This proposal is to decrease the constitution parameter (the parameter that
determines what percentage of YES votes are necessary for a Celo Governance
proposal to pass) of GoldToken.increaseAllowance from 90% to 60%. This is in
line with the constitution parameter of GoldToken.approve.
The Governance contract defines constitution parameters that dictate what
percentage of votes need to be YES votes for a CGP to pass. In general more
risky functions (that affect important protocol parameters or access to
community funds) should have a higher threshold (think how in e.g. US Congress,
some things require a simple 50% majority, others a 2/3rds "super majority").
At mainnet launch, the cLabs team proposed constitution parameters for most
core contract functions. For some reason GoldToken.increaseAllowance was
missing in this initial configuration, so its difficulty is based on the default
for the GoldToken contract - 90%. GoldToken.approve was set explicitly to 60%.
As increaseAllowance is very similar in behavior to approve (if anything,
it's less risky than approve), this proposal aims to set its constitution
parameter to 60%, reducing from the current 90%. It appears that setting a
similar parameter for increaseAllowance was simply missed by the dev team when
proposing the initial Governance configuration.
Once the proposal is proposed on chain, fetch it with
celocli governance:show --proposalID <TBD> --node https://forno.celo.org
Verify that:
0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972, verify against Celo
docs).setConstitution with parameters:
0x471EcE3750Da237f93B8E339c536989b8978a438, verify against Celo
docs).increaseAllowance (0x39509351)600000000000000000000000 or 6e23).This proposal will make governance proposals with GoldToken.increaseAllowance
easier to pass, but they will still be as difficult to pass as proposals with
GoldToken.approve, which has a similar risk profile.