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The voting process
All sBST tokens are eligible to participate in Oceanpoint governance votes. BST holders can acquire sBST by depositing their tokens in the Governance pool.
Oceanpoint Improvement Proposals (OIPs) are submitted by community members. One function of OIPs will also be for Asset onboarding: adding and removing tokenized real estate properties by defining ownership thresholds of the protocol.
There are two types of votes: on-chain and signal. OIPs can be introduced as a signal or on-chain vote. Initially, most voting will comprise of off-chain signal voting through Snapshot. Over time, more and more votes will be executed on-chain with executable code, ultimately relinquishing all administrative responsibilities and controls directly to the sBST holders.
Signal voting through Snapshot is a more casual process, with the outcome being executed in good faith of the sentiment of voters. Initially, only whitelisted "core" addresses are permitted to create snapshot proposals.
On snapshot, 1 sBST = 1 vote. Snapshot requires a block number to poll balances, which will be estimated at three hours prior to the start of the vote. Snapshot votes run for 72 hours in length.
Votes requires at least 30,000 sBST voting in favour with majority approval to meet quorum and pass. That quorum requirement may increase over time as sBST supply increases and holders are more accustomed to voting.