On-Chain vs Off-Chain Voting
The choice was made to use off-chain governance through the Snapshot voting system. The Snapshot voting system takes a poll of all users wallets holding tDAO at the specified block number. Then users are able to vote by signing a transaction in their wallet. Votes are feeless, and easy to do.
The downside of off-chain governance is that proposals are non-binding. On-chain governance is done completely through the blockchain but has certain drawbacks. On-chain governance offers high levels of transparency but often suffers from low voter turnout. Gas fees can be an issue for participation in on-chain governance.
In relation to TomoMasterDAO, the governance model is structured in such a way that a move to on-chain governance can be made in the future if a higher level of decentralization is desired. An overview of the governance model is demonstrated in Figure 1.
