Operation Phoenix: Trials & Tribulations
Dear Community,
After the release of our exciting blog Operation Phoenix: The Foundation, we put our minds together with our fantastic and bright-minded community to shortlist the changes necessary to improve our “Sharing not Burning” program in a fair, democratic, and decentralized way.
We are proud to present the voting structure we have come up with as a nation; the eligibility criteria, the voting procedure, and the voting options. We are open to last minute fine tune adjustments, so we encourage our community to speak up if they have any final thoughts.
TL;DR
- Voting begins with a snapshot on Friday, June 29th, 2018 at 17:00 UTC, with a round lasting 7 days.
- The voting procedure will involve an online form where you will indicate personal information as well as the wallet you control.
- All FTX holders may vote. Your voting power is proportional to the amount of FTX you hold at the time of the snapshot, meaning that the more tokens you have, the greater your voting power.
- Crowdsale participants voting with their crowdsale whitelisted wallets will have their votes weighted more, as the program affects them directly.
- Consensus: 51% of the overall votes is required for a option to pass; as well as a minimum of 30% eligible voter participation.
- If either of the two above requirements are not met, additional rounds of voting will be conducted with eliminations of the 2 least popular options.
If you are interested in learning the specifics of the overall voting process, voting options and our insights on our program change, please read the full blog for all of the details.
The Voting Mechanism
We will conduct snapshots at the start of each voting period. The first snapshot will take place on Friday, June 29th at 17:00 UTC. The vote will be held in multiple rounds, where each round will last one week until a consensus has been reached. Consensus will be reached at 51% or more votes for one alternative, with 30% eligible voter participation (~16,628,590 FTX involved). If a round has passed and consensus has not been reached, the 2 least popular options will be removed from the list, and the voting will begin again — up to a maximum of 3 rounds.
If multiple rounds are required, participants are required to re-vote in the following round (with a new snapshot being taken at the beginning of the new voting period). Each round will typically start 3 days after the results of the previous round are shared. For the final round, voting may be extended until both requirements are met.
Details on the dates are subject to change. All voting updates including results, voting dates, and any changes will be communicated via E-mail, Telegram and Twitter.
After each snapshot, all participants must fill a form to indicate their preferred option for the SNB change, as well as list their wallet address. For crowdsale supporters, we will also be asking for your FintruX username to cross-reference with your whitelisted address.
❗️⚠️❗️⚠️❗️Please ensure that you do not send your tokens anywhere, as it is not required for the snapshot. ❗️⚠️❗️⚠️❗️
We will be conducting audits of suspicious activity to minimize voter manipulation. Audited individuals will be required to send a message signature to the team to verify their ownership of the voting wallet.
We recognize that the power of the vote should lie in the hands of our supporters, especially those who vehemently believe in our project and our early supporters from the crowdsale, to which this program change affects these parties the most. After careful deliberation, we have chosen to implement a 3:1 (crowdsale:non-crowdsale) ratio. This means that votes coming from a whitelisted wallet will be weighted three times more than those coming from non-whitelisted wallets. To further explain, here are some examples on our weighting mechanism:
Example 1: Crowdsale participant who HODL’d and did not acquire additional FTX tokens.
A crowdsale participant who purchased 100k tokens during the crowdsale will receive 100k x 3 = 300k votes.
Example 2: Crowdsale participant who HODL’d and have acquired additional FTX tokens post-sale.
An early supporter who bought 100k FTX tokens during the crowdsale and acquired another 100k from the market will have 200k x 3 = 600k votes.
Example 3: Non-crowdsale participant who acquired FTX tokens.
A non-crowdsale participant who acquired 100k tokens will receive 100k x 1 = 100k votes.
The Options
The 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: The original plan was meant to encourage 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 future sharing bonuses.
After collecting the opinions of our community, we have compiled a list of 6 options as potential alternatives to the current program. For each option, a short explanation is given. Please feel free to discuss the options amongst the community in the Telegram Network chat.
Terminology: When we mention Sharing Tokens, we are referring to the remaining tokens that have not yet been distributed (~29,571,369 FTX).
1. Marketing. Spend all Sharing Tokens for marketing and growth purposes. Sharing tokens will no longer be distributed, but will be used by FintruX to provide additional marketing, growth incentives & licensing. These tokens may be used on blockchain related media, traditional media, incentive programs, competitions, contests, and events in attempts to increase the brand adoption. This will benefit the market breakthrough strategy to obtain the licenses & institutional support we need to enter global markets.
2. Burning. The Sharing Tokens will be burned effective immediately, reducing FintruX total supply to ~70,428,631. The burn will not be a proportional burn for advisory/bounty tokens, team, and the collateral reserve as they have already been distributed and/or locked in a smart contract.
3. Mix of Burn and Marketing. Of the Sharing Tokens, 50% will be burned and 50% will be used for marketing (see details in #1).
4. Distribute Sharing Tokens Immediately to whitelisted wallet owners only. Sharing Tokens will be distributed immediately and no longer be sent out through snapshots at intervals up to Q4.
5. Distribute Sharing Tokens to all Voters. The remainder of the Sharing Tokens will be distributed proportionally to all FTX voters.
6. Keep the Original Program. If you are against any of the changes, and wish to continue with the original plan, this is the option for you.
Over the past week, a flood of suggestions have come from the strong voices within our network channel that we have gathered and discussed with our advisors. Our list of options represent the most frequently shared opinions from our members. Please take the time to fully consider and discuss our options in our Telegram Group.
We trust the judgment of our family to vote on the options that will best benefit the entire community. Happy voting!
The link to vote will be live on Friday, June 29th, 2018 at 17:00 UTC.
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.
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