Context
The mission of Threefold is to reconstruct the internet, currently dominated by large, centralized tech giants, in a better and decentralized manner. This initiative aligns with a broader trend of decentralizing and locally managing various aspects of our lives. However, dethroning the established order is no small feat. In my view, success can only be achieved if Threefold provides a significantly better user experience compared to the current internet. In essence, Threefold must offer what the aforementioned tech giants cannot. I believe that the answer lies in web3 technologies, exemplified by the use of coins/tokens for voting in the DAO. AWS, for instance, will never be able to offer web3 capabilities.
At present, voting rights within the DAO are held by the farmers, meaning power resides with the hardware owners. This model mirrors the current internet, where power also lies in the hands of hardware owners.
Proposal
My suggestion is to move towards a more equitable distribution of power where coin/token holders wield the authority (a model that fits better with web3). In this model, each coin/token represents one vote within the DAO. This approach not only empowers farmers but also consumers/users, leading to a more balanced and decentralized power distribution. This model also increases TFT’s value and user engagement.
Every model has its pros and cons. A drawback of this model is the increased influence of large token holders or “whales.” However, this issue is not inherent to the model itself but rather a characteristic of the capitalist system. A potential mitigation strategy could involve linking voting power to the duration tokens are staked. The longer the stake, the more “skin in the game”, the more effort to keep up the token price/value of the project and, consequently, the more voting power one should have. Additionally, this model could allow for the delegation of voting rights to prominent community members willing to assume such responsibility.
This proposal aims to foster a more inclusive and democratic ecosystem within the Threefold DAO, reflecting the very principles of decentralization it stands for.