This article was first published on Stories by yoyow on Medium
How to Participate in the YOYOW Network — Voting Guide
Public blockchains are community self-governed without a natural central leader to make decisions. In order to maintain the public blockchains and drive consensus from the majority of the community members, there must be a complete governance mechanism to solve this problem. YOYOW adopts the DPoS consensus algorithm, which allows token holders from the entire network to choose witnesses and committee members. This is similar to the “representative democracy”, in which the YOYO token holders are the “citizens” of the world. The voting weights are linked to the voter’s “fortune”. The citizens vote on the nodes of the candidates to select trusted nodes that represent the interests of the citizens. The selected witness collects the transaction information and packs into a block, and broadcast to the other nodes. After verification, the block is uploaded to the blockchain and the corresponding reward is received. The committee seeks input from the community and proposes constructive proposals and opinions to promote the development of the YOYOW network. The YOYO token holders are responsible for the supervision of the witnesses and the committee. These three parties form a closed-loop in governance, promoting a healthy development for YOYOW together. The most important part of this process is the YOYO holder’s voting, which is serious and sacred, and represents the critical interests of every participant in the YOYOW network.
2. To be Eligible to Vote
It’s very simple, once your account reaches 10,000 YOYO, you are automatically eligible to vote. However, if it’s your first time voting, you need to activate your voting intention, which is set valid for a 90 day period as default. If you vote within 90 days, then the valid period is automatically extended for another 90 day period. If you don’t vote within the 90 ...
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