Commitment Voting: A Mechanism for Intensity of Preference Revelation and Long-Term Commitment in Blockchain Governance

Abstract

Commitment voting is a mechanism for signalling intensity of preferences and long-term commitment to governance decisions in proof of stake blockchains. In commitment voting, the voting weight of a vote in any given election is determined by 1) the amount of tokens under a voters control and 2) the time that the voter is willing to lock their tokens up for that election. Winning votes are locked up for the nominated amount of time. Losing votes are released as soon as the election has results. Commitment voting requires voters to commit to the decisions they make while still allowing those who disagree with the majority to exit the community.

Keywords: voting, commitment, blockchain, intensity of preferences

JEL Classification: D71, D72, D82, H41, P16