ELI5: Xank, Where your Ideas are Heard and Funded

Deep down in our hearts, we all have dreams of making the world a better place, dreams to relieve the earth and its inhabitants of oppression, pollution, and discrimination. While our hearts are in the right place, the current system has prevented or discouraged us from taking appropriate action required to advance our welfare. Let’s think about why this is the case.

First of all, we need funding if we want to get anything done. While money isn’t the solution to all of our problems, money is needed to pay for the research, labor, and resources to advance a certain cause. However, it isn’t easy to find people or organizations to support your idea. Second, government support has been… well, lacking. Governments around the world do a lot of good, but there is only so much they can do. Therefore, we can’t rely on the government to do everything — it is time for us to step up and take matters into our own hands.

That is why Xank has designed a project-funding protocol within the Xank ecosystem. Now, your ideas can and will be heard and funded.

So what kind of ideas are we talking about?

  • Ideas to reduce land, water, and air pollution
  • Ideas to improve human health through scientific research
  • Ideas for the installation of clean energy sources
  • Ideas to foster cultural exchange (K-pop, food, anime, communities, etc.)
  • Ideas for equality (LGBTQ community, women, all races)
  • Ideas for better public infrastructure for the disabled
  • Ideas that are aligned with Xank’s constitution but aren’t listed above

How are these Ideas Funded?

The money has to come from somewhere, right? That’s why we have established the Xank Treasury. The Xank Treasury is the Xank network’s self-funding mechanism for development and growth that receives 15% of the total block rewards. The block rewards will be used to fund the ideas you propose.

Who Determines which Ideas are Funded?

Masternode operators who have voting power will be able to cast their vote for network proposals to select the best ideas. If a proposal receives 50% or greater of the total voting power than the proposal is awarded funding rights. Does that mean only one project will be funded? No. Multiple projects that have been approved will be ranked according to their voting margins and will receive funding in proportion to their rank and voting margin.

Who can Propose Ideas?

Anyone. You, me, your grandmother. Once Xank goes live, you’ll be able to submit your proposals. Hold on tight to your brilliant ideas, and we’ll let you know when we’re ready to accept your submissions!

Change the world with Xank, one idea at a time.

If you liked this post, check out Xank’s “Explain Like I’m 5” stories:

ELI5: Xank, the Ideal Money

ELI5: Xank, the Unstable Stablecoin

ELI5: Xank’s Meritocracy

For more information, visit our official website at xank.io