DAO Voting

Overview

The Lossless Wrapped ERC20 non-ownable version represents a significant shift in the dynamics of community voting within the blockchain ecosystem. By replacing traditional token ownership with a more democratic approach, it aims to empower the broader community and make the decision-making process more inclusive. This article explores the intricacies of this new model, its implications for community voting, and the necessary steps users must follow to participate effectively in the decision-making process.

Workflow

The Lossless Wrapped ERC20 non-ownable version eliminates one of the three main pillars of traditional voting in the blockchain ecosystem: token ownership. In its place, the new model integrates UMA oSnap voting, allowing the broader community to assume the role of token owners in the voting process. This innovative approach aims to increase the level of participation and engagement among community members, fostering a more democratic and transparent decision-making process.

To take part in the decision-making process, users are required to hold LSS tokens and join the Lossless Snapshot Space. When a new report relating to a Lossless Wrapped ERC20 is created, a corresponding case will be established within the Snapshot space. This case will remain open for a 24-hour voting period, during which community members can cast their votes to determine the validity of the report.

Once the voting period concludes, the community's collective decision will be cast and recorded, marking the successful completion of the voting process. To further incentivize participation and reward users for their diligent investigative efforts, it is recommended that users stake their LSS tokens on the report via the Lossless Platform. By doing so, participants can maximize their potential rewards and ensure a fair distribution of benefits for their contributions to the decision-making process.

Prerequisites

• Hold LSS Tokens

• Join Lossless Snapshot Space by heading to #insert link to snapshot space# and click “Join“ on the left hand side.