Polkadot Council elections: vote for P2P Validator

Admin -

After the first council elections and removal of sudo module Polkadot will become a permissionless chain fully governed by the community. Every DOT holder can submit a proposal and suggest parameter changes such as increasing the validator set and many more.

P2P Validator is excited to announce our Council candidacy. We have supported both Polkadot and Kusama networks from the very beginning, and, as a result, received more than 50,000,000 DOTs from 250+ users as nominations. As a Council member, we promise to act in the interests of the Polkadot community.

Why you should vote for P2P Validator

  • We have a proven track record of 2+ years in the validation business across different networks
  • We are active participants in the governance of most groundbreaking blockchains
  • We've invested our funds in Polkadot & ecosystem and stake them via the public validator nodes
  • We have a dedicated development team and participate in W3F General Grants Program
  • We are always open for community requests

Press here to find detailed instructions on voting.

Role of a council member

Efficient governance implies an active participation of stakeholders, which is always limited to some extent. It requires continuous monitoring of new proposals and taking actions to check that the outcome is not harmful for the ecosystem. Sometimes, token holders miss the right moment or simply prefer not to participate in voting for various reasons. Councils in Polkadot represent passive stakeholders and have a crucial role in the governance affecting the way of approving/rejecting proposals.

Some of their capabilities:

  • Accept or reject treasury spending proposals
  • Propose a referendum and change its bias
  • Cast "veto" on a malicious proposal
  • Cancel slashes that are in a queue for application

Initially there are 13 councilors, the number will gradually grow to 23. Elections initially happen once a day. Later, elections will occur on a weekly basis and eventually monthly. Every token holder can pick up to 16 candidates. Stake-weighted votes are distributed automatically based on the Phragmen method the same way as nominating validators. Tokens involved in staking count in the selection of Council members. The vote is considered valid until canceled via extrinsic. Before that DOT are frozen (becoming non-transferable). Unlike unbonding, there is no specific period to wait before unfreezing and they become unlocked and transferable right after submitting a corresponding transaction.

The mission of P2P Validator as a council member

Very simply, we can describe our mission as a council member as follows: to protect the interests of nominators and validators.

Although nominators and validators have different roles in the ecosystem, we find that many points are valid for both:

  • Nominators and validators own and earn a certain amount of tokens and are interested in network ecosystem growth.
  • Nominators' stake and validators' future profits are in a non-liquid state, so both would not welcome any change that would result in a negative change in value of their holdings.
  • In some cases, nominators and small independent validators may not have enough time or expertise to analyze the proposed changes and make a considered conclusion in voting for or against.

So, what exactly are we going to do as a council member?

  • Dive as deep as we can into any proposal that is put to the council
  • Publicly express our opinion regarding the proposals clearly stating the expected results for both nominators and validators
  • Collect opinions from both validators and nominators
  • Discuss it with other council members and vote based on the opinions we've got from the community
  • Issue regular reports on the network development direction based on the proposals and discussions in the council

How to vote

1. Go to a Council tab of PolkadotJS UI and press the vote button in the right top corner.

2. Select up to 16 candidates by left clicking on accounts in the left box or simply paste the address of the desired one in the search field. Here is P2P Validator candidate address: 14krbTSTJv3aaT1VeBRX7CzoV4crr3adeF3KutdpkCttrxsZ

After you specify the amount of DOT, press submit button and sign the transaction

3.   Your vote will be considered in the following elections.

To cancel your vote go to Extrinsics tab, select the account used for voting, choose electionsPhragmen in the left drop-down menu, and removeVoter() in the right one.Then press the Submit Transaction button and sign it.

Your vote will be immediately removed and tokens locked in Council elections will unfreeze.

About P2P Validator

P2P Validator is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due-diligence of digital assets and offer only high-class staking opportunities securing more than 3 billion of USD value. At the time of the latest update, P2P Validator is trusted by over 10,000 delegators across 25+ networks.

Do not hesitate to ask questions in our Telegram chat or contact Alex via am@p2p.org. We are always ready to help and open for communication.

Web: https://p2p.org

Stake DOT with us: https://p2p.org/polkadot

Twitter: @p2pvalidator

Telegram: https://t.me/P2Pstaking