ELI5: Xank’s Meritocracy
Xank is the ideal money and an unstable stablecoin, as we have previously read, but in addition to Xank’s functionality as a currency, the Xank protocol has its own government system in which people can participate and vote in important decision-making processes. We’ll learn all about this in just a minute. Before we do, let’s talk about democracy.
Most of us reading this article are accustomed to the one person, one vote voting structure so prevalent in the democracies of the 21st century. After all, that is fair, right? Each person who is of a certain age should have the same voting power as the adult next door when it comes to voting on a certain law or the election of an official. Each person has one vote, and no one has more voting power than another individual. One person, one vote. That is what we’ve been taught and indoctrinated to think is “fair”. But is it really fair?
While Xank believes that every person should have the right to vote, we also believe that we should take into account a person’s merit, or experience, achievements, and talents, when assigning voting power to an individual. What we mean to say is, shouldn’t a CEO who has ran a major corporation or a mother who has for many years sustained a family of five or a community leader who has improved neighborhood safety be recognized for their life choices and accomplishments? Xank believes they do. Their display of responsibility and accountability can prove to be invaluable when it comes to making an important decision. That is why we have adopted a meritocratic governance model, a government system in which people’s merits — not age, gender, wealth, or sexuality — determine how much voting power an individual has. We believe this model to be fair for everyone.
Three pillars of proofs have been established within the Xank government to determine the extent of an individual’s voting power. We call them Proof-of-Service (PoSv), Proof-of-Merit (PoM), and Proof-of-Social (PoSc). Sound complicated? Read through our infographic to learn that these “proofs” aren’t difficult. By the time you’re done scanning through the image below, you’ll understand how Xank’s meritocracy works!