It has been a while, but the day is almost here!. Governance is about to be enabled for TLT Finance and you will be able to use your warm and smelly PHZT for votation and proposal creation.
Yes, that is why holding PHZT was so important because now you can influence and also decide on how to handle this project. We hope that your bowels are ready to burst, this is the right time to do so!.
Images and information that you see on this post is taken from tests done on the Rinkeby Testnet. The final product may vary.
If you want to learn about how to create proposals, go to this link: https://medium.com/@tltphzt/how-to-create-proposals-on-tlt-finance-ce1f38d34947
The governance module presents you with the ability to Create and also Vote on proposals that directly affect the smart contracts that power the project.
On the Governance page, you can see your Voting Power, which is the total amount of PHZT that you are holding. We will cover the creation of Proposals in another medium post, for now, we will focus on Viewing and Voting on existing proposals.
2. Voting on Proposals
If we take a look at the bottom of the page, we can see the list of existing proposals. Each of them has a brief description, state, and the action that you can do depending on the current state. Possible states for a proposal are Pending (Just created and about the be opened for votation), Active (Can be voted), Succeeded (Won the votation), Defeated (Lost the votation), Queued (After it succeded and is sent to the Timelock), Executed (After queue time in timelock expires and is executed), Expired (When no action has been done to the proposal for a long period of time) Canceled (When the creator of the proposal cancels it).
Once we click on an Active proposal we can see its information.
The voting modal shows the current information of the proposal, which includes the Votes that it has (For and Against), It also displays your voting status, and how many votes did you apply to it. And also shows the full information that the Proposal contains. As explained before, the Description is a brief explanation of the purpose of the Proposal, Affecting refers to the Contract that is going to be affected by the actions of the proposal (In this case the Digester), Function Calls are the methods or actions that are going to be executed on the smart contract and the Inputs are the information related to the actions.
Anybody that had PHZT on its account when the Proposal was created can vote on it. If you did not have PHZT, you cannot vote on it, even if you obtain PHZT after the creation of the Proposal. So if you want to participate in voting be sure to hold some PHZT in advance.
Voters can choose For if they support the proposal or Against if they do not agree with it. Once you vote, your actions will be reflected in the proposal. (If not, refresh the page).
Voting is an Ethereum transaction that costs Ether. Be sure to have some.
Once you have voted, and the Voting Period ends (3 days), the status of the proposal will change depending on the outcome, if the proposal Succeeds it can be Queued on the timelock. This can be done by anyone willing to do it.
When you queue a proposal, you are putting its whole actions inside the Timelock contract (Another 3 days). This creates a waiting time for any action before it is executed. During this time, a proposal can be canceled and the actions won’t take place. Like we mentioned before, Cancel can only be executed by the creator of the proposal.
The status of the proposal is reflected on the main governance page.
When a proposal is Queued a timer appears on the description of the proposal to let everyone know how long is left for it to be available for execution.
When the time runs out, a proposal can be executed. Queue and Execute are also Ethereum Transactions so be sure to have some ether on your wallet.
When a proposal is executed, it means that any actions that the proposal was meant to do have been applied to the targeted smart contract. In the above example, a new Farming pool was added.
We hope that voting will bring bigger community participation to our project. In the next post, we will cover how to Create and Cancel Proposals.