Sentiment Check: xLoot Governance Council

Hey xLooters!

xLoot is and will remain a community driven project. That being said, it may be beneficial to form some type of governance council to help aggregate community ideas and make proposals more efficient and informative for everyone to vote on. Council members would be voted in/out via proposals as well, keeping the project community driven as more of a republic and less of a direct democracy. This council (could be called "Council of Elders"), would also be the group that controls the multi-sig wallet, twitter account, discord, website and all official communication channels.

I feel there are a few issues that could occur that having a council would solve:

1. Anyone can currently make a proposal about anything - which sounds great in theory but if we are in a frothy market environment and there is a lot of hype around something that may have not had a lot of thought put into it, it could create unforeseen future problems. Look at all the current issues Loot is having with AGLD as an example. A council would help draft proposals from community input and ensure they are well written and easily digestible so everyone can be thoroughly educated before casting their vote.

2. Proposals need a minimum length of voting time. Fast proposals may sometimes seem necessary, but we should make sure we aren't trying to push through ideas because the current market sentiment or most recent Loot derivative is causing waves. If we don't give everyone an equal chance to vote - which means longer proposal times - we are excluding a large part of our community. Our first governance vote had over 60% of our holders involved - more recent governance votes have had 1/3 to 1/4 of those people involved, and it could be because of the short voting window.

3. We need to establish a quorum for proposals to be accepted. If you are unfamiliar with a quorum - its the percentage of holdings needed to make a proposal's outcome valid. A common quorum is 60%, which means currently we would need around 1,438 xLoot votes to implement the results of a proposal (at the time of writing there are 2,396 unique holders of xLoot - which is awesome by the way). This is important because imagine in our current structure - a small group of people could setup a proposal with a short window, cast all their votes in one direction and try to claim that the proposal must be implemented because of community governance.

I would write separate proposals for the Quorum and Proposal time window but I would rather establish a council first and have those folks collaborate on the verbiage for said proposals.

Thanks for taking the time to read and vote,

Signed, -skelly