DAO Voting & Governance

The KiX DAO is Cayman Islands registered foundation, the KiX Foundation. The future operation of the KiX protocol will be influenced by the members of the KiX Foundation.

All holders of $KIX are members of the DAO, however only members who convert their $KIX into vlKIX (vote locked KIX) are eligible to vote on matters of governance, and also to table proposals for voting.

Holders of DAT Footballer tokens are viewed as locked $KIX holders by proxy and may use their DAT to vote to the equivalent value of $KIX that is embedded within the position.

Voting is via the voting mechanisms on Snapshot, a decentralised vote management organisation, using the quadratic voting standard:

  • 1 vote requires 1 token

  • 2 votes requires 4 tokens

  • 3 votes requires 9 tokens

  • N votes requires N squared tokens in the wallet

  • Please note if you lack the required tokens for a perfect square, then your voting power will be rounded down. For example a person with 25 $vlKIX and 34 $vlKIX have the same 5 votes because 34 is not a perfect square, in order for there to be 6 votes available a balance of 36 $vlKIX is required.

The DAO employs a traffic light system to categorise DAO proposals according to their level of significance and associated risk. Proposals according to their classifications may be made as follows:

  • Green – anytime post public sale - simple but useful proposals that relate predominantly to the KiX fantasy football game, with low risk to the operations of the DAO eg which footballers to add to the platform, small tweeks to the performance scoring matrix

  • Amber - 12 months post public sale – more significant revisions to elements of the fantasy football game, as well as other sports that might be added to the DEX, not impacting the KiX Constution

  • Red – 24 months post KiX public sale – more far-reaching revisions to the KiX DAO that carry greater structural and financial risk, which might impact the KiX Constitution

The goal of this traffic light system is to hand over control of the DAO to its members progressively over time and to reduce the risk of the goals and objectives of the DAO being undermined by ill-conceived proposals. At this early stage in the interests of speed and efficiency it is critical that the founding team are not operationally hindered so long as operational decision-making remains strictly in line with the KiX Constitution.

To streamline the governance process there is a systems of 'Suggestions' and 'Proposals':

  • Suggestion - this is the first step towards a proposal in which it is explored on the KiX social channels, resulting in a poll with a binary yes/no outcome to establish whether there is a significant support for the suggestion.

  • Proposal - if a suggestion gains support within the KiX community it may procede to a formal proposal for voting on Snapshot

Over time the founding team will relinquish control fully to the DAO, working through dedicated councils for such matters as:

  • Tech Development

  • Security

  • Remuneration

  • Markets

  • Governance

This form of decentralised organisation is still quite novel, and for the DAO to function effectively, it is essential that all DAO members have transparent access to all relevant information, to include all data and projections pertaining to all potential outcomes.

PreviousWhy KiX is a DAO NextKiX Team

Last updated