Elections Overview
Stakeholders will elect elders via a trustworthy on-chain election process.
There are 2 kinds of stakeholders:
Holders of $TEMPLE tokens (financial stakeholders)
Members of the Temple team (impact stakeholders)
The voting power of financial stakeholders reflects their staked $TEMPLE holding. The voting power of impact stakeholders reflects their role(s) in the Temple team and discord. It's possible for a stakeholder to have both kinds of voting power.
Since voting is done on-chain, all voting is done via the election dApp using a stakeholder's metamask/web3 account.
In the dapp a user votes by endorsing one or more candidates. If that account holds staked temple, the endorsements will contribute to the financial vote scores. If that account holds a Templar NFT with a team role, the endorsements will contribute to the financial vote scores.
Election Process for Council of Elders
The specific process for selecting the five Elders is as follows:
All candidates submit themselves for consideration with a text description/pitch. See Becoming a Candidate for more information.
Stakeholders log into our dApp to verify the endorsements they hold (updated regularly based on changing token holdings / team rank). See Endorsing a candidate for more information.
Stakeholders endorse as many candidates as they choose.
Each candidate receives the full weight of endorsements held by that user. (Note: candidates stay endorsed by a Stakeholder until the Stakeholder removes their endorsement, however the amount of endorsements provided by that Stakeholder will change over time– e.g. if a Stakeholder changes token holdings or Team rank).
A ranking of all candidates by financial stakeholder endorsements and impact stakeholder endorsements is made, and the “Max(Token-Rank,Team-Rank)” is calculated (see table below).
The first Elder selected is the joint candidate, based on lowest score for “Max(Token-Rank,Team-Rank)”.
The second and third Elder selected is based on the next lowest Token Holder rank.
The fourth and fifth Elder selected is based on the next lowest Team rank.
The joint candidate is calculated by taking the minimum of both endorsements.
Once this table is calculated in the dApp, Elders are selected automatically as follows:
Joint candidate is selected by who has the highest number of “Min(Financial, Impact)” endorsements.
Financial candidates are selected as whoever is not yet selected with the highest Token Holder endorsement.
Impact candidates are selected as whoever is not yet selected with the best Team endorsement rank.
When a new Elder is elected by the Stakeholders, a two week cooldown period is implemented during which no Strategic Decisions can be made, ensuring a smooth and thoughtful hand-over, avoiding fast paced attacks on governance, and giving time for the community to adjust and react.
Last updated