In the world of collective decision-making, organizations often face a trade-off between swift, high-trust operations and slower, low-trust processes. On the one hand, traditional permission systems can leave organizations vulnerable to single points of failure or abuse of power, while limiting flexibility. Conversely, decentralized organizations frequently suffer from excessive coordination costs, potentially missing opportunities due to lengthy proposal and voting processes.
At Colony, we recognize that every organization is unique, and the choice shouldn't be binary. That's why we've always offered our users both primary decision methods to suit different organizational needs.
Our first decision method, Individual Control, is ideal for day-to-day operations where trust in specific team members is high. This method offers the fastest decision-making but with lower security, making it perfect for routine tasks that require quick execution.
The second decision method is Lazy Voting, our innovative consensus approach that allows for efficient, decentralized decision-making. In this system, a user proposes an action backed by a security bond. If no objections arise within a set time, the proposal passes automatically. However, if opposed, it triggers a vote among those with relevant team reputation. While it's the slowest method, Lazy Voting offers the highest security and decentralization.
Introducing Multi-sig Permissions
We're excited to introduce Multi-sig Permissions, a powerful new decision method that enhances security, decentralization, and adaptability in organizations built on Colony.
The Multi-sig decision method adds a balanced approach for decisions requiring more oversight than Individual Permissions. This classic multi-sig setup requires a set number (M) of signers out of a total group (N) to approve actions. It offers moderate speed and enhanced security compared to Individual Control, but faster execution and more focused participation compared to Lazy Voting.
The table below compares the key features and trade-offs of each decision method:
By offering this spectrum of decision-making approaches, including the new Multi-sig Permissions, Colony provides organizations with flexible options to balance speed, security, and decentralization.
Whether an organization prioritizes swift action or collective decision-making, Colony's diverse governance solutions adapt to specific needs and contexts, meeting a wide range of organizational requirements.
Get Started Today
Experience the future of decentralized governance with Colony's Multi-sig Permissions. Request early access by joining our waiting list below!
