MXC DAO REFERENDUM
The MXC Foundation (Meta X Connect) has started the process of becoming the world’s first Smart City DAO, a significant step toward ensuring MXC as a token that is owned, driven and guided by supporters and the larger MXC community. At MXC, we believe in the power of community and community-driven projects, providing a sustainable platform and ensuring the movement continues to expand globally. As our reach becomes global, now is the time for the next step. Discovering an IoT token movement by the people, for the people. A community that creates proposals with the potential of leading to widespread changes for the future direction of MXC.
What is a DAO?
A DAO (Decentralized Autonomous Organization) is simply an entity that does not allow the centralization of power. There is no central authority; instead, it is owned and governed by communities, who are responsible for the future direction. DAOs function as open-source blockchain protocols, governed by a particular set of rules that are automatically executed without the need for any supervision. These rules are proposed by the community and accepted by a democratic majority vote, which is then implemented once certain conditions are met and are recorded on the secured blockchain ledgers with an immutable timestamp. Thus ensuring they are not tampered with by any participants.
Anyone from the MXC community can establish the rules of the DAO through the use of smart contracts, which are the backbone of a DAO. These smart contracts lay out the foundational framework by which the DAO will function and its future direction going forward. In addition, as it’s recorded on the blockchain, thus every governance rule is evident, verifiable, and publicly auditable, so any potential member can fully understand how the protocol functions at every step. Once the contract is executed, it is tamper-proof and can only be altered through the process of voting again.
How to get involved:
At MXC, we believe that true decentralization can only be achieved through community empowerment and therefore, we introduce the first DAO governance framework for everyone. The referendum will be flat, open, transparent and visible to everyone. To get involved, we are launching the first of many MXC DAO REFERENDUMS. This is the chance for every supporter to have their voice heard, whether an MXC holder, an MXC supporter, a miner, or just a member of the public who has a keen interest in decentralization within the blockchain world. Everyone is welcome to join the MXC DAO REFERENDUMS.
The MXC Referendum will empower anyone to dictate how MXC moves forward in the future. The first MXC REFERENDUM by the community is suggested to be held on the 11th of July, where anyone, without any restriction, will be able to vote on the qualified proposals to determine how MXC moves forward. The submission of these proposals will start this week, starting from tomorrow, Thursday 7th of July, mid-day, and will be open for three consecutive days, until Saturday 9th of July mid-day. Different holders of MXC can submit their ideas on the future of MXC as unique proposals and qualifying proposals, then go through the process of voting on 11th July via the Ethereum DAO voting system to ensure complete transparency and that every vote is cast fairly. You can check out more about the platform here. Every vote matters; your voice counts; let it be heard.
To submit an initial proposal, one must have a metamask wallet and lock two million MXC tokens against the proposal. This ensures only serious submissions from active members of the MXC community have the ability to propose potentially large shifting proposals. The submission is then reviewed and presented to you, the public, for the voting process. There are no limits on the number of proposals to be submitted and multiple proposals can be submitted simultaneously.
Once proposals are collated, submissions go through the process of decentralized and democratizing voting, where everyone will be able to vote. We have made the voting process super easy and convenient, and now to vote, the user does not need to hold or stake $MXCs, but instead simply can use the metamask to vote once the proposal has been published.
The voting period will be limited to forty-eight hours after the proposal is published. Now, anyone can vote either For (Aye) or Against (Nay) or a multi-choice of selective answers. Voters also have the ability to abstain. If the proposal has gained a majority consensus (more than 50% of the vote in favor), the proposal will be passed as part of DAO governance and move forward to be added to the MXProtocol.
On the other hand, if the proposal does not pass, failing the “For” vote, the proposal will be denied. It will either be sent back to the community, where it can be reconsidered and modifications can be made to the proposal before it moves forward again for the voting, or it will be completely extinguished. Related proposals can only be discussed twice and with a minimum time frame of six months, thus implying once the proposal is rejected, it can only go through one-time modification by the community before it goes through the voting process again. If the proposal is rejected again, then it will be entirely denied.
Every proposal will go through the same voting process to gain consensus from the public before blockchain smart contract integration of the MXProtocol. Once the proposal has gained community approval, the following steps involve the implementation process, where everyone at MXC will work to integrate the democratic decision into the MXProtocol. The implementation will be performed on a repository where everyone can view the progress. Upon completion, an announcement will be made about the block number under which the code will be active and open to review.
This is truly a referendum letting everyone contribute to the global movement’s future without restrictions. Everyone can freely put forward and decide how the MXC movement goes forward. The future of MXC depends on your vote. The future of data, the future of IoT, and the future of the MXC movement are you!
About MXC
Based in Berlin, Germany, the MXC Foundation is a purpose-built IoT Foundation with the mission to inspire fast, efficient, decentralized data exchanges using LPWAN, Blockchain, and Token technology. The MXC Foundation is pairing “MXC” — the pioneer IoT cryptocurrency — with advanced LPWAN technology, developing the next, vital step in the fourth industrial revolution, enabling secure, vastly scalable, lightning-fast transactions. Learn more at: www.mxc.org
For further information, media requests or comment, please MXC can be contacted directly at hello@mxc.org or via the www.mxc.org website.
