Preface
Public blockchains are community self-governed without a natural central leader to make decisions. In order to maintain the public blockchains and drive consensus from the majority of the community members, there must be a complete governance mechanism to solve this problem. YOYOW adopts the DPoS consensus algorithm, which allows token holders from the entire network to choose witnesses and committee members. This is similar to the “representative democracy”, in which the YOYO token holders are the “citizens” of the world. The voting weights are linked to the voter’s “fortune”. The citizens vote on the nodes of the candidates to select trusted nodes that represent the interests of the citizens. The selected witness collects the transaction information and packs into a block, and broadcast to the other nodes. After verification, the block is uploaded to the blockchain and the corresponding reward is received. The committee seeks input from the community and proposes constructive proposals and opinions to promote the development of the YOYOW network. The YOYO token holders are responsible for the supervision of the witnesses and the committee. These three parties form a closed-loop in governance, promoting a healthy development for YOYOW together. The most important part of this process is the YOYO holder’s voting, which is serious and sacred, and represents the critical interests of every participant in the YOYOW network.
To be Eligible to Vote
It’s very simple, once your account reaches 10,000 YOYO, you are automatically eligible to vote. However, if it’s your first time voting, you need to activate your voting intention, which is set valid for a 90 day period as default. If you vote within 90 days, then the valid period is automatically extended for another 90 day period. If you don’t vote within the 90 day period, then you need to re-activate your voting intention again.
However, please be reminded that if you do something bad to YOYOW and gets blacklisted by the committee, then you cannot vote regardless of the amount of YOYO you hold in your account.
How to Vote
Once eligible, you can select the nodes you trust and vote for them. However, the rules are a little different than the committee election. For committee elections, each vote can only vote for one person and each account can only support one candidate, and the voters can change their vote anytime. But for witness elections, each vote can vote for multiple people and each account can support multiple candidates at the same time to enhance consensus.
If you think it’s too much of a hassle to vote, you can also delegate your votes to a proxy you designated. For example: if account A designates account B to be his voting proxy, then the candidate that B votes for will receive the total amount of votes equal to A’s valid votes + B’s valid votes. A is the client, and B is the proxy. Not only this, YOYOW allows multi-layered proxies. For example: account A designates account B as his proxy, and account B designates account C as his proxy, and that’s fine, too.
Settings for Fairness
To enhance the fairness of voting, YOYOW counts all the factors such as the current amount of tokens held by the voters, the average amount of tokens held, and the amount of time of holding the tokens, and puts forward the concept of “token age” and “valid votes”. The coin age starts to accumulate once the voting intent gets activated. The valid number of votes for the voter is the average of the previous 60 days or the current balance of the account, whichever is smaller. The number of votes from the average balance is positively correlated to the token age of the YOYO tokens in the account. This setting is very interesting. If there is a large amount of YOYO tokens transferred into your account all of a sudden, the number of your valid votes will not jump right away because the average balance in the account is not increasing right away. On the other hand, if there is a large number of YOYO tokens transferred out of your account, although the change in the average balance is insignificant, the valid number of votes will drop right away because the current balance has dropped.
Last but Not Least
Voting in the YOYOW network is a sacred process. Every vote cast not only represents one’s own rights but also plays a vital role in development of YOYOW. So cherish the YOYO tokens you hold and participate in the YOYOW network. Your vote and opinions are very crucial.
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