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Algo-gov

This demo is an on-chain governance contract using smart contracts on the Algorand blockchain. This contract allows users to stake their governance tokens, register up to a fixed number of proposals per cycle, vote, and execute approved proposals.

The governance process occurs in time-based cycles. A cycle contains of the following 5 periods, with their respective operations:

1. Staking period

  • Stake
    • Users are able to send their governance tokens to the governor contract to receive governance powers (voting power and proposition power)
    • Once staked, the governance tokens are locked until the claim period
    • Users can only stake once
  • Delegate
    • Users that have already staked are able to delegate their governance powers to another address
      • If a user staked in the previous cycle and has not claimed since then, their voting power and proposition power is reset to their staked amount
    • Voting power and proposition power is delegated separately
    • The delegate address must have power of given type at the moment of delegation
    • Once an address delegates, their power is given to the delegate address in full until the end of the governance cycle

2. Proposition period

  • Register proposal
    • Users that have staked are able to register their proposals with the governor.
      • If a user staked in the previous cycle and has not claimed since then, their voting power and proposition power is reset to their staked amount
    • A user must have sufficient proposition power, i.e. >= PROPOSE_THRESHOLD
    • There must be free proposal slots remaining
    • If successful, a proposal is assigned a slot in the governor contract and voting will be open in the voting period
    • If successful, user's proposal power will be decreased by PROPOSE_THRESHOLD
  • Cancel proposal
    • The creator of the proposal or the creator of the governor are able to cancel a registered proposal at this stage

3. Voting period

  • Vote
    • Users that have staked are able to vote on proposals
      • If a user staked in the previous cycle and has not claimed since then, their voting power and proposition power is reset to their staked amount
    • A user must have sufficient voting power to participate, as specified by VOTE_THRESHOLD
    • A user cannot vote twice on any given proposal
    • A 0 vote is against, any other vote is for
    • Upon successful vote, the chosen option receives the number of votes equal to user voting power
  • Cancel proposal
    • The creator of the proposal or the creator of the governor are able to cancel a registered proposal at this stage

4. Execution delay period

  • Cancel proposal
    • The creator of the governor is able to cancel a registered proposal at this stage

5. Claim period

  • Execute proposal
    • Anyone can call execute on the governor to execute a registered proposal
    • To succeed, the proposal must have received total votes above VOTE_THRESHOLD and more votes for than against, and have not been previously cancelled or executed
  • Claim
    • Receive staked tokens (in the future, rewards as well) and opt out of the governance contract

0. Post-claim

  • Begin new governance cycle
    • Anyone can call this to clear out the proposal slots, increment the cycle counter and update start time, kicking off a new cycle

Usage

The file gov/operations.py provides a set of functions that can be used to create and interact with the governance contract. See that file for documentation.

The file example.py demonstrates the governance contract in action.

ToDo

  • Features:
    • Rewards
    • Linked list-based proposal model
  • Maintenance
    • Simplify contract code
    • Tests
    • Docs

Development Setup

This repo requires Python 3.6 or higher. We recommend you use a Python virtual environment to install the required dependencies.

Set up venv (one time):

  • python3 -m venv venv

Active venv:

  • . venv/bin/activate (if your shell is bash/zsh)
  • . venv/bin/activate.fish (if your shell is fish)

Install dependencies:

  • pip install -r requirements.txt

Run tests:

  • First, start an instance of sandbox (requires Docker): ./sandbox up nightly
  • pytest
  • When finished, the sandbox can be stopped with ./sandbox down

Format code:

  • black .