The first voting has been conducted on the Noah platform.
This day has finally come! The first voting has been conducted on the platform. It’s related to the upcoming Unstaking of NOAH coins from the Decentralized Regulation Fund.
Moreover, there will be three proposals from Platinum to allow holders to decide the future of NOAH. That’s why we came with a reminder of what Voting is and how to conduct one by yourself.
Anyone can create a proposal about anything related to the NOAH Blockchain but there’s a deposit requirement of $7500 (5 000 000 NOAH coins) to create proposal and $15000 (10 000 000 NOAH coins) to get the proposal to the Voting stage. Right now, the Deposit period lasts for two weeks. If a proposal doesn’t get the necessary deposit during this period, then it’s going to be rejected. In this case, whatever was deposited during this period is moved to the Community Pool. Essentially, the deposit system acts as a two-stage anti-spam protection protocol.
Voting has 4 simple rules:
- Anyone who has tokens can vote for it or against it.
- Voting doesn’t cost anything, furthermore, tokens are not consumed in the process.
- The voting power is proportional to the stake.
- Anyone can vote on any number of proposals but only once per proposal.
When the voting period ends, the short tallying stage starts and the system counts the votes. If the proposal gets more than 50% of “Yes” votes, the proposal pushes through and will be implemented. The deposits are then returned back to those who paid them. If the proposal gets more than 50% of “No” votes, the proposal gets rejected and all deposits are moved to the Community Pool.
Regarding the previously mentioned Community Pool — this is a token pool that’s used to fund initiatives and proposals in the NOAH Blockchain. This means that even if the proposal gets rejected or doesn’t get enough support during the Deposit stage, the holder who created it still did good by the network. This is what the voting system works like now in the NOAH Blockchain.
Now, let’s move from the question “what” to “how”! The creation of a new Proposal is pretty simple, you just need to open a Voting menu and click the “Create New Proposal” button.
After that, you will have to fill the form and set up the deposit amount after which the creation of the proposal will be in its final stage.
If you’ve done everything right, your proposal will appear in a Voting menu. To get more info about it, you should click the “Details” button.
In the opened page, you can see the proposal description, the voting process, project info, and voting buttons.
In the Balance menu, you can view detailed information on your own NOAH coins: quantity, the value in Japanese yen, bonuses, delegated and governance parts. You also can check your investor status, NOAH roadmap changes, and coin price chart.
The transactions menu shows the history of all committed transactions.
In the Roadmap menu, you can track upcoming ecosystem updates. Changes are divided into months for easier tracking. We are fully open to our community and ready to share detailed information about every single step of ours!
Explorer is a tool to dive deeper into whatever is happening in NOAH Blockchain. Here you can see all the blocks, transactions, and other general info about NOAH blockchain.
The first Voting is on and it’s a sign of big changes for the whole NOAH ecosystem. If you want to become a part of it — now it is the best time! Take your share while the price didn’t fly to the moon!
Get more insights the Noah groups and chats:
- Telegram For the English speaking community
- Telegram, LINE, or LINE OPEN CHAT For Japanese speaking community
