Integrate Democracy for Decision-Making in the Parachain

[asiniscalchi]

As a parachain developer, I want to integrate a democracy module in our parachain so that decisions are made through a voting process that reflects the will of the stakeholders.

Description:
To enhance the governance of our parachain, we need to implement a democracy module that allows stakeholders to participate in decision-making processes. This module will enable stakeholders to propose and vote on referenda, ensuring that the governance of the parachain is transparent, inclusive, and democratic.

Acceptance Criteria:

1. Democracy Module Integration:

   • The parachain runtime must include a democracy module capable of handling proposals, voting, and referendum execution.

2. Proposal Submission:

   • Stakeholders can submit proposals for consideration by the community.
   • Proposals should include details such as the description, rationale, and any potential impact on the parachain.
   • There should be a minimum deposit required for submitting proposals to prevent spam and ensure serious submissions.

3. Referendum Process:

   • Once a proposal is submitted, it goes through a pre-voting period where stakeholders can discuss and deliberate on the proposal.
   • If the proposal passes the pre-voting period, it is promoted to a referendum for a formal vote.
   • Referendums are scheduled periodically (e.g., every 7 days) or as triggered by the proposal queue.

4. Voting Mechanism:

   • Voting is open to all eligible stakeholders during the referendum period.
   • Stakeholders can vote "aye" (yes) or "nay" (no) on proposals.
   • Voting power is weighted by the stake each participant holds in the parachain (e.g., tokens held).

5. Vote Counting and Decision Execution:

   • At the end of the referendum period, the democracy module automatically counts the votes.
   • A proposal is considered approved if it receives a majority of "aye" votes and meets any predefined quorum requirements.
   • Approved proposals are automatically executed by the system, implementing the proposed changes to the parachain.