XVMC Protocol: Governance Model

There are 2 types of voting in the XVMC protocol:

1.) Consensus Mechanism
Meant for important system upgrades. Stakers in the long term pools(1year, 3year and 5year) can cast votes for proposals using their shares. This is how new functionalities and modules can be implemented, existing architecture fine-tuned or whole system re-designed.

2.) Token Voting
Meant for maintenance of the system in a decentralized manner. Blockchains can not see nor understand the real world. Oracles are trusted third parties that are used to rely the real world data to the blockchain. In XVMC, users act as oracles that consistently regulate and fine-tune the whole system, including inflation, reward boost events, roll-over bonuses, minimum cost to vote, event thresholds,... This is done through voting with tokens, where the user must sacrifice their tokens in order to propose a change. The proposals can always be vetoed by another user, who must sacrifice an equal amount of tokens. It's a bidding system for enforcing proposals.

Bigger, richer and smarter players are meant to be in control, as they are likely to make the best decisions. Everyone benefits as system is designed to align the interests for the benefit of the holders and long term stakers. The token voting model can always be modified and improved. It is effectively governed and overpowered by the consensus mechanism.

The governance is already built and coded into the system, however there is currently no user-friendly interface. An admin dashboard for tracking proposals in a user-friendly manner is needed. It would provide oracles a platform to communicate, elaborate their decisions and discuss proposals. Even though the regular users would not be the ones actually making the decisions, they could provide constant feedback on decisions made, as well as submit suggestions of their own.