Governance via Snapshot on Monday; Our First Two Proposals
1. BTCST will launch our very own governance site via Snapshot on Monday.
Through this governance site, BTCST holders will be able to launch and vote on proposals that will help shape BTCST and future standard hashrate tokens. We hope to improve transparency and keep open and detailed governance records on decision-making for all key future changes and upgrades.
2. Vote when staking.
We want to make sure our most loyal staking holders can vote without staking interruption. To do so, we must make some changes to the Snapshot code. Please bear with us while our engineers work hard to deliver these customizations.
3. Preview of Proposal 1: Re-invest BTC into BTCST
You asked, we listened. With our first proposal, we would like our community to vote on whether we should launch a second dApp, where staking BTCSTs will mine BTCSTs.
In this proposed new dApp, staking BTCSTs will still mine BTC the same way (and at the same rate and Boost Factor) as the current dApp.
The difference is that before mining rewards distribution, BTC mining rewards will be converted to BTCSTs at market price at that time (we will bear the exchange trading fees). This market price will be published in daily reports and will be auditable through exchange trading records. Final rewards will then be distributed in the form of BTCSTs to the new dApp. This new dApp will also allow a staking holder to harvest mined BTCSTs and re-stake them with one-click.
With this proposed new dApp, staking holders who wish to reinvest mined rewards can save significant fees and time when reinvesting.
4. Preview of Proposal 2: Our Next Standard Hashrate Token
Our community should decide what Standard Hashrate Token to launch next. In our second proposal, we will ask our community to choose one proof-of-work coin for which we should create a Standard Hashrate Token for. The candidates (chosen based on 24-hour trading volumes on CMC) are:
- BCH (note: broad mining pool support; hashing algorithm identical to that of BTC)
- ETH (note: uncertainty surrounding the timing of ETH 2.0 upgrade)
- ZEC (note: limited mining pool support)
- DOGE (note: broad mining pool support as a result of LTC dual-mining, lacks a wrapped version; selected because of an unforeseeable surge in trading volume; Dogecoin airdrop sponsored by Reddit user aggressive_hamster)
A key difference between BTCST and other Standard Hashrate Tokens is that BTCST will be the only governance token of the Standard Hashrate ecosystem. Only BTCST has governance functions.
To incentivize BTCST holders to vote and continue holding BTCSTs, a significant percentage of unclaimed daily rewards (through failing to stake) from ALL other Standard Hashrate Tokens will be distributed to BTCST staking holders in the form of additional daily BTC. The exact incentive scheme will be the subject of a future proposal.
As always, join our Telegram community here if you have any questions. Mine on.
BTCST is a token collateralized by real Bitcoin mining power. By staking BTCSTs, holders of the tokens will receive daily Bitcoin distributions that correspond to the mining power staked. With BTCST, you mine Bitcoin the DeFi way.
Email us for general inquiries: email@example.com