How to use ETZVote?

Overview

The EtherZero community governance architecture is fully community and financially driven. The biggest benefit of the masternode stems from the increase in the price of the currency. From the perspective of profitability, the sole basis for the masternode to vote for a proposal is to believe that the proposal is beneficial to the growth of the currency price. Therefore, when any proposal is launched, the initiator first needs to ensure that the proposal can convince the masternode that the proposal can play a corresponding role.

At present, the community governance of EtherZero is still in the experimental trial stage. Each vote is 1.2 million blocks, and the time is about two weeks. Governance contracts also manage budgets relatively simple.

noun explanation

Community autonomy website:

Http://etzvote.com/, the community autonomous system submits proposals, the masternode votes, and the place to query the proposal information.

Community Governance Forum Address:

Http://forums.etzvote.com , in the community forum, the submitter of the proposal can pre-write the proposal, fully discuss and modify it with the community users, show the specific implementation plan of the proposal, and improve the possibility of the masternode voting.

Community Governance Contract Address:

0x4761977f757e3031350612d55bb891c8144a414b, write the rules of community governance into the smart contract.

Budget reward

Each block rewards 0.1125 ETZs, which are sent by the main network to the address of the community governance contract to issue the proposal autonomy reward. The ETZs that are submitted for the proposal are also counted in the reward pool and accumulate as a reward for the proposal. On the home page of the community autonomous website, the balance of the current budget available for the current period is displayed in real time.

Proposal passed

A proposal should meet the following two conditions:

• The number of votes in favor minus the number of negative votes is greater than 10% of the number of total masternodes at the time of counting votes

• When the first condition is met, the more net votes in favor of the proposal are given priority under a limited budget, and the remaining budget cannot be fulfilled when the final proposal is not met. The budget for the above two conditions will be the budget for the contract to be issued to the proposed budget, and the unissued budget will be accumulated to the next period.

Here is an example. Suppose the proposal after voting is arranged according to ABCD, that is, A has the most votes, D has the least number of votes, and ABCD satisfies the one-tenth votes of the number of current masternodes.

Scenario 1: Available budget 100etz, A needs 100etz, then A proposal passes, and the subsequent proposal status is set to fail.

Scenario 2: Available budget 100etz, A needs 40etz, B needs 80etz, C needs 40etz, then B does not pass, C is passed.

Community governance operations

Submit proposal

After careful and thoughtful thinking, users can first create a post in the EtherZero Forum to describe their plan, answer the community’s doubts, and convince the potential masternode to endorse their proposal. With some support, the sponsor of the proposal can submit the proposal. When submitting the proposal, you need to fill in the following contents: the name of the proposal, the introduction of the proposal, the payment address of the ETZ account receiving the budget, and the budget amount of the application.

It takes 10 ETZs to submit one proposal at a time. The proposal can be submitted through the website. Before clicking Submit a proposal, first login to the plugin wallet GoETZ, and the payment address needs to be written correctly.

Click Create Proposal to call GoETZ and spend 10 ETZs to submit a proposal.

Masternode voting

It conforms to the address of the masternode and can vote after a voting period (1.2 million blocks) on the masternode. A masternode can only vote for one vote per vote cycle and can only vote for the current proposal. If you want to vote on a proposal, click the Agree or Aginst button below the proposal, the data of the voting command will be generated, as shown below:

Log in to any EtherZero Wallet with the address of the masternode account, use the wallet address to send a zero transaction to the contract address 0x4761977f757e3031350612d55bb891c8144a414b, copy the command data generated above to the attached data, send the transaction, and vote on the proposal.

The plug-in wallet GoETZ sends the voting submission page, click NEXT, submit the transaction, you can complete the voting, as shown below:

Send a voting submission page for the web version of the wallet:

Sending a voting page for the mobile version of the wallet:

Masternode commission

The masternode can entrust other wallet addresses to vote. After the masternode delegates, it can only be voted by the principal. If the entrusted address is filled in the entrusted order and executed once, the entrustment can be cancelled, and the entrusted person can no longer vote after the decommissioning.

Fill in the entrusted wallet address in the text box, click the masternode delegate, and generate the command data delegated by the masternode.

Log in to any EtherZero Wallet with the address of the masternode account, use the wallet address to send a zero transaction to the contract address 0x4761977f757e3031350612d55bb891c8144a414b, copy the command data generated above to the attached data, and send the transaction, then the masternode can be entrusted.

Extract reward

When the voting cycle is completed, calculate which proposals are eligible for budget rewards. If a proposal is approved by the budget, a zero transaction can be sent to the contract address 0x4761977f757e3031350612d55bb891c8144a414b with the wallet of the payment address filled in the proposal.

Community governance also needs more useful advice, and you can contact us if you need help, email: support@etherzero.org.