Governance

Proposal Submission

$MAGABET token holders can submit proposals for the upcoming debate's scorecard using the platform's governance portal. The portal is built using web3.js, a popular JavaScript library that facilitates interaction with the Ethereum blockchain. Web3.js allows users to connect to Ethereum nodes, send transactions, and interact with smart contracts from within a web browser. Users can create proposals by specifying the topic, phrase, or action they believe might occur during the debate, along with a brief description and justification. The proposal submission process is designed to be user-friendly and accessible, encouraging widespread participation from the MAGABET community.

Proposal Review

The submitted proposals are reviewed by the MAGABET platform's moderators, who ensure compliance with the platform's guidelines and suitability for the upcoming debate. The review process is facilitated by a decentralized moderation system, where moderators are selected based on their reputation and stake in the platform. This approach helps to maintain the integrity of the proposal review process and prevents potential abuse or manipulation. The use of a reputation system for moderators is inspired by successful models employed in other decentralized platforms, such as the Token-Curated Registry (TCR) or the Decentralized Autonomous Organization (DAO) framework.

Community Voting

Approved proposals are put up for community voting through the governance portal. $MAGABET token holders can vote on their preferred proposals using their tokens. The voting process is managed by the GovernanceContract, which tracks the voting power of each user based on their token holdings. This mechanism ensures that the platform's decision-making process is decentralized and democratic, with users having a say proportional to their stake in the platform. The concept of token-based voting is a fundamental principle of decentralized governance and has been successfully implemented in various projects, such as MakerDAO and Compound.

Scorecard Finalization

The proposals with the highest number of votes are selected to create the official scorecard for the upcoming debate. The GovernanceContract compiles the winning proposals into the final scorecard, which is then stored on IPFS and made available to the community. By leveraging IPFS for scorecard storage, MAGABET ensures that the final scorecard is easily accessible and resistant to tampering or censorship. The decentralized nature of IPFS also enables efficient distribution of the scorecard data to all participants in the network.