Earlier this year, we launched our Governance Staking feature followed by the release of Iskra’s Platform Decentralization Plan.
Our Governance Staking marks the first major milestone on Iskra’s journey to eventually become a decentralized autonomous organization (DAO). It paves the way for Iskra users to stake their ISK holdings and acquire sISK in return, which is a requirement to become a member of the Iskra DAO and participate in its governance.
In this article, we’ll simplify the Governance Voting process for a quick and easy overview to help you prepare once the feature goes live by March 30, 2023.
You Need sISK to Participate in Iskra’s Governance Voting
The sISK token represents the governance rights that ISK stakers can leverage for DAO-related major updates, such as the Governance Voting feature. To get sISK, you must stake your ISK holdings in our Governance Staking, which you can access here.
As sISK represents the amount of governance rights you can leverage during the voting process, please make sure to check the Notice section in the portal regularly to see when a proposal is registered. Your voting power depends on the amount of sISK you hold at the time of registration of a check/proposal.
Two Ways to Participate in the Iskra DAO
There are two ways for Iskra’s community members who hold sISK to qualify and participate in Iskra’s governance (Iskra DAO and KOL) –
Please take note that holding sISK (no minimum) is the basic requirement to become an Iskra DAO member or an Iskra KOL. All community members holding sISK in their wallets are entitled to exercise their voting rights in proportion to the amount of sISKs they hold.
What sets KOLs (key opinion leaders) apart from ordinary Iskra DAO members is that KOLs are privileged to publicly lay out their thoughts and preferences in the early voting stage and they can confirm proposals to be voted by all Iskra DAO members.
Example:
Please see the table below to better understand how you qualify based on your holdings.
| Assets You Have | Your Qualification |
| 0 sISK | Not eligible (not an Iskra DAO Member) |
| 0.1 sISK | Iskra DAO Member |
| 1 P-NFT, 0 sISK | Not eligible (No sISK) |
| 1 P-NFT, 0.1 sISK | KOL |
| 60,000 sISK | KOL |
The Iskra Governance Voting Process
Reminder Before You Vote
It’s better to hold as many sISK as possible before the registration as your voting power depends on the amount of sISK held at the time of registration of a proposal.
The Governance Voting process involves three (3) major stages –
- Proposal Stage
- Check – This is a stage for gathering feedback from KOLs who can leave their comments through voting. Non-KOL Iskra DAO members can view the comments left by these KOLs. The proposer then creates a proposal based on the feedback gathered in this stage.
The ‘Check’ process can be conducted multiple times to refine the information on the proposal. There are no conditions for a particular proposal to pass as this stage is just for collecting feedback. - Propose (lasts about 5 days) – This is the part where the KOLs finalize the proposal as an actionable item and decide whether to put it up for a vote or not.Proposals are announced in advance before then and Iskra KOL members have the option to up vote, down vote, or abstain. Non-KOL Iskra DAO members can view the opinions of KOLs.
If the upvote exceeds 50% of the total votes, the proposal gets passed on to the ‘Voting’ stage, where it will receive a vote on whether to execute or not.
For proposals that failed to pass, they can either start over from the ‘Check’ stage with the same idea or be revised and put up for voting again as a second proposal by the proposer. There is no quorum needed for this part.
- Check – This is a stage for gathering feedback from KOLs who can leave their comments through voting. Non-KOL Iskra DAO members can view the comments left by these KOLs. The proposer then creates a proposal based on the feedback gathered in this stage.
- Voting Stage – All Iskra DAO members (KOL and non-KOL) will be asked to vote on the confirmed proposal whether to execute it or not. Proposals are announced for around 2 days in advance and will be put to a vote for about 7 days for upvote/downvote/abstain.If upvote exceeds 50% of the total votes, the proposal has met a quorum (amount of votes cast is 20% or more of the sISK total supply) and it will be executed.If upvote does not exceed 50%, the proposer can revise the proposal and proceed from the Proposal stage again to get KOLs’ consensus.
- Execution Stage – The voted agenda will be executed based on the voting results.
We will release more details regarding the actual governance voting event in the coming days so make sure to follow us on Twitter to stay on top of all Iskra news!