Proposals
Eligibility
Only PACT token holders are eligible to vote. This ensures that those who have a stake in Pact.Foundation have a say in its governance and decision-making processes. The voting power of each participant is proportional to the number of PACT tokens they hold.
Platform
Voting is conducted on Snapshot, a decentralized and off-chain voting platform. Snapshot allows us to carry out votes without incurring transaction fees, making the process efficient and accessible. Here’s how it works:
How voting works on SnapShot
1 · Connecting Wallets
PACT token holders connect their cryptocurrency wallets (such as MetaMask) to the Snapshot platform. This allows the platform to verify their token holdings.
2 · Snapshot Block
When a proposal is created, a snapshot block captures PACT holders’ token balances at a specific block height, determining voting eligibility and power.
3 · Casting Votes
All PACT holders can vote on Snapshot. Each vote is weighted by the number of tokens held at the snapshot block.
4 · Off-Chain Voting
Votes are recorded off-chain, meaning they are not written to the blockchain. This eliminates transaction fees and allows for a faster and more efficient voting process.
5 · Tallying Results
Once the voting period ends, the results are automatically tallied by Snapshot. The outcome of the vote is determined by the total voting power assigned to each option.
6 · Transparency and Integrity