oxfina (OP)
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June 30, 2017, 05:15:59 PM |
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OX Profit-Share Smart Contract.
20% of distributable profit of OX Fina financial Institution is transferred to the specific Ethereum (ETH) wallet. The ETH is then redistributed to all holders of OX tokens according to smart contract conditions (i.e. the stake of profit is received pro-rata the share of tokens owned).
The token sold during the token launch is known as the OX Token (OX). The total supply of OX is fixed to 1,000,000,000.
Maximum number of tokens created during crowd funding period:
Total: 1,000,000,000 (100%)
Crowd funding participants: Smart Contract 500, 000, 000 (50%) (Smart contract)
Banks and other corporate crowd funding 200,000, 000 (20%) (Other payment methods)
OX Team: 100, 00,000 (10%)
OX development Team/ Bounties: 200, 000 000 (20%) will be in escrow wallet and only.
Sending 1 Ether to the OX account will create 3000 OX (minimum 0.1ETH = 300 OX)
Tokens will be transferable same time as transfer get confirmed.
Bonuses:
Day 1 – 25% token bonus;
Day 2-7 – 20% token bonus;
Week 2 – 15% token bonus;
Week 3 – 10% token bonus;
Week 4 – 5% token bonus;
Week 5 – 0% token bonus..
OX is a profit driven corporation that autonomously generates growth and a steady stream of income for its shareholders.
While blockchain technology is still in development, business concepts are matured and proven. OX brings business and programming talent together in a trustless environment that allows them to do what they do best.
Developers profit from their efforts while investors gain security and a chance to invest in new technology following business rules that make sense.
SHAREHOLDERS
The shareholders are the collective owners of OX. Anyone who owns one or more OX tokens is considered a shareholder.
Ultimately, the power lies with the shareholders through voting (see also the section Voting).
BOARD OF DIRECTORS
The board of directors (B of D) is a group of seven elected individuals who represent the shareholders by making governance decision through a voting process (see also governance proposals B of D) and performing management tasks.
Unlike shareholders, elected members of the B of D cannot choose to stay anonymous. Also, members of the B of D are expected to vote each time a B of D vote is called. A record of each B of D member’s voting behavior is stored in the blockchain and thus made public.
In addition to making governance decisions on behalf of the shareholders, and in contrast with a traditional B of D, members perform management tasks. Management tasks do not require a voting round and may be performed by one board member. Management tasks include:
- Managing a fund (see also Funding proposals and funds).
- Performing tasks outside of the blockchain environment, such as forum or website maintenance.
B of D members are compensated in ETH. When management efforts of a B of D member result in profit, the managing member is also entitled to a share of that profit, for as long as the individual holds the position of B of D member. These agreements are recorded in the contract of a fund and are approved by the shareholders.
Members of the B of D can be replaced by the shareholders through a voting process. A majority vote of the B of D can temporarily put a B of D member in a non-active state as a safety measure. While the non-active state is in force, the B of D member in question cannot perform management tasks. Also, the voting power of the non- active B of D member is temporarily forwarded to the founder.
FOUNDER
The founder has an important but modest role (besides being lead developer).
The founder can perform the same actions as a member of the B of D. The vote of the founder carries twice the
Weight of a B of D member’s vote, so that the total voting weight of the B of D becomes nine.
In the unfortunate case when a member of the B of D is unable to vote due to an enforced non-active state, the voting weight of that member is forwarded to the founder until the member of the B of D is replaced or the non- active state is lifted.
During the pre-sale period, and until the ownership of the token contract is transferred to the OX contract, the founder manages the token contract through the crowdsale contract with limited power. The founder is not elected.
TALENT
Funded project developers, managers, members of the B of D, the core team and the founder are talented participants who ensure the growth and profit generation of the corporation.
Talented participants are the most valued resources of the corporation. They are retained by a competitive compensation for their efforts and continuous bonuses when these efforts lead to profit.
Compensation, ideally in the form of periodic payments during project development, is needed to make it possible for participants to work on OX projects continuously. This increases the completion ratio of funded projects and protects against projects being abandoned.
Continuous bonuses, on success, work as an incentive for participants in order to get the best out of them while
‘Playing fair’.
Agreements are recorded on the blockchain in a fund contract approved by the shareholders. Fund contracts are immutable and are executed automatically.
Where there is profit, projects are not abandoned.
VOTING
OX is a democratic autonomous decentralized organization. Decisions are made by means of a voting process and the power ultimately lies with the shareholders.
There are two entities within the corporation that are able to vote: the shareholders and the B of D.
Due to the decentralized and transparent nature of OX, there is no room for corruption. Votes are recorded on the blockchain and the weight of each vote is calculated at the time of the proposal’s deadline.
BOARD OF DIRECTORS’ VOTE
The B of D can vote about a limited set of proposals that do not require a time consuming voting round among the shareholders (see also the section Proposals (B of D)).
Members of the B of D use the contract’s interface to vote through Mist. B of D members are expected to vote on each appropriate proposal. Their votes are registered and public through the blockchain.
Four fifths (4/5) of the fees collected from appropriate proposals are distributed to the members of the B of D and the founder equally, so that each receives a tenth (1/10). The remaining one fifth (1/5) is added to OX’s balance.
When a member of the B of D or the founder neglects to vote before the end of a proposal’s deadline or is in a non-active state, the fee will be added to OX’s balance instead.
This strategy is an incentive to vote about governance proposals within the acceptable timeframe while compensating participants.
SHAREHOLDER VOTE
The shareholders can vote on every possible proposal that is deemed necessary (also see the section Proposals (shareholders)).
Shareholders use a straightforward web interface that is hosted on OXfina.com, which facilitates voting. Interacting with OX should be as easy as interacting with Facebook. Moreover, easy-to-follow instructions will be published on OXfina.com.
While the recommended way of interacting with OX is through navigating to OXfina.com in Mist, participants can just as easily use their favorite browser.
Half (1/2) of the fees collected from appropriate proposals is distributed to the members of the B of D and the founder equally, so that each receives a sixteenth (1/16). The remaining half (1/2) is added to OX’s balance. When a member of the B of D is in a non-active state, the fee will be added to OX’s balance instead.
This strategy helps to compensate members of the B of D and the founder for performing management and maintenance tasks. It also is an incentive for long-term commitment and active participation.
PROPOSALS
Anyone can submit governance and funding proposals. Governance proposals are divided into two groups: proposals that can be approved by the Board of Directors and proposals that need to be approved by the shareholders. Funding proposals always need approval from the shareholders.
ELIMINATE SPAM
To eliminate spam and reducing the number of voting rounds, submitting a proposal is a payed service (except for board members). This strategy encourages participants to write better proposals and gauge support in favor of their proposal before submitting a proposal. The fee for submitting a proposal can be changed by submitting a ‘shareholders governance proposal’. On the launch, the fees are as listed below:
Governance proposal (B of D): 0.1 ETH Governance proposal (shareholders): 5.0 ETH Funding proposal: 1.0 ETH The fee for submitting a proposal must be positive (>0).
GOVERNANCE PROPOSALS (B OF D)
To allow swift decision-making, governance proposals with low impact, may be approved by a Board of Directors’ vote. When submitting a proposal that satisfies the criteria of ‘governance proposal (B of D)’, the submitter is free to submit the proposal that requires the shareholders to vote.
Governance proposals that can be approved by the Board of Directors include:
▪ Canceling funds
▪ Replacing fund managers
▪ Freezing accounts
▪ Deploying contracts (in order to develop funded projects)
GOVERNANCE PROPOSALS (SHAREHOLDERS)
Governance proposals that change business rules, have a large impact on shareholders or cannot be voted on by board members because their interests could conflict, must be approved by a shareholders’ vote.
▪ Payment of dividend
▪ Issuing new shares
▪ Electing board members
▪ Removing board members
▪ Adjusting voting rules
▪ Adjusting funding rules
▪ Adjusting fees (for submitting a proposal)
▪ Adjusting bonuses
▪ Changing compensations
▪ Managing deployed contracts
▪ Approving a proposal that was declined by the Board of Directors (any proposal that can be approved by the Board of Directors can also be approved by the shareholders)
FUNDING PROPOSALS
Funding starts with the submission of a ‘funding proposal’, ideally after gaining sufficient support for the
proposal to be approved.
After submitting a funding proposal, shareholders can cast their votes during a seven-day period. When the voting period has ended, the proposal is approved if the majority of the casted votes were in favor of the proposal, otherwise the proposal is rejected. In the former case, ETH will be deposited into the approved fund and the fund contract will be deployed after a safety period of seven days.
FUNDING PROPOSALS
Funding starts with the submission of a ‘funding proposal’, ideally after gaining sufficient support for the
proposal to be approved.
After submitting a funding proposal, shareholders can cast their votes during a seven-day period. When the voting period has ended, the proposal is approved if the majority of the casted votes were in favor of the proposal, otherwise the proposal is rejected. In the former case, ETH will be deposited into the approved fund and the fund contract will be deployed after a safety period of seven days.
The length of the voting period and safety period can be adjusted with a shareholders governance proposal.
The funding proposal contains a payment schedule that describes on which dates, or at which milestones a certain amount of ETH should be paid out. Please see the section ETH funding for a detailed description of the fund contract.
A funding proposal contains at least the following:
▪ Payable fee in ETH
▪ Details about the submitter(s)
▪ Brief description
▪ ID linking the proposal to an OX discussion
▪ Payment schedule
BYTECODE PROPOSALS
An exception will be made for a proposal to execute generic bytecode. Such a proposal needs to be approved by the Board of Directors first. Shareholders can then vote on the proposal’s execution.
SEED PROJECT
The core team (see also section Team) is committed to the development of the seed projects. The ultimate power lies with the OX shareholders.
OX’s forum for review by and input from its shareholders.
DIVIDEND
Ultimately, it is up to the shareholders what happens with the ETH that is held by OX.
Due to autonomous growth and development, deposits of ETH continue to flow back to OX. By means of a governance proposal, shareholders can vote to distribute (part of) the returns to the shareholders. Dividend is paid in proportion to the number of tokens that each shareholder owns.
A proposal to pay out dividend must contain the percentage of the returns that will be paid out and a deadline for claiming the dividend.
On execution of the proposal, the amount of ETH to be paid out as dividend is allocated and each address that holds an OX balance will be updated with an ‘unclaimed dividend’ amount. In the time between proposal execution and the predetermined deadline for claiming dividend, each token holder is required to execute a function in order to claim a share of the dividend.
When the claiming period ends, any remaining ETH (unclaimed dividend) is returned to OX and each
address’ ‘unclaimed dividend’ amount is reset to zero.
REWARDS
Developers and managers may receive periodic rewards payable in ETH when their work and decisions result in profit generation.
Reward payout agreements for the developer are immutable and recorded in the deployed project. A manager is required to be a member of the B of D and reward agreements are valid as long as the participant is a B of D member. In the case where a manager loses the position of B of D member, the rewards are forfeited to OX until the participant manages to reclaim the position of B of D member.
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