Token Voting System

An ownership token will allow you to ask a question, hold a poll and collect votes from the token holders.

Voting for Ravencoin is a protocol level solution, which allows UTXOs that expire.

The advantage to expiring UTXOs is that they do not need to be held in memory after the expiration because the right to vote has expired, and therefore the expired votes are worthless.

Layered on top of the voting is:

Vote description - built on top of messaging.

Vote ballot specification - JSON spec that defines vote addresses for each vote option.

Vote distribution - built on top of rewards.

Vote tracking.

Voting with RPC calls.

Voting in UI.

Voting - protocol layer

Creating a vote will create vote tokens. These vote tokens are identical to normally issued tokens, except that they are created in exact qty and units as an already issued token.


issuevote BASETOKEN NAME ipfs_hash lastblocktovote [optional exempt address list]

vote VOTETOKEN <address> [optional qty]

Creates a BASETOKEN^NAME token in exactly the same qty and units as BASETOKEN. IPFS hash is the meta-data message that defines what the vote is for - see vote message spec. The lastblocktovote is a block height which is the last block a vote is allowed into. After this block, the UTXOs for the un-voted tokens can be expired and removed. If left blank, lastblocktovote will be set to approximately 30 days or 43200 blocks from current block height. Exempt tokens are immediately burned at the same time that the vote tokens are distributed to the BASETOKEN holders.

Vote tokens will be distributed in exact amounts to holders of BASETOKEN.

Voting without specifying the qty in the RPC call will vote all the tokens. Partial votes are allowed, so that proxy voting can be done by custodial holders of BASETOKEN.

Delegative or Liquid voting

Vote tokens move just like regular tokens up until the block height when the vote expires. This allows vote token holders to send their vote to a delegate that might have better information about the topic and therefore cast a more informed vote.

Ravencoin voting supports this type of vote while still protecting against counterfeit votes and ensuring votes can't be cast twice, and transparently tracking every vote that is cast or not cast.

By issuing EXACTLY the same number of vote tokens as the BASETOKEN and automatically burning the exempted votes, it is easy to do a full audit of all votes. Unused votes that expire from the mempool can be easily calculated by subtracting votes from issued vote tokens once the vote expiration block height has passed. This number can also be audited by the Ravencoin software at the time of UTXO expiry to ensure the UTXO vote count exactly matches issuance before removal. Note: If UTXO optimization is done for burn addresses, this will need to factor into the UTXO audit.

Vote message specification (in IPFS)


"subject":"Vote for membership expansion",

"message": "Members of our community have requested that we increase membership. To this end, we are holding a vote. You have until Thursday to register your vote.",

"ballot": { "RBQ5A9wYKcebZtTSrJ5E4bKgPRbNmr8M2H":"Yes, expand membership.",

"RCqsnXo2Uc1tfNxwnFzkTYXfjKP21VX5ZD":"No, do not expand membership."



Voting addresses may be set to vanity burn addresses like:






Vote Token Creation in UI

The UI and RPC would let only the token owner create a vote. Votes must be created in exact proportion to the issued tokens. If exempt addresses are specified, then those tokens are immediately sent to a vote Burn address.

Voting in UI

The presence of a vote token allows the UI to present a voting interface that presents the ballot options and sends the vote tokens to the correct voting address.

For simplification, all vote tokens will be voted for the selected option when using the UI.

The normal transfer RPC call would allow vote splitting by transferring some votes to one address and other votes to another address.

Vote tracking

Vote tracking adds up the votes in the addresses that match those in the ballot and presents the results.

Vote by percentage

This is an optional way of allocating vote tokens. Instead of issuing a vote token in the same qty and units as the underlying BASETOKEN, allocate 100 vote tokens with units 8. Then allocate the tokens as a percentage of ownership.

issue_percent_vote BASETOKEN NAME ipfs_hash lastblocktovote [optional exempt address list]

The vote mechanism is identical, but this allocates votes as a percentage. The total BASETOKEN amount minus the exemption addresses is calculated. Then each address gets QTY_OF_BASETOKEN_HELD / TOTAL_BASETOKEN_NOT_INCLUDING_EXEMPTED_ADDRESSES. This is calculated down to the satoshi. The amount of vote tokens must sum up to 100.00000000, so any remaining satoshis (caused by rounding errors at the 10^-8 precision) need to be accounted for and either sent to a burn address or allocated to a BASETOKEN holder.

The advantage of using percentage voting is that it simplifies some vote calculations as a simple asset explorer will allow anyone to see the votes cast and view it as a percentage without knowing the total qty of tokens issued.


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