NXTTYCOIN BOARD OF DIRECTORS VOTING IMPLEMENTATION (Dynamic Board Membership)
The below is a high level description of our planned implementation of dynamic & decentralized Board of Director voting for NXTTYCOIN. NXTTYCOIN is one of the 1st assets traded on Nxt Asset Exchange. NXTTYCOIN has been trading for over 1.5 years.
BOARD OF DIRECTOR POLL RULES:1) Only NXTTYCOIN holders can vote.
2) The Asset issuing accout cannot vote in Board of Director polls.
3) Polls will run for 20,000 blocks.
4) Snapshot of poll decision will be taken once less than 10,000 blocks are left till poll finish, this is the 10,000 block cut off limit.
5) For any vote to count it must be confirmed on the blockchain before the 10,000 block off limit is reached. The 10,000 block cut off limit will be mentioned in each poll description.
Example: A Poll starts at block 500,000 & runs to 520,000. You must vote before block 510,000 to be eligible for board membership on this particular poll.
6) After block 10,000 the poll decision will be taken. A Poll decision is taken when the NXTTYCOIN POLL CREATION ACCOUNT sends a public message to itself....containing the:
- The poll ID
- The account numbers & The asset balances of the 9 largest holders to have voted before the 10,000 block cut-off
- Actual Vote with their transaction ID
These 9 accounts then become the 9 board members for this particular poll.
The majority vote between these 9 accounts becomes the BOARD DECISION.7) Polls become void if less than 9 accounts vote before the 10,000 block cut off limit is reach.
REWARDS FOR PARTICIPATING IN BOARD VOTES:1) SPECIAL VOTING DIVIDENDSa) All asset holders that vote before the 10,000 block cut-off limit is reached will be rewarded with a special Voting Dividend of 1% of their NXTTYCOIN holdings.
b) The special voting dividend will be paid out at the end of each month.
c) The special voting dividend will run for 12 months. The 1st payment will be in the month of December, 2015.
2) BOARD OF DIRECTORS LOTTERYa) A lottery will run each time a Board of Directors poll (vote) takes place.
b) The participants of the lottery will be all accounts which vote before the 10,000 block cut off limit in a Board of Directors vote.
c) The lottery pot will be 500,000 NXTTYCOIN per. month. If their are no winners then the pot is rolled over to the next month, the pot then becomes 1,000,000 (1st month - 500,000 & 2nd month - 500,000) NXTTYCOIN. If there are no winners then the pot keeps rolling over until it reaches the pot limit of 12,000,000 NXTTYCOIN.
D) The lottery is won when the FORGER of the poll creation transaction block also FORGES a block containing an asset holders poll vote transaction.
Example:ACCOUNT No. 100000000 creates a poll having the Poll ID: 987654321
ACCOUNT No. 123456789 forges the block in which poll ID: 987654321 is confirmed.
NXTTYCOIN asset holder Account No. 5555555555 votes in poll ID: 987654321.
NXTTYCOIN asset holder Account No. 5555555555 poll vote is transaction ID: 71717171717
ACCOUNT No. 123456789 forges the block containing poll transaction ID: 71717171717
NXTTYCOIN asset holder Account No. 5555555555 is the winner of the lottery pot because the same forger who forged the poll creation transaction ID 987654321 also forged the block in which poll vote transaction ID 71717171717 was confirmed.
By using transparent forging as the basis of our lottery we guarantee that the lottery is completely random & fair. As no forger can determine in advance which blocks he will forge nor can voters predict which forger will forge the blocks in which their transaction is confirmed.
