CVT - Conviction Voting

Supports:

• Multi-factorial Consensus
• Long-Term Participation Rewards
• Token-Based Rewards

Context:

In DAOs, traditional voting systems often suffer from low engagement due to lack of incentives or the perceived inefficiency of participating in numerous votes. Moreover, DAOs face challenges like vote manipulation or lack of commitment from participants, which might result in decisions not reflecting the true consensus or strategic direction intended by committed members.

Problem:

How can DAOs ensure that voting systems both encourage participation and reflect a more serious, committed stance from its members, thereby leading to decisions that are aligned with the long-term vision and stability of the organization?

Forces:

• Engagement vs. Apathy: Ensuring that participants are motivated enough to take part in the governance process.
• Short-term vs. Long-term Decisions: Balancing between immediate results and future-oriented strategic planning.
• Security vs. Accessibility: Making the voting system secure from manipulation while keeping it accessible and understandable to all participants.
• Conviction vs. Fluidity: Encouraging long-term commitment in decision-making without overly restricting members’ flexibility.

Solution:

Conviction Voting is a mechanism designed to enhance the credibility and long-term orientation in DAO voting. In this system, participants lock their tokens for a predetermined period while casting their votes. The longer the tokens are locked, the greater the voting power or weight those tokens carry. This commitment not only signifies a voter’s long-term interest and faith in the decision but also mitigates frivolous or non-strategic voting behavior.

Therefore:

Implement a voting system where users lock their tokens for varying lengths of time to vote, aligning voting power with conviction and potentially reducing the noise in decision-making by prioritizing inputs from those with a committed, long-term perspective.