The IIP process is not just about fulfilling Index Coop’s functional duties. A streamlined and accessible IIP process can help cultivate a community which values open collaboration and ensure contributions are recognized and given a clear path to success.
Make the path for community contribution simple, accessible, and achievable
Set clear guidelines for “next steps” at each stage of proposal process
This is the initial fielding research + discussion on Discord, governance forum, Twitter or any other venue. This is an informal process to gauge community interest in a potential Index Coop improvement.
Here are some questions a proposer might want to answer:
Am I able to informally get any traction for this proposal in the Discord?
Has this proposal been tried before?
How does this proposal get the community closer to achieving its stated goals?
What trade-offs are implicit in this improvement's adoption?
Once a contributor feels they have a rough consensus that their IIP is valuable, original, and achievable, they should submit an Index Improvement Proposal on the Index Coop governance forum according to the IIP-0 guidelines.
They should also tag an IIP editor to review the IIP and get an IIP number assigned.
Once an IIP Editor has reviewed the proposal for basic adherence to IIP guidelines, the Editor will create a corresponding entry in the Index Coop GitBook, assign the IIP a number, and create a corresponding discord channel for discussion.
The forum is the formal area to debate the merits of each IIP. While the IIP is on the forum in 'Draft' state, the IIP author is free to make changes to the proposal. Once the IIP author is satisfied with the proposal, they should change the proposal status from 'Draft' to 'Proposed', and contact an IIP editor to schedule a snapshot vote.
All IIPs are confirmed or rejected by the Index Coop via Snapshot Vote. The IIP author is responsible for deciding a snapshot vote date with the following criteria in mind:
The snapshot voting period may not begin until at least 48 hours after the IIP has been proposed.
The IIP has a voting period of 3 days where token holders may vote FOR or AGAINST.
For a standard IIP to pass, 5% of circulating INDEX tokens must participate and 50% or more must vote FOR.
For a Product Addition IIP to pass, 10% of circulating INDEX tokens must participate and 60% or more must vote FOR.
After the snapshot voting period has concluded an IIP Editor will tally votes and update the GitBook IIP record with the related voting data. If a proposal has passed, the IIP is moved from proposed to approved. If a proposal is rejected the IIP may be moved to rejected or back to WIP to be revised for future consideration.
In the early stages of Index Coop, approved IIPs will be executed via multisig where necessary. Otherwise, implementation of the IIP will vary on a case-by-case basis.