The voting rules (third edition) of HADAX 2nd phase ask for opinions
Based on the latest user feedbacks, we have revised and improved the last edition of rules. Now we ask for your opinions to our voting rules.
1. Phase of Voting
(1) The 2nd phase of voting starts at: 13:00, March 12th, 2018 (GMT+8).
(2) Each phase contains several rounds. Each round of voting will last for 72 hours and 3 projects with the highest scores in each round will enter the final list. Each round will have an interval of 24 hours for our system needs to process the votes and be prepared.
2. Super Voting Node – First Review
(1) We will introduce professional investment organizations with excellent reputation to vote for projects. This is to help HADAX pick up quality projects.
(2) Super nodes will vote under real name. They do not need to pay any HTs for voting and their votes represent their recommendations for HADAX listing.
(3) Projects that receive 100% of votes from super nodes will be recommended to be listed on Huobi Pro. They must pass the audit process of Huobi Pro.
(4) Projects that receive 50% of votes from super nodes will enter the public voting of HADAX.
(5) Projects that are recommended by super nodes will have the priority of entering the first review list of HADAX.
(6) The reward tokens from project teams will not be sent to users at one time, instead, they will be sent in 4 times. When the token is live on HADAX, voted users will get the first quarter of tokens. Later, they will get each quarter in each week that follows.
3. Security Deposit
(1) Teams are required to pay the deposit according to their needs and the deposit is paid by HTs. The deposit will be returned to teams regularly month by month in the next 12 months. This return starts from the second month when the voting is live.
(2) What does security deposit do: if the team are eligible for the delisting conditions (e.g. team is dismissed; team asks for being delisted; there is not enough liquidity; the token is suddenly chain split; the team violates the law or regulations), this deposit will be paid to users as compensation.
(3) The amount of security deposit will influence the final score of projects.
4. Votes from Users
To encourage more users to vote and find the real community supporters of the projects, we want to set up the voting incentives.
(1) Teams can set up their own incentive rules. For example, they can give a user 0.2 token for each vote they cast.
(2) Teams can increase the incentives during the voting process. The incentives can only be increased but can not be decreased.
For example, in the first day, the team promises to give a user 0.2 token for each vote they cast. In the second day, if the team wants to change the incentives, he can only give more than 0.2 tokens, e.g. 0.3 tokens.
(3) The net value of the voted user’s balances is required to be 100 USDT or above. Each person can vote for 3 projects maximum in 30 days. 1 vote costs 0.1 HT.
(4) Each user can cast 100,000 votes maximum.
5. Conditions of Entering the Final List
(1) Final score = votes from users * 70% + the number of HTs as the security deposit * 10 * 30%.
(2) Projects which will be listed are the projects with the most votes.
(3) If two projects have the same number of votes, the one with more voted users will win. If two projects have the same number of votes and voted users, they both will be listed.
(4) When each round concludes, HADAX will analyze the vote data and pay return visits to the voted users to make sure the authenticity of the votes. Our results will be published via announcement. Once we find any scalping, we will disqualify the projects. If the projects are confirmed to be listed in our announcements, its BTC and ETH pairs will be live in the future.
6. Newly Added Projects
(1) Newly Added Projects: in each round, we will update the list of candidate projects according to the recommendations from super nodes and the applications from teams.
7. To Prevent False Users and Scalpers, We Now Make the Following Changes:
(1) The voted users must have passed the advanced verification.
(2) From the 2nd phase, HADAX will clean and analyze the data and pay return visits to ensure the authenticity of votes before publishing any results.
(3) Once we find any cheating, we will disqualify the projects.
All the voting income and fee income are operation income. 20% of our total quarterly income will be transferred to Investor Protection Fund in the format of HTs. If income of HTs are exceeds the 20% of our total income, Huobi will hold the HTs in the long term because we see a bullish trend of HT. We will not sell HTs in the secondary market. We also are looking for partners for long-term cooperation to build HT ecosystem.
We now ask for suggestions from our dear users and project teams. Any suggestions for the rules of 2nd phase will be welcomed. Once your suggestion is taken, we will reward you with HTs. You can give your suggestions here:
March 5th, 2018