GFACT is peer allocated

Holders of GFACT can be thought of as employees of the protcol. To become a GFACT holder, the existing GFACT holders vote to allow you into the GFACT Coordinape circle.

Goals

While learning about the GFACT process, keep in mind that the end goal is simple:

To give the most decision power to those who are trusted most by the community.

Our existing voting and coordination systems fall short in this regard, and so a system that better achieves this goal will necessarily feel odd and complex at first -- though there are familiar elements.

The main mechanic is allowing people to make decisions on your behalf based on the subject matter of the decision. It should resemble how we operate in real life, where we ask different friends for advice depending on the problem.

Main GFACT flow

Each epoch there are 1000 GFACT tokens that will be minted and distributed to participants in the Coordinape circle.

During the last week of the epoch, GFACT holders allocate 100 points among their coworkers according to their own subjective metrics.

The 1000 GFACT tokens are then minted and distributed proportional to how many points each participant received.

Claiming GFACT

After the Circle points have been finalized, GFACT holders have one week to claim their GFACT. If they don't claim their GFACT, they lose it and are removed from the circle.

Required delegation before claiming

In order to protect against a disengaged majority, GFACT claimers must allocate their entire incoming balance to delegates before their GFACT will be minted.

GFACT delegation

Factland builds on the idea of Liquid Democracy, where each member's voting power is determined by each other member's actions, inactions, or delegations.

GFACT holders can delegate to other GFACT holders based on topic (e.g. Software Development, Marketing, Project Management, etc.). If no topic is selected for deleagtion, the delegate receives voting power for all topics.

Removal from the Circle

Circle members are automatically removed from the next epoch's Circle if they:

• Don't allocate their points by the epoch's deadline, though they retain their GFACT.
• Don't claim their GFACT by the epoch's deadline, though they retain their existing GFACT.