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steps of the governance process
The proposer creates a thread on the governance forum, describing the proposal in detail. Here the goal of the proposal is outlined, as well as the benefits and risks to TAI. The thread on the forum should exist for a period long enough to allow discussion, feedback and refinement by the community.
Proposal is posted on Tally. To prevent proposal spam, a proposal threshold of 500 RATE is needed by the address posting the proposal. When the proposal is posted, a voting delay of 2 days starts. During this period, voters can transfer RATE or TAI and delegate their voting power to prepare for voting.
After the voting delay, a snapshot is taken and further delegations and transfers will have no effect on voting power for this proposal. This snapshot marks the beginning of the voting period, which lasts for 5 days.
During the voting period, RATE holders can vote for/against or abstain for this proposal. TAI holders can vote to veto by delegating their TAI to the proposal address.
After the voting period ends, a proposal can then be queued for execution if:
It has reached the quorum, 3% of RATE circulating supply, and it has a majority of support votes.
After the voting period ends, TAI holders can execute a veto if 25% of the TAI supply voted to veto.
The veto must be executed within the veto period, which is currently set to 12 hours.
After the veto period has passed, anyone can execute the proposal.