Dash funds its own development, marketing, and operation, as we explained when describing the joys of being a masternode owner. The vibrant Dash community suggests ways to improve the acceptance and facilities of the currency using a proposal system. We explain how the community creates, reviews, and implements Dash proposals to sustain the Dash ecosystem.
Dash’s uniquely decentralized network of masternodes provides a stable foundation for governance. Masternode owners (MNOs) invest deeply in operation and success of Dash. As such, they are good representatives to oversee development and promotion of the coin. The Dash treasury is funded by taking 10% of block rewards. MNOs vote on specific ideas and budgets to guide the overall product direction. Any idea that creates value within the Dash ecosystem is fundable.
Dash Proposal Basics
A proposal is simply a governance object on the blockchain. A proposal could fund developers, marketers, attorneys or other contractors to perform specific tasks. For example, each month there is typically a proposal to fund Dash Core Group, the developers of Dash (“Core Team Compensation: Devs and Ops). Proposals generally start as discussions on message boards among the Dash community. To prevent spam and avoid frivolous proposals, the submitter must pay a fee of 5 Dash. You’ll find loads of information at DashCentral.
Submitting Dash Proposals
Dash proposals include a set of goals, a description of the job to do, and a budget. Many proposal submissions link to the originator’s website to show expertise. Dash proposals often include videos that introduce the submitter and more fully explain the idea. Proposals cannot be altered once submitted. If you’re considering writing a proposal, Dash.org offers some tips on how best to do so. Specific details of a proposal include it’s name, a URL for details, the number of payment cycles, the start date, the payment address, and the budget payment amount. Dash proposals become active the day after they are submitted. They are visible on the network until disapproved or the final payment cycle is reached.
Dash Proposal Discussions
DashCentral facilitates discussion and voting on proposals entered on the Dash blockchain (you must register to participate). Discussion on Dash Central appears adjacent to each proposal, with a copy of the proposal details available for reference. Additional spirited public discussions also often transpire on Discord or Reddit.
Dash Proposal Voting
Voting on Dash proposals is both a privilege and a responsibility of masternode operators. MNOs evaluate proposals and vote based on their judgment of value potential for the Dash network. Each masternode can vote once using the registered voting address. MNOs can change votes at any time until the proposal period ends, which is roughly every 30 days. When the voting period ends, the blockchain executes a decentralized tally and validates all votes. Many masternode operators use DashCentral as a platform for voting with a user-friendly interface. DashCentral, Dash Ninja , and Dash Vote Tracker facilitate monitoring the status of proposals.
Enacting Dash Proposals
The total available votes is the count of online & responding masternodes. When the number of yes votes less the number of no votes is greater than 10% of available votes, a proposal is approved. If a proposal gets enough votes, results are broadcast and the proposed budget is allocated with the next superblock.
As you can see, Dash is highly effective in building a vibrant ecosystem. We’ve discussed the benefits of being a masternode owner and how Dash is able to sustain itself. Community members who want to see changes implemented that would help grow the adoption design Dash proposals. The process starts with submitting an idea, which other members of the community then review before it can be considered as a funded project based on its merits.
If you want to learn more about running your own Dash masternode please contact us.