Operation Phoenix: The Foundation
In our latest month in review publication, we mentioned that June/July will set the stage of the FintruX Network’s revitalization mission — starting with the revamp of our ‘Sharing Not Burning’ program. This program was implemented to incentivize our crowdsale supporters to hodl FTX tokens until platform launch, when our tokens realize their true utility. This would happen by distributing leftover tokens from our token sale in increments to crowdsale participants who hold FTX at specific milestones until our platform is launched in Q4 2018.
It was recently brought to our attention that the program could be improved to boost engagement from the community by expanding the benefits to prospective or new members.
Our community is important to us, and every decision we make is with our family in mind. We want to provide the community opportunities to have their voices heard in a fair, democratic, and decentralized way. With this in mind, we’d like to take this opportunity to involve the community in this huge decision on how to improve ‘Sharing not Burning’.
The Options
We’ve spoken to our advisors and community members and have come up with potential solutions towards the program revamp and how the voting process will be conducted and regulated.
We encourage our community to discuss, improve, or suggest alternatives that will be most beneficial for our platform growth and adoption. We will be paying attention to your ideas as we collectively narrow down our voting options in a collaborative process. Please keep in mind that we will prioritize solutions that require the least developmental resources to ensure our developers stay focused on building out the platform.
These options are not final, so please don’t hesitate to share your opinions, and join in on our discussion at t.me/FintruX!
Overall Voting Rules
- Participation Minimum: A minimum of 50% of eligible voters must participate in the voting for any vote to pass (inspired by decentralized governance of bitcoin voting)
- Consensus: A 51% majority vote is required to pass any vote.
- Voting Period: The voting period is currently posed for 14 days, but may be extended if the 50% minimum of voter participation is not met.
- Default Judgement: No changes will be made to the program if voting is not successful
- Voting Commitment: Depending on the polling mechanism that is decided, participants may be able to change their ballot until the voting period ends.
Program Change
Original Plan: Distributing once per quarter: Our first distribution was on May 9th, 2018 at 17:00 UTC, where we distributed a +15% bonus to all crowdsale holders as of May 4th, 2018 at 17:00 UTC; leaving us with ~29,571,369 FTX for future sharing. This effectively adjusted our crowdsale price to 1 FTX = ~0.00057 ETH.
Benefits: Encourages early supporters to hodl their tokens until product launch.
Cons: In a bear market, where buying power is not as strong, new supporters of our project will be hesitant to adopt the token as they will not be included in sharing bonuses.
Our options are to:
- Improve the sharing program via:
☐ Continuous Distribution (weekly, or random). This encourages crowdsale participants to hodl more consistently, as snapshots are more frequent and may be unpredictable.
OR
☐ Continuous Snapshots, but distribution only at Q4 — compounded based on # of weeks holding, and if even one week is missed, their entire bonus is lost. We will be burning a % of the unclaimed tokens every week.
OR
☐ Including new token hodlers in future sharing — we incentivize new community members to accumulate tokens in preparation of our Q4 platform launch.
2. End the sharing program by either:
☐ Distributing all bonus tokens to current crowdsale hodlers, effective immediately. Future investors aren’t scared of future bonus tokens, and enables crowdsale participants to start cost averaging.
OR
☐ Burning the rest of sharing tokens. With this deflationary option, the total FTX supply becomes ~70,428,631 FTX amount instead of 100,000,000 FTX, and circulating supply stays 55,428,631 FTX. This immediately benefits all token holders by enabling peace-of-mind adoption and increased buying power.
Voting Mechanisms
Who Can Vote?
☐ Crowdsale token holders → This vote will be conducted on our website via the crowdsale login portal.
☐ All FTX token holders → All FTX holders may be eligible to vote by sending their tokens to a smart contract that represents the proposal they best agree with. After the vote is completed, all tokens will be refunded to the sender.
Vote Weighting
☐ The amount of FTX tokens held/sent will be equivalent to the amount of votes they have.
We encourage our community to take the time to think deeply about the options with a great understanding of the benefits available in the options. We respect and appreciate the diverse and knowledgeable members of our community, and we want our members to be vocal about their opinions. We want to hear from our family — our experts, our creatives, our long-time followers, etc. — and the strong positions and viewpoints they believe in. Together we can create a creative solution to benefit all of our members.
We hope that by next week we have gathered enough opinions to make an informed decision on which options to choose, and conduct a fair vote.We look forward in engaging with our supporters to have fruitful conversations about this exciting topic in our telegram channel.
Yours Truly,
The FintruX Team
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
Find us on our: Website ; Twitter ; Facebook ; Reddit; LinkedIn
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