As it is you are going to end up with whales making all the decisions and everyone else being screwed. There should be system of diminishing returns as a person gains more and more MKR tokens. The number of votes a person can gain should increase on a logarithmic scale as a person accumulates more MRK. Otherwise it is going to be no different than a dictatorship of the wealthy (a.k.a America) and these whales are going rob the system for all it is worth and leave because they do not care about the success of the project, only their own person gains.
In principle I like this quadratic-voting approach. Two problems though:
Sybil-resistance is hard to achieve (ie. how do you make sure people don’t just distribute their whale-ness across many wallets)
How do you pass this in a whale dominated election?
…But again, in principle I like the idea
I agree with @YanLucas that this is not easy to achieve in practice.
What I think will emerge, once Vote delegation is introduced (hopefully rather sooner than later), is that many MKR holders will contribute their MKR to some ‘party’, and this will even out the current whale dominance.
Ideally this MKR-staking will be rewarded somehow, or it will most likely not be successful.
But for more discussion, we need to wait and see what the new vote-delegation will look like when it’s completed.
This is the key issue really. There is no way to do this in a sybil-safe way without a solid identity solution or some sort of reputation based system.
Maker Governance is built to be plutocratic. The largest holders have the most at stake, and therefore should have the largest incentive to make sure everything keeps working the way it should.
In practice we’re seeing a more democratic form of governance evolve in parallel to the plutocratic on-chain governance in the form of debate on the forum, and signal requests powered by forum polls before proposals move on-chain. The cool thing is that while this is not sybil-safe, there is limited upside to a sybil attack, because anything actively harmful will be blocked by the plutocratic branch.