B.Protocol was first deployed over 6 months ago, and was designed to be controlled by its users.
Two separate smart contracts were deployed, one for Maker (which gives mScore to its users) and one for Compound (which gives cScore).
On April 26th the Maker (receptively, Compound) jar will be distributed to the users according to their mScore (resp., cScore).
At the same time the users will be eligible to vote on a new governance mechanism for the protocol.
The conditions for the Genesis vote were decided already 6 months ago, when deployed, and will require on-chain voting and an absolute majority to be executed (over 50% of total score).
Technically there will be two genesis votes, one for Maker, and one for Compound.
The genesis vote is a major event in the life-cycle of the protocol, and was designed such that it will be executed only once an absolute on-chain majority is formed.
The team does not have any voting power, and has no way to predict or influence what will be the outcome of the proposal.
However, we have decided to deploy a few tools that will help the community to convey its opinions and proposals on the new governance mechanism, and eventually to try and reach a consensus before the on-chain voting.
The first tool is this forum system, which complements our discord channel and allows for more in-depth discussions to be held in an orderly manner.
It should be noted that at the Genesis vote, the off-chain votes can only be used as a signal to convey the sentiment of the community, and will not have any on-chain affect.
Any community member is welcome to suggest and/or implement other tools for off-chain signaling if he sees fit.
Once we get a clear signal on the consensus of the community around a new governance model, we will provide a web interface for the on-chain voting process. In order to mitigate spam we will likely only put to a vote proposals that have a reasonable chance to go through. However it should be noted that anyone could make an on-chain proposal by interacting directly with the smart contracts.
Q. I am still not a user of B.Protocol, is it too late for me to join?
A. Users will keep accumulating Score until the 26th of April. So while you might not be able to vote in the first off-chain signals (which will be taken according to present snapshot of scores), you will have non-zero score at a later date, and will be able to participate.
Q. Are my funds safe? what if (a) malicious governance is selected? (b) no governance is ever selected?
A. B.Protocol was designed such that even malicious governance cannot compromise user funds, and has a built in
quit function (which any user can call independently) which degenerates the protocol functionality to one of its underlying protocols. Meaning users could keep using the B.Protocol web interface as if it were a standard Maker/Compound interface.
As a result, if a malicious governance is formed, the user can just call the quit function (and funds are safe also before it is called), and in the interim period until a new governance is formed, he can just use the protocol as usual.
Q. Can anyone make a proposal at the snapshot space?
A. At this point it is opened to everyone. If this will be used maliciously, to spam the community, we will consider having a requirement on the minimum score that is needed to make a proposal.
Q. The scores are not final until April 26th, so what is the meaning of the off-chain voting?
A. The Snapshot voting will be used only for signaling, and anything other than the on-chain Genesis vote is only a tool to try and reach a consensus among the community members.