Good day!
I've been following the project since day one. Invested in the ICO and received the promised bonus.
But I don't understand the voting function:
1. What is it?
2. Who can run the voting procedure, any person who has a wallet and coins?
3. How to use voting?
4. What functions does it give us?
Would love to get a detailed answer, because many do not have an accurate understanding of all the function of our coins.
Good luck!
Hi Gaffary,
The voting function is not yet functional in the current release, so i will be talking about what it will do in the next release (that is already in testing right now).
Anyone can run/organize a vote. This is the good part, as you don;t need anything like a masternode or special permissions to do it, you just set up your own poll/election and run it (at the costs required by the network, that are very low).
To use the voting you will need to follow intuitive steps from within the interface (in the next release), and to participate in a vote you will need an invite code from whoever organized that vote.
The functions are more than just voting, it allows participants to stake an amount of vot coins on their decision, or to transfer funds in case of a crowdfunding.
You can read a more complete explenation of each feature (use case) here:
Staked Polls This is kind of a new concept, even if it is used in certain common situations. It basically means you are betting money on your decision, and push the power of your vote with actual value. "paying for winning" is a major concern, thats why the tiny but powerful option on the lower right side allows poll organizers to limit participation just to the coins they distributed. For example, the organizer could give an equal number of coins to the people that should vote, or variable number of vot coins depending on internal rules of that community (lets say older members get more vote power than new ones).
This ensures that raw financial power will not sabotage the vote result.
Decision fundingIn case it is a public vote, where its all about getting people to invest in one or an other decision (decision funding), then anyone can push as many coins as he wants in his vote, because that wouldn't be sabotage, instead it will fit exactly with the purpose of the poll.
Crowd fundingThis is similar to decision funding, but used for a different purpose. In a decision funding you might need only members of that specific group or community to participate in the decision, but in crowd funding, it should be possible for anyone to put his money only in the development branch he wishes to.
Public BetsThis a very interesting use case scenario. We are not sure if it will be presented as a separate feature or it will be based just on the existing functionality. As an example, an organizer could hold such a public bet, and offer 70% of the accumulated VOT as jackpot/reward to the winner(s), and keep 30% for himself.
This would be an interesting way to earn VOT and play at the same time, but we are concerned about technical ways to prevent fraud (ideas are welcome as always).
We have in plan many adjacent features that will make all this easier and more clear to use, but this is a first preview with a more technical perspective of what we are trying to create here
PREVIEW IS HERE:
