DAO voting mechanism is now live on Pundi X Chain

Pundi X (writers)
Pundi X
Published in
4 min readJan 19, 2023

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Propose and vote to develop Pundi X Chain

https://proposal.pundix.com/chain/pundix/proposals

The DAO voting mechanism is now live on Pundi X Chain. Visitors of https://pundix.com can easily spot it on the menu bar.

The launch of the DAO voting mechanism is the first step to a more decentralized environment for the Pundi X Chain, a dedicated payment-focused blockchain built upon the Function X network. It is specially designed to perform high throughput transactions with low latency and low transaction fees. In addition, it provides room for future chain upgrades, hardware (XPOS) integration and Point-of-Sales compatibility, with the tokenonomy offering incentives to merchants and payment processors.

Since the launch of Pundi X Chain, a total of 26,774,667 $PUNDIX tokens (more than 10% of the max total supply) have been bonded to the initial validators, and 7,330,284 blocks have been created. The number is still growing by the second.

Find out the delegation on https://starscan.io/
https://starscan.io/pundix/blocks?chainId=pundix

Recruiting Public Validators for Pundi X Chain

To further secure the network and move forward to the ultimate goal of decentralization, an invitation to become a Pundi X Chain Validator is sent to all interested parties.

The role of validators is to run a full node and participate in consensus by broadcasting votes which contain cryptographic signatures signed by their private keys. They also participate in governance by voting on proposals.

Apart from securing the network, Pundi X Chain validators and $PUNDIX holders who delegate $PUNDIX Coin to these validators receive both PURSE tokens and $PUNDIX Coin as block rewards. PURSE token is a reward token that incentives XPOS usage and can also be exchanged for rewards, gamification, discount vouchers, and redemption for NFTs.

Application for Pundi X Validator ends on Jan 31st, 2023.

The Next Step

With the launch of the DAO voting mechanism and recruitment of public validators, it is expected that more activities will be taken on the Pundi X Chain network.

The community can start making a proposal for the PUNDIX delegates to vote. To submit a proposal, it has to be accompanied by an initial deposit of at least 1,000 PUNDIX. Here is how:

  1. Go to “Connect f(x)wallet” on the proposal page.

2. Open your f(x)Wallet to scan, select the address and authorize the connection.

3. Go to “Make Proposal” after connecting to f(x)Wallet.

4. Fill out the required information and submit the proposal. To make it live for the delegators to vote, it needs to reach the amount of 3,000 $PUNDIX.

The governance proposal voting period is seven days, and a minimum of 40% quorum is required for the proposal to pass.

As a closing note, we thank you for all your support and feedback. Make sure to follow us on Twitter, Facebook, Reddit as well as Instagram. If you are interested in sharing ideas and participating in building the Pundi X ecosystem together to make it better, join the discussion on StarScan forum.

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