Many of today's DAOs are not living up to their promise. Aside from low participation, they are generally not truly decentralized in the decision-making process and its results.
We are proposing a novel approach to help solve some of the problems.
All governance tokens are not free in reality. Most of the public holders are buying them for price speculation only, not voting, the tokens' true purpose of existence. Coupled with the high gas fee that is required for each vote, voting participation is generally low by the public token holders. On the other hand, anyone can acquire testnet tokens and vote for free with some dedicated efforts on the testnet.
We are proposing a new voting system that has been around for over 200 years, the electoral college paired with a popular vote system.
In our governance model, we will simultaneously maintain both the Ethereum Mainnet and Rinkeby Testnet DAOs to vote on every issue and proposal. The testnet DAO is what we call a popular vote platform. Each testnet vote result is delegated to a representative (an elector) on the Mainnet DAO to be cast on the proposal with a certain proportion of the total voting power.
Broad community involvement is essential to the success of DAO governance. We plan to empower the airdrop participants with Rinkeby testnet DAO tokens and give them a say in running iob.fi business. Over time, the testnet voters that have helped reshape our governance decisions will be awarded the official FI tokens.
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