The voting rules (second 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) 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) Final score = voting score x 0.6 + security deposit score x 0.2 + super node score x 0.2.
2. Voting Score
(1) Each user can cast 100,000 votes maximum. Each person can vote for 3 projects maximum in 30 days. 1 vote is recorded as 1 point. 1 vote costs 0.1 HT.
(2) The net value of the voted user’s balances is required to be 500 CNY or above.
(3) To avoid the situation that the project with the most funds win the voting, we will protect the projects with lower valuation and smaller financing scale. Therefore, we will launch Valuation Index for projects.
a) If the total market value of the token is smaller than $30 million, the index will be 1.2.
b) If the total market value of the token is between $30 million and $60 million, the index will be 1.1.
c) If the total market value of the token is larger than $60 million, the index will be 1.
(4) Voting score = the number of votes x valuation index.
(5) The voting score of each round will be cumulative.
3. Security Deposit Score
(1) Security deposit is set up to protect the project teams, platform and users. Teams can provide deposit for their projects according to their needs and deposit is paid by HT. The deposit will be returned to teams regularly month by month in the next 12 months. This return starts in the second month when the voting is live.
(2) Security deposit score = the number of HT x 10 x valuation index.
(3) 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.
4. Super Voting Node
(1) We will introduce professional investment organizations with excellent reputation to vote for projects.
(2) Super nodes will vote under real name. They will give comments of projects each time they vote.
(3) Super nodes can vote up to 3 projects in each round. Then can abstain from voting. We will publish the voting details of super nodes and their comments. When the next round begins, votes of the last round will expire. The comments will be shown in all rounds.
(4) If a project receives 1 vote from the super node, it can get 250,000 scores.
5. Conditions of Entering the Final List
(1) Each phase contains several rounds. Each round of voting will last for 72 hours and 3 projects with the highest scores (whose number of voted users should also be eligible) in each round will enter the final list.
(2) Projects in the final list are required to have more than 1,000 voted users. The number of newly registered users must be 300 or above. All the vote users must pass the advanced verification. Newly registered users refer to the users who register after this project is live on HADAX voting.
(3) If two projects have the same final scores, the one with more voted users will win.
(4) When each round conclude, 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. To Prevent False Users, 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.
This is a proposal to ask for opinions. All the numbers in this proposal is yet unsure. We will keep improving and revising the rules of 2nd phase according to users’ feedbacks. Between the rules are finalized and the 2nd phase begin, we still have some time for the unsuccessful project in the 1st phase to think about whether to quit the voting.
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:
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.
March 2nd, 2018