ADN Ecosystem: Voting System and Contingencies
ADN Ecosystem’s next series entry expands on our blockchain platform’s unique voting system. We encourage ADN users to understand this part very well.
In one of the previous blogs of our ADN Ecosystem series, we talked about how we are implementing the first-ever ICO Wallet. We discussed this significant feature as it will be mainly involved in safeguarding the investments of ICO participants within ADN’s platform. This will empower the investors to evaluate the progress of the project that they are supporting, as well as to decide on whether it will push through or not.
We also talked about how each ICO is divided into stages, wherein funds gained through the said crowdfunding method will be allocated for each. The number of stages may vary depending on several factors, even though the funds allocated for each will be divided equally. Nevertheless, our team will keep a close eye on every ICO and evaluate its quality and feasibility.
We also discussed the voting process, albeit briefly. We feel that we need to expand on the subject a bit more so as to explain this portion better before ADN’s mainnet goes live.
The Voting System
For any ICO to commence to the next stage, at least a majority of investors in that particular project have to vote through the ICO Wallet. We are developing the ICO Wallet, which can be accessed by the ADN community in the form of a mobile application. In the app, ADN ecosystem members can view various information such as the projects they have invested in, the amount that they have chipped in, and the current phase of each specific ICO.
Toward the end of each stage, we will be dedicating a couple of days for investors to vote. In the case investors failed to vote in the specified timeframe, the system will consider their voting power as upvotes by default.
Should the ICO fail to gain the necessary number of votes to continue due to the considerably-low voter turnout, ADN may have the option to extend the voting process. If this option has been expended already and the project does not get the vote of the majority, ADN will provide up to three (3) opportunities for it to show off its progress to the investors.
ADN will initiate a revote to find out if the investors are willing to give the project a chance to deliver according to its promise. The team behind the project will be given 5 days to woo the investors with its accomplishment. If, however, the project fails to secure the necessary votes during the second revote, ADN will give another 3-day allowance. This will be the last chance for the project to satisfy its investors. If it fails to accomplish its set goals in the said stage, the ICO will be shut down, and what is remaining of the investment will be refunded to the investors.
Project Contingencies
The voting system may, however, have an exception: the ADN team will be notified whenever an ICO fails to receive the majority of votes required for it to move to the next phase. If this happens, we will evaluate the reasons why the project did not get its desired approval.
We will look at several factors, including:
1) the outcome of the previous stage,
2) the capacity of the ICO team to deliver according to their promise;
3) the reasons for the delay; and
4) the overall feasibility of the project.
If, after we have reviewed the project’s outcome and deemed it necessary to recalibrate the stages, we will reach out to the proponents of the ICO project to adjust the stages accordingly. Through this, we will be assisting the ICO project with the overhauling of their project. This is to ensure that their goals will be feasible enough to be accomplished according to the timeframe that they have set, as well as the funds that they have gathered through the ICO.
We will be expanding on this subject in the near future. Meanwhile, you may read the ADN technical whitepaper to know more about the subject.
Be the first to know about the launching our mainnet and ICO Wallet when it comes! Follow our social media platforms to get the official update from our end.
