SmartIndex has dropped the old voting system based on the checkbook.cash platform. From now, a new off-chain voting platform with multiple advantages will be used from proposal #13. This upgrade follows the whitepaper's roadmap.
The most powerful voting platform on SmartBCH
The new off-chain voting platform is a unique system that feature advance features:
How does it works?
- A token holder submits a proposal using the corresponding form on the transparency portal.
- When the proposal gets approved by the admin, a snapshot of all SIDX balances, including those on liquidity pools and farms, is taken. The software engine used for this purpose in based on the airdrop tool.
- To vote, the voter has to log into the transparency portal clicking the Login button available on the Proposals page. This process is done signing a message using the Metamask wallet. Important: you need to log in using the wallet that holds SIDX. If you have SIDX in more than one wallet, log in with one, vote, log out and repeat with another wallet.
- Click on the proposal do you want to vote.
- On the proposal page, if you're logged in a have SIDX at snapshot time, you will find a drop-list to select the option do you want to vote for. Also, a message with your available balance will be displayed.
- Select your option and click the Vote button. Remember: you cannot change your choice once you vote.
- A message will be displayed to notify everything is correct.
- You can also check that your vote has been notarized at the official SmartIndex memo.cash account.
Despite the advantages of this voting method, there's a drawback: everything happens off-chain, on the server side, so the admin or anyone with access to the server's database, can manipulate the votes.
Notarization changes this: every vote is register in the BCH blockchain in real time, which includes:
- Proposal number
Any third party can verify the votes and check there's no double voting. As the BCH blockchain is immutable and public, the admin or anyone with access to the SmartIndex memo.cash account cannot change any published vote. Memo.cash is a great protocol to send messages using the OP_RETURN opcode, making them easily readable for humans.