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Governance Vote: Extending voting rights

Governance Vote: Extending voting rights to $Planet holders

PW:GOV#4 | Governance vote: Extending voting rights to $Planet holders

Voting will start on September 8th at 11 am CET and will close on September 15th at 11 am CET.

UPDATE: The Governance vote is closed. The option “Yes, I agree with extending the possibility of voting to Planet holders” won with 61.1% of the votes.

Governance Vote: Extending voting rights

Hello PlanetWatchers,

As announced a couple of weeks ago, we will submit a new proposal that intends to enlarge the number of people that are able to participate in the framework of PlanetWatch’s governance.

What are the changes and why are we proposing them?

This governance vote has a two-fold purpose: to enable Planet holders to actively participate in the future of PlanetWatch as well as to promote the utility of our token.

Currently, voting power is entirely allocated to sensor owners. No voting power is granted to PlanetWatch supporters who might own a significant amount of Planets but no sensors. 

Since all Planet long-term holders, both individuals and corporations, provide a big contribution to the development of PlanetWatch, we believe we should enable them to make their voices heard in the framework of PlanetWatch’s governance

In order to achieve this we propose that, in addition to one vote being allocated for each sensor reputation point (current system), one vote is also allocated for each lot of 1,000 Planets in one voting participating wallet. The aggregate voting power, based on sensor reputation points and Planets held in wallets would be fixed on a snapshot date prior to the voting date.

Important to notice:

  • Obviously, Planetwatch cannot use tokens from the reward budget or in recycling bins to vote.
  • The proposed changes protect the interest of sensor owners while bringing more utility to the token and incentives to investors.
  • People will not be able to move their funds from one wallet to another in order to vote more than once or to grant more voting power to another person because we will do a snapshot at an undisclosed time before the voting date.

How it works

Although the proposal would enlarge the number of people that are able to vote, it is important to note that the proposed ratio (1 vote for each lot of 1,000 Planets held) would still grant a lot of power to PlanetWatchers who operate sensors and do not hold substantial amounts of Planets.

For example, in order for you to get 1,000 votes you would either:

1) need to reliably operate three sensors of any kind with a runtime of 334 days and earn 1,000 reputation points (this is the system already in place)

OR

2) hold 1.000.000 Planet Tokens (new)

This proposal is the first example of one which was triggered by discussions with a number of community members and supporters, including financial institutions such as  Borderless Capital. We believe this change will open up new doors for the community and incentivize institutions and individuals alike to take part in the governance of Planetwatch by acquiring and holding $PLANETS tokens.

How to vote

Please follow the steps below in order to vote.

Requirements to vote:

Hold a registered PlanetWatch account to which at least one sensor is connected;

Hold a preloaded wallet in the App, with at least 0.102 Algos available for voting operations (0.101 Algos are spent to initialize the special token used for the vote and 0.001 Algos are spent for the transaction delivering your vote). 

Note: it is mandatory to hold at least 0.1 Algos on deposit in your wallet for each asset you own.

Voting process:

  • Request to participate in the vote via the App;
  • Choose the wallet where you’ll receive the voting tokens;
  • Vote for one of the options (all your voting tokens will be sent to the specified address);

Voting options:

Yes, I agree with extending the possibility of voting to Planet holders.
(address: SBMOMATMGVAAJGMDQOZM3CYH6KS7YZBTKGF4DJCUQLW622VUIMFRHVRY7Q)

No, I do not agree with extending the possibility of voting to Planet holders.
(address: HRO2KOB6WH5SHHLGAEYCEFAL5CRLZ3RPELQJNZC3BWDZ5O35TFJYFGBJSM)


Keep in mind that your voting power is expressed via the number of voting tokens that you will receive. This number depends on the aggregate reputation score for all sensors linked to your email address as of the 7th of September.

Voting will start on September 8th at 11 am CET and will close on September 15th at 11 am CET.

If the first option (“Yes, I agree with extending the possibility of voting to Planet holders“) wins the governance vote, $Planet holders will have a mechanism to vote by the end of the year.

Do not forget to submit your vote – this is a great opportunity to make yourself heard!