Dear Bibox Users,
The first time token voting will be launched on Bibox. Thank you to all the efforts made by token teams, our partners, and community members.
This is the first ever attempt towards decentralized operation and community autonomy initiated by Bibox. Our objective is to form long-term healthy partnerships with project teams and to select more qualified projects for users. There will be imperfection during initial trials, so all comments and advice are welcome from the community, and will be utilized to help us improve and grow.
[Initial Reviewing] Voting pool
Our token listing committee will select 10 qualified projects into the voting pool from all listing applications through our official application link. The selection criteria are based on both investing value and risk evaluation. The first voting list will be announced separately. Please pay attention to our announcements for updated information and press releases.
[Voting] voting rules
- Voting Period
Voting Period: 7 days at 24 hours
- Voting specification
- Our token listing committee will select 10 qualified projects into the voting pool from all listing applications
- The voting result is decided by polling number, total vote count, and time first principle. If two teams have the same polling number, the team with larger total vote count wins. If vote counts are equal, the team who reached total vote count first wins.
- After the vote ends, Bibox will do a complete examination and analysis of the votes of the two winning teams. After Bibox ensures the validity of the votes, the winners will be announced.
- After announcement, the two tokens will be listed on Bibox, with BTC and ETH trading pairs within 5 business days. The first place token will be listed first.
- Before listing, the winner has the right to choose to quit the listing if they reach this consensus within team and community. They will need to issue an official quitting application with Bibox. The guaranty fund and BIX paid by users for the vote will be returned back to each party (project team and user). After listing, the team automatically forgoes this right and will not be issued a refund.
- Each candidate project needs to contribute an amount of BIX as guaranty fund. This guaranty will be deposited with Bibox, and will be returned to the project team in 12 months. In the event that the token triggers delisting, the unreturned part of the guaranty fund will be used as compensation for users.
- Some of the BIX from the vote will be used for the later promotion and maintenance of the project, and the majority will be returned in the form of activity to users who support the Bibox.
- The BIX used for voting for the other teams that lost a round of voting will be refunded to users in 2 business days so that users can continue to support their favorite tokens in the next round.
- The teams which lost voting can choose to quit or join the next round of voting. If the team chooses to quit, the guaranty fund will be returned.
- New candidate projects will be added to the voting pool according to the application time.
- Projects are disqualified if cheating behavior is detected.
- 1 BIX stands for 1 vote. Each user can vote 10000 BIX maximum. Votes can’t be canceled upon voting.
- For each voting cycle, each user can vote for 3 projects maximum. The votes users contribute to one project is done once, therefore no repeat voting for the same project is allowed.
- Only users with net asset equal or larger than 200 BIX equivalents can participate in voting.
- Users from countries or regions where cryptocurrency and related activity is forbidden by government or laws shall not participate.
- Incentives for voting
- Bibox set up the incentive mechanism for this round of voting to encourage user participation and protect community autonomy.
- The incentive award is set by the project team, for example, users will get 0.1 token for each vote they give
- The awarding criteria can be modified only once each natural day. The amount of Token given to the user will based on the statistics from the project and will be distributed together at the time the project is online.
*Bibox reserves the final right of the interpretation and the right to adjust the voting rules.*
Thank you all for supporting Bibox!