$SILVA is an Ethereum based ERC-20 token that enables community governance of the Gorilix protocol. $SILVA token holders and their delegates can debate, propose, and vote on changes to the protocol.
Towards full decentralization and democratization, the $SILVA token allows users to have power over the protocol. This is done to let users have a say in how Gorilix Protocol evolves in the future.
A vote requires one $SILVA token, and votes can be delegated to other protocol users without actually transferring the token to them. As a result, token holders can influence the protocol by submitting requests and voting on the blockchain.
Each token represents one vote, and holders can use their tokens to vote on proposals like
✔ The ability to update the interest rate model per market
✔ The ability to update the oracle address
✔ The ability to update the liquidation incentive percentage
✔ The ability to update the collateral factor value for a crypto asset
✔ New development ideas for trending cryptocurrency topics
Users will be able to initiate a proposal to improve or modify the Gorilix protocol. The proposals will include both $SILVA holders and their delegated counterparts and will be automatically enacted and queued, and executed. Queuing and executing will utilize timelock contracts.
After the waiting deadline, an accepted proposal will be queued in the timelock and executed and implemented. Users will also be able to terminate proposals. A proposal can only be terminated if they initiate the termination before it is completed and committed on the condition that they do not have enough delegated votes to meet the "Proposal Threshold," i.e., the minimum voting amount needed to initiate proposals.
Users should be aware that they will not be able to generate more proposals equivalent to the ones they currently have queued or ongoing. Since timelock limitations prevent similar initiatives from being queued in the same block, submissions in that block must be distinct, with identical proposals being queued in separate blocks.
Holders of $SILVA tokens gain voting influence proportional to the quantity of $SILVA they own; a vote share they may choose to delegate to any address to decide on initiatives and improvements to the Gorilix protocol.
The Gorilix protocol will provide a by-signature facility, allowing users to create an officially signed delegate or vote transaction. The benefit of assigning delegates to vote transactions will be reduced costs for Gorilix users. By entrusting a third party to write the signature for them on the blockchain, the users will also relieve themselves of gas costs. The third party will be the bearer of ETH’s gas fee in such cases.
“With the advantages of a liquid democracy’s delegated voting, Gorilix Protocol will allow users to delegate votes to achieve a burden-less and trustworthy voting environment.”
Gorilix Protocol ’s signature for delegated voting will enable the users to make sure their vote counts in a specific proposal in their absence by delegating it to a trusted individual. This will also be a key point for investors of the protocol who are in for the profits and comfortable with more experienced individuals calling the shots for the best possible direction. The user will be able to delegate their vote to anybody with a signed vote transaction thanks to Ethereum's EIP-712 typed structured data hashing and signing tokens.
However, it would be best to remember that in the beginning, users will only be able to utilize the signature facility to outsource votes for specific proposals, i.e., the delegation of votes cannot be for the entirety of voting rights forever. Users can delegate a third party to vote on their capacity in any Gorilix Protocol governance proposal using the $SILVA signature method.
With the signature, the delegate that submits the $SILVA holder's signed transaction will only have electoral rights for a singular proposal and not permanently. If the delegate has not yet exercised the vote delegated by the signature, the user, i.e., the $SILVA token holder, will still be able to vote for the proposal themselves.
Furthermore, to eliminate conflicts of interest for users who wish to have their vote and their say counted, users will be able to exercise their vote themselves before the final consensus is reached. In any case, the vote of the original user will take precedence over the delegated user’s vote.