby testnet polling application can be found here.
Once you select a poll, you can vote either ‘YES‘ or ‘NO,’ and the weight of your vote will display soon after your transaction is processed. You can change your vote at any time before the poll ends, which is ~10 days (57600 blocks = 10 rounds) after the poll is created.
How does voting work?
Your voting power for a poll is proportional to your staked LPT (which includes delegations to inactive orchestrators). The number of staked LPT that backs your vote is referred to as your “voting stake.” Your orchestrator may vote on your behalf, and you may override your orchestrator’s vote.
At least 33.33% of all existing LPT must participate in order for the poll to be considered valid, and at least 50% of the “voting stake” must vote ‘YES’ for the poll to pass. This means that at minimum, 16.665% of the LPT supply must vote ‘YES’ to pass a poll. If a poll passes and there is a decision to be enacted, the Livepeer team will then adhere to the social contract of committing to enact that decision.
How are new polls created?
Anyone can create a new poll to be voted upon, but first there must be a Livepeer Improvement Proposal (LIP) in this Github repo. An LIP is a formal Github process for proposing a change or for gathering a community signal. The mainnet poll creation will cost 100 LPT, which will then be burned. Consider testing the process on the testnet first, and you can get help via Discord and/or the forum.
The 100 LPT amount must be liquid to create the poll–it cannot be bonded or in the process of unbonding. Creating a new poll with this application is easy because you only need to select an LIP from a list of existing LIPs, and the poll application will use the Github LIP to create the new poll automatically.
After selecting the LIP and sending the transaction, your deposit will be burned and the poll will go live on-chain, whereupon voting begins.
Now the poll can be voted upon and will last for ~10 days (57600 blocks = 10 rounds).
Polls are now available on mainnet
The mainnet polling application is now live, and so is the first poll, which proposes to ratify LIP-19. Livepeer Improvement Proposal 19 is set to legitimize both the LIP process and polling application as 1) the way that the Livepeer community signals preference and 2) the way that decisions about the Livepeer network will be be made.
This article is part of the Livepeer governance education initiative. We want an engaged and competent Livepeer community that participates in an increasingly decentralized governance process–all part of a healthy network that will support the Livepeer Project’s mission to Build The World’s Open Video Infrastructure.
Hopefully you found this useful. Questions? Comments? Feedback is always welcome! I’m on Twitter.