Eximchain Governance(2/3)-Becoming A Candidate

In preparation for our Eximchain app release we would like to refresh our community on Quadratic Voting, Becoming a Candidate, and Governance Cycles in a three part series. In this article we will do a quick overview on Becoming a Candidate.

To become a candidate for promotion or demotion another member must first nominate you by casting a vote with a minimum of 32 points. Because of quadratic voting that first nomination vote will cost 1024 EXC. After this first vote you will be a candidate and other members can vote one or more votes for or against you.

Nomination

To reiterate, a nomination is simply the first vote for a member that meets a minimum of 32 points for or against that candidate. Since a nomination is a vote, be sure to nominate a candidate with the full amount of points you want to express your preference with since you will not be able to vote again in that cycle.

All other votes will fail until a first vote at or above that minimum point count is met. After this that candidate is open to receive votes without a minimum point threshold. This applies to both promotion and demotion nominations. All existing blockmakers can be nominated for demotion (to be demoted from a blockmaker to a normal member) and members can be nominated for promotion (from a normal member to a blockmaker).

Demotion

At the end of each governance cycle one blockmaker is demoted, and replaced by a new member from the network. Anyone can cast the initial nomination vote to demote a blockmaker, as well as cast votes for or against them once they are a candidate. The Eximchain network should remove the least beneficial blockmaker. The demotion candidate with the highest net points will be demoted from their position at the end of the cycle.

Promotion

As one blockmaker is removed from the network, another member is promoted to be a new blockmaker each cycle.

Anyone in the network can cast the initial nomination vote for a member to become a promotion candidate. The key difference is that only blockmakers can cast votes for or against promotion candidates, after nomination. This allows existing blockmakers the leverage to decide who should be brought in from the available candidates.

If you plan to nominate a member for promotion and are not a blockmaker, be sure to use as many points as you would like to support them as no other nonblockmaker will have a chance to vote for them. The promotion candidate with the highest net points when a governance cycle is closed will be the new blockmaker.

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