M
M
MyBit HQ
Search…
Voting Mechanics
Once a proposal is initiated it must achieve both consensus and quorum before the voting period expires.
Voting Period (14 Days). This is the time the vote is active. Once quorum and consensus is achieve the vote ends.
Quorum (20%). This is the percentage of registered votes that must participate for the vote to pass. For example if there are a total of 100 votes, 20 must participate for the vote to pass. This prevents someone from acting negatively and attempting to pass through a malicious vote during a period of low voter participation.
Consensus: 50% + 1 vote. This is the percentage of votes in favour of or against a proposal and this dictates the outcome, if the vote passes or not.
A great blog post going into more detail can be found here.
Last modified 2yr ago
Copy link