I think I have established democracy, but I am very unintelligible on how they are called in the real world because I doubt I invented something new, I am just politically dumb. Could you please say which type of government I created for my settings so I can look up some details and further inspiration? (It is not supposed to be perfect government - it is a transition from Feudalism and Colonialism in my scenario.) If someone wants to point out the biggest flaws and biggest advantage I would welcome it very much. (Again the system is supposed to be flawed because the races in the world are as clueless about democracy as I am)
Lore: The settings is a fantasy world with technological advancement between the 18th and 19th century of our history with multiple races and magical beings and has potent but far from all-powerful magic as well. This democratic system, called Concord, was invented by NiceGuysTM Old-Bloods after they had to give their knowledge to "lesser-races" in purpose to amass enough power to defeat Dark Realm (Propaganda name, they were just Old-Bloods dominating others, but being mean about it). Once done, they could not easily control the races and soon succumb against the pressure of musket armed "Lessers" demanding the same rights since they shed blood for them and egalitarian movements of exhausted people after long bloody war.
There are still plenty of sovereign nations and even succeeded secession countries, but this is like the central hub of the world and even countries outside of Concord's sphere of influence taking note of their "suggestions".
Eligibility to vote is granted by being Citizen (being able to be drafted OR serve X hours in public services OR compensation - 'buy it' OR earn it by merit). They can also own property(real-estate), land, and run business. Exception are Old-bloods who have citizenship granted by birthright. For other races, citizenship is not hereditary. Another status is Inhabitant - Individuals without the right to vote (Unregistered, incapable of service, draft and without the ability to buy citizenship) but they have the right to work, rent, chattel and conduct informal business.
Cabinet of Deputies: Proportional representation of each race based on the number of their eligible voters in Concord. Race choose their own representation. Mandate is limited for 4 years with re-election. Current members of Cabinet cannot apply for Chancellery. Their purpose is to address the concerns of citizens and propose laws. Law with enough votes gets moved to Chancellery.
Chancellery: Voted in by citizens regardless of race for 6 years (but staggered, so 1/3 is open every 2 years). They are limited on 51 members - Voting has two rounds, the second round is two most voted people from each district - absolute winner is one with an absolute majority (repeated till one wins). It's members participate in specialized committees and commissions. They can delay laws and return them back to Deputies, but Deputies can override the veto with an absolute majority and bypass Chancellery straight to the High Council. Deputies cannot override electoral law, constitutional law, and international treaties which once denied by Chancellery stays denied until voted otherwise.
High Council: Candidate can be only a member of Old-bloods and being Venerated. Their Mandate is time infinite, but can be voted in or out absolute majority from Chancellery and Cabinet together. They appoint committees, judges, declare wars and ratify laws into validity or inviting new members/races to the Realm. They cannot create laws only ratify them or veto them, but their veto cannot be overridden. Old-bloods are three founding races and Veneration is the highest distinction granted by Council for a contribution towards Concord.
1) Specified property as real-estate to separate chattel from it