Voting & Governance

Voting

Voting works with $PACT tokens.
To vote you need to first delegate votes to yourself or have others delegating to you. To do so, go to https://commonwealth.im/impactmarket/delegate.
You can vote with any amount of tokens, and you don't need to stake them, only hold them in your wallet.
To open proposals is necessary to have at least 100 million $PACT tokens.

How to vote using Metamask

In order to use your Metamask to vote on commonwealth, you will first need to add Celo Network to your Metamask. In order to do so:
  1. 1.
    Open MetaMask, click your profile image on the top right corner, and then click "Settings". Next, scroll down to "Networks" and click. Finally, press the "Add Network" button.
  2. 2.
    Fill in the following values depending to add the Celo Network Mainnet:
  • Network Name: Celo (Mainnet)
  • New RPC URL: https://forno.celo.org
  • Chain ID: 42220
3. Press "Save". The Celo network you just configured should now show up under MetaMask's "Networks" dropdown list.

How to use 24 words seed phrase wallets on Metamask.

Celo and Ethereum use different derivation paths for generating seed phrases meaning, Metamask does not support 24 seed phrases. It is, therefore, not possible to import an existing Celo account into the MetaMask wallet using its seed phrase, as you'd get the Ethereum version of it. Instead, you have to import it using the associated private key. In order to get the private key, you will need to go through celo extension.
  1. 1.
    Click on Celo Extension Wallet within your browser, click on the triple dots next to the name of the account you wish to export, and then select "Account details" from the drop-down.
  2. 2.
    From the pop-up that appears, select "Export Private Key".
  3. 3.
    Enter in your password for Celo Extension Wallet and click "Confirm" to reveal your private key. Copy the private key and store it securely.
  4. 4.
    Click on MetaMask extension within your browser, click on the account selection within MetaMask, and then select "Import Account" from the drop down.
  5. 5.
    Select "Private Key" for import type, paste in the private key you copied from Celo Extension Wallet, and click "Import".
You should now see your account from Celo Extension Wallet within MetaMask enabling you to vote on commonwealth. Verify that you've imported the correct account onto the Celo network and that your private key plus pass phrase are stored securely before uninstalling Celo Extension Wallet.
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Governance

impactMarket protocol is governed by $PACT tokens holders who vote on proposals. These proposals can be anything. From updating a contract to allocating funds from the treasury, creating communities (or removing), or anything, really.
Below is a simple schematic of how the governance mechanism currently works.

Governance Flow

From the moment a proposal is open until it's merged, there's a few steps. The flowchart below gives a visual explanation
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Governance configurable parameters

Following the chart above, there's a list of governance parameters that can be edited. See the list below for more details.

delay

  • the time that must pass until someone can trigger the execution of a proposal
  • can be edited by the DAO (by making a proposal)
  • must be between MINIMUM_DELAY and MAXIMUM_DELAY
MINIMUM_DELAY and MAXIMUM_DELAY
  • cannot be edited after deployment
  • MINIMUM_DELAY is 2 days and MAXIMUM_DELAY is 30 days
GRACE_PERIOD
The maximum period that a voted proposal can be executed after the delay. After that period that proposal is expired cannot be edited after deployment. GRACE_PERIOD is 14 days

proposalThreshold

  • the number of votes required in order for a voter to become a proposer
  • can be edited by the DAO (by making a proposal)
  • must be between MIN_PROPOSAL_THRESHOLD and MAX_PROPOSAL_THRESHOLD
MIN_PROPOSAL_THRESHOLD and MAX_PROPOSAL_THRESHOLD
  • cannot be edited after deployment
  • MIN_PROPOSAL_THRESHOLD is 1% of the total voting tokens and MAX_PROPOSAL_THRESHOLD is 5% of the total voting tokens

votingPeriod

  • the duration of voting on a proposal, in blocks
  • can be edited by the DAO (by making a proposal)
  • must be between MIN_VOTING_PERIOD and MAX_VOTING_PERIOD
MIN_VOTING_PERIOD and MAX_VOTING_PERIOD
  • cannot be edited after deployment
  • MIN_VOTING_PERIOD is 17280 (~ 24 hours) and MIN_VOTING_PERIOD 241920 (~ 2 weeks)

votingDelay

  • the delay before voting on a proposal may take place, once proposed, in blocks
  • can be edited by the DAO (by making a proposal)
  • must be between MIN_VOTING_DELAY and MAX_VOTING_DELAY MIN_VOTING_DELAY and MAX_VOTING_DELAY
MIN_VOTING_PERIOD and MAX_VOTING_PERIOD
  • cannot be edited after deployment
  • MIN_VOTING_DELAY is 1 (~ 5 seconds) and MAX_VOTING_DELAY 120960 (~ 1 week)

quorumVotes

  • the number of votes in support of a proposal required in order for a quorum to be reached and for a vote to succeed
  • cannot be edited after deployment
  • quorumVotes is 1% of the total voting tokens

proposalMaxOperations

  • the maximum number of actions that can be included in a proposal
  • cannot be edited after deployment
  • proposalMaxOperations is 10
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Voting
How to vote using Metamask
Governance
Governance Flow
Governance configurable parameters