This article was published in Medium before by A team member HanKyul Park
See the BOScoin - The Commons Budget Part 1 before read this article
Many decentralized organizations suffer from decision making issues. We believe that decision making should be fair and efficient. Getting the consensus component right is crucial to our BOScoin framework in order to operate in a decentralized commune manner.
At BOScoin, we believe all users have a voice. Which is why we have a proposal system which forms the governance of how BOScoin operates and provides a medium for anyone to propose ideas to the community relating to the betterment of the BOScoin ecosystem.
Get updates on the BOScoin Cryptocurrency ICO here
If accepted, BOScoin from the Commons Budget may be provided to the proposer at regular installments. The release of the installments will be based on a consensus voting regime.
Proposals may be initiated at any time, however the system only accepts proposals between the 1st to the 3rd Monday of the month at 00:00 GMT. There are three classifications of proposals which the voting process will differ only slightly :
• Significant Financing Proposals : Proposals that intend to spend more than 1,000,000 BOS (25 BTC at ICO price).
• Significant System Proposal : Proposals that wish to change the BOScoin system. Once a Significant System Proposal is passed, the contents of the proposal can be immediately applied to the system through an update of ontologies. Examples may include changes to Transaction fees, voting conditions, and coin freezing interest.
• Basic Proposals : all other proposals from the above. Examples may include: application development using the BOScoin platform or marketing pursuits to promote the coin.
(Significant Financing Proposals are quite self-explanatory relating to the investment requirements from the Common Budget pool of BOS)
Significant proposals will require an initial deposit which will be returned upon cessation of the proposal.
The proposal will utilize the Trust Contract functionality on the BOScoin system which certain inputs will be mandatory to guarantee the proposal (e.g. project milestones).
Voting on the proposal commences on the 3rd Monday of the month. and concludes on the 4th Monday of the month at 00:00 GMT. Only members of the Congress Network can vote – please refer to my previous publications for an explanation on the network, however to become a member you must satisfy 2 conditions:
• Freeze 10,000 BOS at a minimum
• Set up a fully synchronized node at stable speeds
There are three options to vote for against a proposal: agree, reject and neutral. For Basic Proposals, voting is not mandatory, however for any Significant Proposal, a vote is required for every node – if this is not met, the frozen coins of that node will be released, the Congress member will revert back to a non-node operator status, and the user will not be able to freeze coins for a two week period. A discussion board will also be created to facilitate the Congress members with their vote.
Can you vote more than once? Yes – each node constitutes of one voting privilege, on the assumption that they are a member of the Congress Network; however it is important to note that for each additional node a Congress Member has, the returns are reduced.
Security and trust is key at BOScoin and the proposal process should not differ. Once a proposal is finalized and agreed upon, the release of ongoing fund installments supporting the proposal will be included in the next voting cycle, and so on.
The end of a proposal funding is determined by either the proposal end date (automatic cessation from the Trust Contract function), or a consensus from the votes to stop the monthly installments. This protects the Common Budget fund to ensure the consensus is happy that progress is made on the proposal (a discussion board will facilitate this).
In the end, everyone can be a part of the ecosystem!
Learn more about BOScoin — BOScoin ICO
Sign up for BOScoin ICO updates — Get BOScoin Updates
