CIP 71 - NFT Proxy Voting Standard w/ Thaddeus Diamond - NFT Guild Round Table 20
In the 20th NFT Guild Roundtable we explored CIP 71 - NFT Proxy Voting Standard - with its author Thaddeus Diamond, creator of WildTangz.
During the roundtable Thaddeus presented the core concepts of CIP 71, which aims to enable verifiable on-chain voting using Plutus minting policies to create "ballots" sent with datum "votes" to a centralized smart contract "ballot box". The proposal addresses existing issues with governance solutions, such as the cost of airdropping governance tokens and the lack of a 1:1 mechanism for tracking votes against specific assets. By adopting this standard, projects can benefit from verifiable on-chain voting without issuing a new native token.
Thaddeus guides us through the voting process outlined in CIP 71, which is analogous to traditional state or federal voting systems, with citizens replaced by token holders and the process implemented using tokens and smart contracts.
