CHSB features and proof of meritocracy
After discussing the philosophy behind the CHSB token, we are introducing the concept of the CHSB token.
SwissBorg is a decentralised ecosystem where community consensus and swarm intelligence go hand in hand.
With the issuance of the SwissBorg network token (‘CHSB’), we are proud to announce the launch of our future crypto wealth management platform, 100 % aligned with the interests of all users.
The CHSB is based on the Ethereum ERC-20 standard and its ETH Public Address is the following:
https://etherscan.io/token/0xba9d4199fab4f26efe3551d490e3821486f135ba
CHSB FUNCTIONING
The CHSB (SwissBorg Network Token) is a multi-utility token used to participate in the SwissBorg network. Here are the core benefits:
All CHSB token holders will have the opportunity to participate in the development of the SwissBorg network through the concept of “proof of meritocracy”. Our community will be rewarded by voting on the most promising projects that bring true value to SwissBorg’s platform.
PROOF OF MERITOCRACY
A core feature of the CHSB Token is giving holders the ability to choose the direction in which the network will be developed. The CHSB token is used to generate a referendum token, called the “RSB token”. For each decision, the RSB token is used by the holders to make decisions on the referendum proposals. The voting power will be weighted based on the amount of CHSB tokens users hold at the time of the referendum announcement and it will not cost any CHSB tokens to vote.
CHSB Tokens will be offered during referendums.
Inspired by the open protocol philosophy, SwissBorg is leveraging on a new type of open protocol utility: “proof of meritocracy” to revolutionize the wealth management industry.
EXAMPLE
To better illustrate what has been presented earlier, let’s discuss two basic examples of “proof of meritocracy” and SwissBorg referendum.
Scenario 1: We are at the beginning of Q2 2018, SwissBorg is announcing a referendum to determine what technical direction should the network follow to enhance the functionality of its investment platform:
Paul holds 100.000 CHSB tokens in his Ethereum wallet.
After the Block Number: 7.675.119, Paul will receive 100,000 RSB tokens.
During the referendum period Paul will cast his 100,000 RSB tokens to vote for A) and Paul will receive 1 Ether (100,000 * 0.00001) as a reward for his contribution.
Scenario 2: ABC token is a new project planned to be launched within the SwissBorg network. A referendum is announced to determine the level of support for the project:
At the end of the referendum Period, 65% of participants voted for A) and 35% were in favor of B).
The project ABC token project will receive 32,500 ETH for funding,65% of the participants will receive 100% of the ABC tokens and 35% of referendum participants will receive 17,500 ETH as a reward.
FURTHER INFORMATION
Discover more how we organize a referendum on the blockchain.
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