Coin Governance System Platform Tutorial
Did you know you can earn up to $60 in CGS tokens by trying out our Testnet? To participate and check the terms, please click here.
Index
0. How to Register in the CGS Platform
1. How To Use CGS As ICO Token Holder (investor)
- Open a claim: As Investor, if you are not happy with the management of the raised capital, you can submit a claim to the CGS smart contract escrow.
- Redeem: If the claim succeed, as ICO investor you can redeem the proportional Ether remaining in the CGS smart contract escrow.
- Cashout: If you open a claim you can cashout the ICO tokens you deposited to open a claim.
2. How To Use CGS As CGS Token Holder (arbiter)
- Vote: As an arbiter you can vote to solve a claim if you think the ICO project is doing a proper use of the funds (vote=yes) or not (vote=no). If you voted as the majority, you’ll earn CGS tokens from the minority.
- Reveal the Vote: Your vote is secret, so after the voting period there is another period to reveal your vote.
- Withdraw your CGS Tokens: Once the voting period is finished, you should withdraw the CGS tokens you used to vote (+ or - the CGS that will be transferred from the losers to the winners).
THIS IS A TESTNET VERSION OF THE COIN GOVERNANCE SYSTEM THAT REQUIRES TO HAVE METAMASK INSTALLED IN YOUR COMPUTER (as explained in the tutorial). SINCE THIS IS A TESTNET, SO YOU NEED TO RUN THE KOVAN TESTET IN METAMASK TO TRY IT. IF YOU SEND ETHERS (FROM THE MAINNET) TO ANY OF THE ADDRESSES OR SMART CONTRACTS PROVIDED IN THE TESTNET YOU’LL PROBABLY LOSE ACCESS TO YOUR FUNDS.
0. How to register in the CGS Platform
To register on the CGS platform, you’ll need to download Metamask on your computer (download Metamask here).
Then, you’ll need to open Metamask and go to Kovan Test Network.
Now, you can log in on the CGS Platform (http://testnet.cgs.vote/). The site will detect your Kovan Testnet Address and will ask for an email address, which as to be validated.
Then sign with with yout Metamask account:
1. As ICO Token Holder
As an ICO investor, you can open a claim on the CGS if you are not happy with the management of the capital raised by the ICO launcher. If this claim receives enough support, it triggers a voting process which outcome could lead to the possibility to withdraw the proportional remaining funds of the ICO. The voting will be carried out by the CGS arbiter community (CGS Token holders).
As ICO Token Holder there are three actions you can do on CGS:
- Open a claim if you’re not happy by how funds are being managed
- Redeem (to withdraw the remaining funds of the ICO if CGS arbiter think the claim is grounded)
- Cashout (to withdraw the ICO tokens used to open a claim)
Open a claim
All ICOs using CGS give the option to their investors to open a claim. This means that if you hold tokens of an ICO that is using CGS, you can open a claim. If this claim receives enough support, it triggers a voting mechanism that could potentially allow you to withdraw the remaining funds remaining in the CGS escrow.
To open or support a claim, you’ll need to deposit an amount of ICO tokens that will be locked during the voting period and can be withdrawn after voting is finished in the “cashout” option.
How to open a claim?
To open a claim you just have to go to https://cgs.vote (and log in/register) and then go to “Projects using CGS” and explore one of the projects.
As said before, you’ll need tokens of the ICO to open a claim. You can find the instructions to acquire ICO tokens to use the testnet in the description of the project. They are as follows:
First, you need to acquire Kovan Ether (kether) by sending your Ethereum Kovan Address to this faucet: https://gitter.im/kovan-testnet/faucet.
Please remind to use Kovan Testnet! If you send Ether from the Main Ethereum Network you will probably lose your deposited funds.
Once you’ve clicked on an ICO, you’ll see the button “Claim”. If you press this button, a pop-up will open and indicate how many tokens of this ICO are needed to open a claim and how many tokens you have available. Set the amount of tokens you want to deposit on this claim and press deposit.
Then, confirm the transaction in your Metamask as follows (please, bear in mind that you’ll need to press “submit” twice to complete the transaction):
If the claim didn’t receive enough support yet, you can add more tokens or withdrawal tokens you’ve deposited. Once the claim receives enough support, all tokens that were deposited will be locked until the voting process is over.
Redeem
After a claim received enough support, CGS token holders (arbiters) will be asked to vote on the claim by responding “yes” or “no” to the question if the company is doing a proper use of the funds.
If the outcome of the voting is “no”, the community of CGS arbiters believe the claim is grounded. In this case, any ICO Token holder can redeem the proportional remaining ether in the CGS escrow in exchange of their ICO Tokens.
In order to redeem your tokens, you must return to the “Open Claims” section on the CGS website and click “Redeem” on the corresponding project. The project has to had the outcome “NO”, which means during the Vote the leading answer has been “NO”. In this case, you will be able to redeem your ether by sending your tokens back to the smart contract, as follows:
Cashout
If you opened a claim whose voting process is finished, you need to cashout the ICO tokens you sent as a claim deposit. If this is the case, you need to find your project in the section “Projects using CGS”, then you’ll need to press the “claim” button and finaly the “cashout” button.
Once that is done, you’ll need to sign your transaction with Metamask.
2. How To Try CGS As CGS Arbiter (CGS Token Holder)
As a CGS Token Holder, you are part of the Community of CGS Arbiters. Arbiters can vote and resolve disputes between ICO launchers and investors when there is a claim opened by ICO token holders that are not happy with the management of the raised capital.
To vote on disputes, you will need CGS tokens. You can acquire CGS tokens to use in the testnet by sending Kovan Ether to the following Ethereum Kovan address: 0x4EE75D04416CbAFE0E8E901F07Ffa92Bf3E3f2CF.
As CGS arbiter you can do three actions on CGS:
- Vote: As an arbiter you can vote on a claim; you will be asked whether you think the ICO project is doing a proper use of the funds (vote=yes) or not (vote=no). If you voted as the majority, you’ll earn CGS tokens from the minority.
- Reveal the Vote: Your vote is secret, so after the voting period there is another period in which you should reveal your vote.
- Withdraw your CGS Tokens: Once the voting period is finished, you should withdraw the CGS tokens you used to vote (plus the tokens you may have won from the losers or minus those tokens that will be transferred from the losers to the winners).
Vote
You can see the projects that have an ongoing voting process in the section “Open Claims”. From here, you can select the project and see the details by clicking on “Vote”. Please note that this step can only be done once a claim is opened, meaning having received enough support from ICO token holders.
Once you are on the project you will see the stage in the upper part of the screen, which can be: Secret Vote, Reveal Vote or Settlement.
If it’s in the “Secret Vote” stage, you can click in the button of “Vote” and a pop up will appear that will let you vote on the dispute.
First of all, you need to indicate how many CGS tokens you want to vote with. You won’t be able to change it later so think twice before you confirm!
COPY THE PASSPHRASE OR MARK THE OPTION IF YOU WANT TO RECEIVE A COPY IN YOUR EMAIL. IF YOU DO NOT COPY IT YOU WON’T BE ABLE TO REVEAL YOUR VOTE LATER AND YOU WILL LOSE A PART OF THE CGS TOKENS USED TO VOTE.
Once indicated the amount of tokens you want to vote with and have saved your passphrase, it’s time to vote! Select “yes” if you think the project is doing a proper use of the funds or “no” if you think it’s not. Metamask will open and you’ll need to confirm the transaction.
Reveal the vote
The vote made by CGS Arbiters is secret in order to avoid people to run their voting in the last minute with more info than the rest of the arbiters.
Once the voting period has ended, you will have to reveal the vote so it can be computed. Open the project that you have voted from the “Open Claims” section.
A pop-up opens and you have to include the passphrase that you received when voting. Once you have added the passphrase click in “reveal” and metamask will appear to confirm the transaction.
Withdraw CGS Tokens
Once the voting period is finished (including the reveal), the outcome of the voting will be shown. At this point, all CGS arbiters that voted, can withdraw the CGS Tokens that they’ve used to vote. If you voted the minority outcome, a part of your CGS tokens that you’ve used to vote will be sent to the winners of the vote.If you voted what the majority voted, you will receive tokens from the losers in the voting.
In order to withdraw the CGS tokens, you first have to go to the projects page, (select the project at the “open claims” section on the web).
Once you are on a project page where the voting period is finished, you have to press the “withdraw” button and sign your transaction with Metamask.
And that’s all :). We can’t wait to hear your feedback on the CGS testnet!
If you run into any issues on the testnet, please let us know here: https://github.com/Icofunding/cgs-issues.
If you have any questions while trying the testnet, or if you would like to share your feedback, than please join our CGS Telegram Channel: https://t.me/coingovernancesystem
Official CGS channels:
Telegram: https://t.me/coingovernancesystem
Website: https://cgs.vote/
Light paper: https://goo.gl/Ex8me6
White paper: https://goo.gl/y9gQ2W
Twitter: https://twitter.com/CGS_vote
LinkedIn: https://www.linkedin.com/company/coin-governance-system/
Medium: https://medium.com/coin-governance-system
Facebook: https://www.facebook.com/Coin-Governance-System-146771572657311/
Instagram: https://www.instagram.com/coingovernancesystem/
Newsletter: http://eepurl.com/dmtBwD
