Now that the regulatory frameworks are becoming clearer worldwide, the time is right to revisit the way AICoin handles profit. The question to be voted on will be:
Should AICoin issue a Loyalty Bonus?
A vote will be put to the collective, whether to keep the distribution of profits as it is now, or consider the issuance of Loyalty Bonuses to token holders.
Every month AICoin makes a profit, a Loyalty Bonus (based on the chosen distribution schedule) will be issued into the Loyalty Bonus Pool. Every quarter the contents of pool will be converted into ether. When the amount in the pool has a value greater than $50,000 the contents of the pool will be distributed as a Loyalty Bonus to all token holders in proportion to how many XAI they hold. If the pool holds less than $50,000 then it will be carried over to the following quarter. The funds will be distributed to holders of XAI on the block that we go Ex-Loyalty Bonus, not when the bonus pool accrues.
The proposed profit levels are:
- Choice 1 – Profits will be distributed as loyalty bonuses: 30% Investment Pool, 30% Coin Pool, 30% Loyalty Bonus Pool, 10% First Global
- Choice 2 – Profits will be distributed as loyalty bonuses: 30% Investment Pool, 40% Coin Pool, 20% Loyalty Bonus, 10% First Global
- Choice 3 – Profits will be distributed as loyalty bonuses: 40% Investment Pool, 40% Coin Pool, 10% Loyalty Bonus, 10% First Global
- Choice 4 – Leave profit distribution as is currently (no Loyalty Bonus)
The Loyalty Bonus vote will take place, Thursday July 12 through Sunday July 15. See instructions below for voting on dashboard or from your remote wallet.
Please join us on the AICOIN SLACK Channel, where we will debate the pros and cons of retaining profit to increase trading pool capital vs. sharing some profits amongst token holders.
Loyalty Bonus Issuance Rules
Loyalty Bonuses will be made whether or not you choose to hold your tokens on the AICoin dashboard, however, certain conditions must be met to prove rights of ownership for off-dash tokens. Also, KYC approval will need to take place to receive Loyalty Bonuses.
Introduction to XAI Voting
You will be voting on issues related to AICoin and The Collective directly through the smart contract.
XAI must be held on the AICoin dashboard or offsite in a private wallet to vote. It is not possible to vote tokens held on an exchange including the First Global Exchange.
You can move XAI from the FGC Exchange to the dashboard through the withdrawal request form. Use the XAI wallet address from your AICoin account. You must make this request 24 hours before the polls open.
All cash movements are paused when the polls open and the token goes exvote.
Voting through the dashboard
Click on the link to access the online ballot centre.
From this page you can view the result of past votes, a calendar of upcoming votes or place your vote for the current ballot.
To vote, click on the Ballots in Progress link to be taken to the page with the current issues on it and make your selections.
When you click the vote button you will be asked to confirm your selection which will register your vote. Once you have confirmed your ballot it cannot be changed.
Voting from offsite wallets
There are a couple of steps to set up to vote from an offsite wallet. You will need to:
- Run the AICoin Wallet from your computer. To do this download the zip file holding the AICoin Wallet software from the AICoin github page. Unzip all the files and then click on index.html which will open the wallet in a browser. (Please note that problems have been reported running the browser from Microsoft Edge.)
- Click on the settings link to connect to open the dialogue to connect to an ethereum node.
If you do not run a node from your local computer you can connect to a node by creating an account with infura.io. After you create your infura.io account, copy the mainet URL and paste it into the settings page in the AICoin wallet. You will see the connection to the node being made.
- After you make the connection visit the current ballot page to make your voting selections.
- When you have voted, enter your private key. The key will be used to sign the voting transaction locally, this will commit your votes to the blockchain and then they cannot be changed. Your private key is held locally and is never sent to our servers. (The Github link includes all the source code for review.)
How votes are counted
Votes have a proportional impact on the decision based on the value of the XAI held at the time of the vote. This means a wallet holding 10,000 XAI will have a greater weight in the results than a vote made from a wallet with 10 XAI.
Trading XAI during a vote
Token holders must be holding their XAI either in the XAI dashboard or in an offsite wallet. It is not possible to vote tokens held on an exchange and this includes the First Global Exchange. You can request that support move tokens currently located on the Exchange to the XAI dashboard for the duration of the vote, and then back again after the voting is closed. Deadline to request your XAI to be moved is noon UTC three days in advance of the vote.
A final settlement will be done by midnight UTC the day before the AICOIN vote. This will allow those keeping XAI in the dashboard wallet the ability to see their exact XAI position for the upcoming vote. At the same time, midnight UTC the day before the vote, the dashboard will go ex-vote. Trading can continue after ex-vote but no trades will be settled until after the polls have closed on Sunday. (However, the position will be reflected in your dashboard for any trades carried out during this time.) This means buying and selling can continue as normal but you will only be able to vote using the coins that were in your account at the time the dashboard went ex-vote.
If you are holding your coins in your own wallet please be aware that coins that have voted cannot be transferred until after the ballot is closed. (The smart contract prohibits these movements.)
Additional voting information
Voting is not mandatory. If votes are not used by token holders they will not be used by others. Votes carried out from the dashboard will be visible on the blockchain so you can validate that votes have been cast as directed. However, the signing of the voting transactions takes place offline for security and are then published onto the blockchain. This will be done intermittantly during the voting period.
Placing a vote costs a small amount of ether. For those holding their coins on the AICoin dashboard, costs will be covered by AICoin. Those holding their coins offsite will need to place a small amount of ether as Transaction Gas in each wallet address that holds your coins.