Summary:
TL;DR: Update https://www.zilliqa.com with a governance portal featuring gZil and how it can be used to propose and make decisions in the Zilliqa ecosystem giving it clarity, recognition, and ultimately, utility.
Abstract:
The gZil holders would like Zilliqa / Zilliqa Research Pte. Ltd. (REG NO: 201726378D) / Zilliqa.com team to prioritize as high on a dedicated site for gZil on Zilliqa.com itself. It will likely fall under the category: Blockchain or Ecosystem which the team can decide that best suits the description and the site be named " GOVERNANCE ". Details will be shared under Specification:
Motivation:
The Challenge:
The Governance Zilliqa (gZil) token minting ends in October 2021.
On Frequently Asked Questions | Zilliqa, it is stated:
$gZIL are ZRC-2 compliant fungible tokens that can be earned alongside $ZIL staking rewards. $gZIL will only be issued when a user withdraws his/her $ZIL stakings rewards from his/her designated SSN operator. For every 1,000 $ZIL earned as staking reward, 1 gZIL will be issued (i.e. 0.001 $gZIL will be issued for every 1 $ZIL staking reward).
The rationale behind issuing $gZIL is to capture long-term token holders and give them access to governance tokens that they can later use to make ecosystem-wide decisions (e.g. in a DAO like structure where $gZIL holders can vote and make decisions on community projects).
Aside from holding $gZIL for governance purposes, users can also swap $gZIL for other ZRC-2 tokens on our DEX, ZilSwap, or contribute to its liquidity pool(s) in return for rewards.
$gZIL will only be issued for 1 year starting from the launch of non-custodial $ZIL staking (14 October 2020), with the objective of creating scarcity and to incentivise users to get involved in the staking programme early. Furthermore, we limit the maximum number of $gZIL ever to be issued at 722,700.
The information is currently shared at Frequently Asked Questions | Zilliqa & Staking $ZIL, where holders find insufficient information on how to use this DAO-like system to participate or set up votes for proposals. The lack of information may also give holders the impression that the gZil token is a second-rate citizen on the Zilliqa ecosystem with no actual decision-making power.
Holders who want to propose changes must do their homework and discover that the current system necessitates a non-layman (complicated) process.
Step 1: Holders have to navigate online to locate: https://gov.zilliqa.com to set up a discussion on the proposals.
The detailed instructions on how to set up require users to navigate the site again: FAQ on Snapshot portal
Step 2: Holders after an unclear amount of time of discussion and random majority “FOR” votes, set up their official proposal with a minimal of 30 #GZIL tokens on Snapshot to officiate the voting process.
Step 3: Holders vote and after the deadline, may not know the exact time frame of execution of the proposal under the information stated by Dr. Amrit Kummer ( President at zilliqa.com ): " The team will try its best to implement it."
Link: https://twitter.com/maqstik/status/1437731935720255493?s=20
Specification:
The proposal:
The gZil holders would like Zilliqa / Zilliqa Research Pte. Ltd. (REG NO: 201726378D) / Zilliqa.com team to prioritize as high on a dedicated site for gZil on Zilliqa.com itself. It will likely fall under the category: Blockchain or Ecosystem which the team can decide that best suits the description and the site be named " GOVERNANCE ".
This dedicated site should include the following:
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The definition of DAO, what is gZil, and how gZil plays a part in Zilliqa ecosystem including any Github doc back-links, etc.
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Links or back-links on important information like market cap, exchange partners trading gZil (DEX and CEX), partners working on utility gZil like Pilliar Protocol, IgniteDao, etc.
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Clear directions and layman guide on how to propose and vote using the gZil for the Zilliqa ecosystem. Better yet a clear step-by-step interactive guide on the site itself on how to draft out proposals/discussions if needed. This should be as clear-cut as possible so it attracts interaction and future investments.
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Revamp of the https://gov.zilliqa.com discussion site if needed to fit in the website theme with zilliqa.com
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The governance dedicated site should fit the zilliqa.com website theme standards.
The PROS:
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Clarity & structure. With systematic roll calls, it creates a proper system where users can see the core utility of holding gZil. Zilliqa.com can also be widely promoted as a one-site information centre for Zilliqa related information.
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Visibility. The site will give gZil the support it needs to continue the longevity of primary and possible secondary use cases. Current investors will also feel more invested when their decisions are counted and considered for discussion/implementation on the Zilliqa ecosystem.
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Utility. When the stakers received gZil, the majority of them had no idea what this extra reward meant, and the information was unclear, as stated on the challenge. Knowledge brings with it power and responsibility. Having an actual governance site on Zilliqa.com not only gives investors confidence, but it also gives potential institutions who want to invest in the entire ecosystem and have a say like a shareholder.
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Recognition. The site update would introduce a fresh outlook for Zilliqa having a proper governance system. This gives true credibility to early investors who decided to keep the gZil during staking and trust the company’s word. This would mark the new era after gZil minting ends. gZil is then immortalized as truly one of the most decentralized reward systems for governance/decision making in a protocol as mentioned by IgniteDao team.
The potential CONS (includes rebuttal):
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Divided attention. With Zilliqa and gZil, attention on investing may shift and could create potential competition. A clear distinction should be made that Zilliqa is the ecosystem on using as a transactional commodity while gZil is the decision-making body. Each serving its own uses within the ecosystem. Zil is made to circulate at a max of 21 billion versus gZil at a max of 720k. Since the Zilliqa team has made it clear to have DAO with gZil, it should already be considered during the introduction of this reward before Oct 2020 and accepted the roles they play.
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Unnecessary proposals due to ease of proposing. The current 30 gZil token limit to propose is sufficient to deter anyone from randomly making proposals. Anyone who has 30 gZil and more is also considered a serious investor and considers good things for the ecosystem. We can also see that there is little understanding of what gZil does and leading to very limited voting which the most recent vote was in April 2021. If the need arises, the increase or decrease of a minimal token requirement to invoke a proposal may be introduced.
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For
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Against
0 voters
